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Insurer uses analytics to increase revenue and gain unprecedented levels of customer insight.
One of the largest general insurance companies in India worked with Accenture Analytics to shape comprehensive, scientifically designed analytics approaches.
This property and casualty (P&C) insurer sought to become a national leader in applying analytics for customer and channel management. Accenture Analytics delivered a powerful end-to-end solution that was designed to strengthen customer loyalty and improve business outcomes. The solution is on track to deliver an annual increase in top-line retail revenues ranging from 3 percent to 5 percent.
Analytics has been limited to the underwriting side of the business in India’s insurance market. The property and casualty market—commoditized and competitive—was ripe for analytics innovation in sales, marketing and customer insight.
This insurance company’s leaders set out to strengthen loyalty among high-value customers, target people with profitable products, increase sales through online channels and scientifically monitor the performance of channel partners by using analytics. To achieve these objectives, the client worked with Accenture Analytics on an innovative journey to ROI.
Accenture Analytics applied proven models rooted in best practices to customize its customer analytic record (CAR) asset for the P&C insurance environment in India. This work led to the integration of numerous sources of client data, yielding a reliable, unified view of information on customers as well as channel partners.
Members of the project team used statistical models—such as multivariate logistic regression and CHAID techniques, a decision-tree model that stands for CHi-squared Automatic Interaction Detection. This rigorous analytic approach helped define, segment and target groups for use in well-targeted sales campaigns.
To determine the most effective approaches, members of the project team tested competing hypotheses around messaging, timing and intervention channels. Accenture Analytics then assisted the client with implementation of marketing campaigns, evaluating outcomes against those in control groups. Accenture Analytics facilitated the monitoring and the client oversaw the performance tracking, which built credibility because the results were quite apparent.
Annual gains in top-line growth are expected to range from 3 percent to 5 percent in the retail industry. This insurance company has already realized achievements including a revenue boost of 20 percent for motor policies booked through online channels, and an increase of more than 350 percent in up-sell for a health campaign.
Accenture Analytics’ reliable framework enabled the insurer to identify, measure and track customers and activities in multiple sales channels, improving results with scientifically designed analytic approaches. The client regards this program as yielding industry-first analytics applications, both for customer and channel management, and cited the importance of analytics-powered approaches in its annual report.
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