The Business Challenge
How does an insurer control voluntary attrition when key data is spread throughout separate various company systems and is difficult to access?
Fractal Analytics was asked to automate the consolidation of numerous data sources related to our insurance client's customers to facilitate retention campaigns utilizing an aggregated database.
Our analytics team designed an automated environment to collate data from a number of systems and enable Customer Value Management analyses. Next, our team deployed advanced analytics techniques to build attrition models to identify customers who were "at risk" of canceling their policy. Then, these models were deployed on the aggregated database, assigning attrition scores to each customer.
Fractal's attrition client enabled client to predict over 50% of attriters within less than 50% of its customer base.
Fractal Analytics helped the insurer realize substantial savings in attrition management. Now, the client uses our automated data consolidation package for all of its analytical purposes. The attrition models have also been effectively deployed on a continuous basis to support its proactive retention program.