India's largest platform for AI & Analytics leaders & professionals

Sign in

India's largest platform for AI & Analytics leaders & professionals

3AI Digital Library

Customer retention

3AI August 18, 2020

Leading Life Insurance Company in China and Hong Kong

Problem Statement

  • losing out on premium due to rider and policies lapsation.
  • Overall lapsation of 16% in China and 13% in Hong Kong

Analytics Led Approach

  • It was observed attrition trends in the data over the years and an approach was formulated to provide a solution to contain further revenue leakage
  • Predictive attrition model was built to predict the propensity of policies to attrite
  •  
  • Given are high level process steps which were followed :
    • Data Load Exploration
    • Model variable Creation
    • Analytical Model Development
    • Business rules
    • possible provider frauds

Business Impact

  • Identified policy to rider relations and their lapsation pattern
  • Customized retention engine to fit survival model outputs
  • Advanced analytical algorithms were used to develop predictive models .
  • Provided list of customers based on the policy at risk of attrition for follow up and retain.

Critical Success Factors

  • Identified attrition and revival opportunity of worth US $ 10 MN and $ 6 MN for China and Hong Kong respectively

    3AI Trending Articles

  • Transformation of Talent Acquisition by Algorithms

    Business leaders have long recognized that the ability to hire the right talent plays a significant role in any organization’s performance. Views about the challenges to acquiring and retaining such talent have evolved over time. We have moved on from a focus on the notion that a talent shortage is creating a “war for talent,” an […]

  • The virtuous cycle of Digital Transformation, Improved CX and AI/ Analytics

    Featured Article: Author: Mahadevann Iyerr, Co-founder & CEO, MAAVRUS Today customers are inundated with a plethora of choices and so it is very easy for them to shop around across multiple products &  retailers. Also given the level of increasing clutter around communication and the proliferation of new products and service offerings, new customer acquisition […]

  • Accentuating customer experience: Digital Chat Agents & Chatbots

    As e-commerce (and retail in general) becomes increasingly global and competitive, business leaders understand that AI can be a valuable tool in reconnecting with consumers. AI has the power to analyze huge amounts of data from numerous sources, including human behaviors and emotions. This can then be used to create more meaningful customer experiences. Take, […]

  • Mirae Asset Launches $35 Mn Early Stage Fund For India

    The Mirae Asset Venture Opportunities Fund will have an average ticket size of $2 Mn – $4 Mn The early stage fund will back up the Mirae Asset-Naver Asia Growth Fund, which was launched in 2018 Besides its new early stage fund, Mirae Asset has invested in Ola, Bigbasket, Zomato, Shadowfax and other Indian startups […]