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India's leading life insurance


This Life Insurance Company is a joint venture with an overseas partner, the Indian partner holding the majority stake. Launched nationally in Mid-2000, it today has a nation-wide footprint of distributors trained to provide quality financial advice and insurance solutions.

Business Objective

The primary focus of the company was on business conversion by improving renewal premium collection through analytical inputs, thus aiming for higher persistency

Our Approach

  • Conduct an audit of existing data
  • Generate customer understanding (Insights and Analysis)
  • Segment the customer base
  • Develop analytical models basis segmentation and product portfolio
  • Test and validate basis responses and feedback

Solution

After evaluating the insurance company’s requirements and organisational priorities, we proposed the following solution strategy:
  • Profiling and Segmentation – Customer profiling and segmentation, based on Demographics, Distributor, Product, Ticket size, etc.
  • Re-Instatement Model – Identify distinct segments with high propensity to reinstate among the lapsed base and hence improving the overall collection base
  • Transaction Pattern Analysis – Increase the overall ROI and persistency by understanding customer’s behaviour pattern
  • Persistency Forecasting – Developed an accurate 13 month persistency forecasting mode

Business Value

  • By targeting 40% of the base, we are able to capture approximately 84% of responders
  • Elimination of the bottom 30% calling base resulted in substantially saving the company’s calling cost
  • 43% of the data points have been eliminated from the total calling base without any opportunity loss
  • Prediction of future persistency with an error below 1% as compared with actuals for last 8 months