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January 23, 2020June 11, 2021admin

Increasing insurance customers’ lifetime value with predictive upsell analytics

GemSeek

8

weeks

from diagnostics to model deployment and first results

28%

increase

of upsell success rate after the first 6 months

90%

of customers likely to buy more

Are precisely identified due to the high accuracy of the model​

The Business Problem

A major British insurance company was facing a less than satisfactory upsell rate for their automotive insurance customers.

Our Task

We were tasked to come up with a model to identify which customers are likely to accept and upsell offer and suggest what offers would be most relevant to customers.

Our Solution

We created a model that predicts how likely is each customer to accept an offer for complementary products and services – each of them is assigned a “propensity to buy” score from 0% to 100%. The model is based on customer, transactional, service and NPS® survey data. After initial validation the model was implemented into the customer service processes and started generated regular recommendations, optimisation suggestions, more accurate prioritisation of customer segments.

Business Impact

After the first 6 months of targeted marketing initiatives for customers with a high likelihood to buy, upsell success rate increased with 28%.

Project Trivia:

  • Industry: Insurance
  • Company Size: 4500+
  • Location: Switzerland
  • GemSeek Capabilities: Predictive Customer Analytics

Retain, Advance and Grow your customers with predictive customer analytics.

DISCOVER MORE

Latest Resources:

Vulnerable customer experience management
The Vulnerable Customers Factor: Why is it important to measure and improve their experience
read more
CX Impact Project Award
CX Impact Project with Signify excells at European Customer Centricity Awards 2021
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missing ingredient_illustration-04
The Customer Experience Impact Strategic Framework: How to Prioritise and Scale Up High-Return Initiatives and Multiply Business Value
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