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

Sign in

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

3AI Digital Library

Customer retention

Abdul 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

  • BigBasket sues a bootstrapped startup Daily Basket for using the word basket in its name

    Founder of Daily Basket Ramesh Vel has launched a website – “bbisabully”, calling out the billion dollar startup. Vel wrote on the website that BigBasket is fighting with a mere two person startup and said that it doesn’t have the ‘mighty power & money’ BigBasket has. BigBasket sent Daily Basket a cease and desist letter, […]

  • CES 2021 conference stress importance of security education

    Experts at the CES 2021 conference stress importance of security education The “second age” of quantum computing is poised to bring a wealth of new opportunities to the cybersecurity industry – but in order to take full advantage of these benefits, the skills gap must be closed. This was the takeaway of a discussion between […]

  • Carlyle is the frontrunner to acquire Mphasis from Blackstone

    Carlyle Group is negotiating with at least half a dozen banks and a pension fund to buy out Blackstone’s stake in Mphasis. Binding offers due today. Mumbai: Private equity firm Carlyle Group has emerged as a probable frontrunner to acquire Mphasis Ltd. from Blackstone Group, in what could be the largest buyout in the Indian IT space, according to people familiar […]

  • Is your Enterprise AI Ready: Strategic considerations for the CXOs

    Author: Sameer Dhanrajani, CEO at AIQRATE advisory & consulting | AI advisor, business builder | Author | Speaker |Columnist| President at 3AI | Ex-CSO: Fractal, Global Business Leader: Cognizant, Country Head: Fidelity National Financial At the enterprise level, AI assumes enormous power and potential , it can disrupt, innovate, enhance, and in many cases totally […]