Embedding machine learning

GROW

Increase customers’ average product holdings by predicting their insurance needs and marketing preferences.

Predictive analytics helps identify the products and services customers want. But it can’t show which marketing actions will increase product holdings. By moving up the maturity curve to prescriptive analytics, insurers can discover which channel, approach and/or incentive will help grow ancillary revenues.

SERVICE

Harness the power of every customer interaction to predict wants and needs along the policy journey.

Machine learning helps insurers empower their call-centres and add intelligence across other channels. This improves customer experiences and enables more relevant products and services to be targeted across the policy lifecycle.

CLAIM

Use predictive analytics to identify opportunities for reducing claims losses and increasing automation.

As the ‘shop window’ of insurance, claims handling brings opportunities for enhancing insurers’ brands. For example, by using predictive analytics to bundle services – and integrating these insights into the existing supplier network – insurers can cut costs, reduce handling times and deliver seamless claims journeys.

RETAIN

Use AI to understand how high-value customers will react to different pre-renewal strategies.

By experimenting with price changes, outbound contact methods, approaches and incentives, insurers can use AI to decide which pre-renewal strategy to apply to individual customers to increase the chance of renewal.