Understanding and Improving Customer Lifetime Value Through Insurance Analytics

November, 2014. 

A whitepaper by FC Business Intelligence promoting their Analytics for Insurance USA Conference, March 25-26, 2015 – Chicago.

An executive guide to creating and executing a customer lifetime value (CLV) capability in an insurance organisation with contributions by 3 insurance industry executives.

Main Financial Services Findings

The whitepaper reveals:

  • How to set organizational expectations and goals
  • The steps necessary to make a business case, develop the right talent and overcome organisational roadblocks
  • The importance of utilizing customer data correctly while remaining focused on cross/up-sell opportunities
  • How to increase and improve customer touch points using analytics acceptable to customers
  • Exploring social media and using external data in your CLV capability.

Top Quote

“The starting point should be external data if you really want to get serious about analytics. This should be coupled with internal data but most insurers really have a few basic data points about customers because they only interact with them two to three times per year. Compare this level of custom- er interaction to that of Facebook, Google, or even one’s local supermarket. We should aspire to follow the customer’s life journey, when she checks in at a new location for example and use event-triggered analytics to notify her about a risk

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