Proactive Customer Retention Strategy

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Features and benefits

Prevent customer churn 
Anticipate churn by learning from the cohort of previous churners. Proactively engage with at-risk customers and use the platform’s ‘unified customer view’ to assess what would make them stay, and then use that information to counteract the churn threat.

Reward customers who stay 
Time-bound policies provide insurance companies an excellent opportunity to reach out to their customers proactively. Incentivize policy renewals with enticing offers and services tailored and relevant to your customer’s profile at the time of renewal.

Create positive customer experiences 
Personalizing offers based on customers’ patterns make them feel like they are getting a value-added service rather than being “spammed” with irrelevant messages, e.g., sending a young and unmarried individual content about interesting social events in the area, rather than events for families with young kids, will be perceived positively.

Journey Objectives
CUSTOMER EXPERIENCE ENGAGEMENT LOYALTY
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Problem Statement

It is key for insurance companies to implement a strong system to secure customer renewals in an increasingly competitive insurance market. Not only is it more expensive to acquire new customers than to keep existing ones: customer retention allows businesses to further grow their sales by utilizing upsell and cross-sell opportunities and increases their chances of acquiring new customers through referrals from the network of their existing customers.

Use Case Overview

A proactive retention strategy involves going above and beyond to provide your customers outstanding service. This can be achieved by:

  • making sure you stay top of mind through regular but meaningful communication, offering only personalized services with minimal marketing contact pressure;
  • ensuring customers’ wants & needs are addressed in real-time by continuously listening to changes in their lifestyle and interests;
  • rewarding customers for key milestones such as policy renewal.

Solution Approach

Leverage the IEP’s capabilities to drive relevant, timely, and real-time customer experiences in building a robust retention strategy throughout all stages of the customer journey. Keep customers continuously engaged from day one with regular and meaningful conversations, aligning content with their evolving needs and interests. Automatically reach out to customers ahead of the policy end date and encourage renewal through enticing, relevant life-stage-based offerings. Be alerted of and proactively act on a customer’s likelihood to churn by utilizing our platform’s churn prediction and look-alike models.

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