Insurance companies face tremendous pressure to reduce costs and invest more on strategic initiatives to increase revenue. Digitization is key for remaining on the frontline – learn how others have met the challenges through disruptive technologies.
Case 1. Global insurer uses detailed analytics to boost customer renewal rates
A major global insurer wanted to improve customer retention by creating targeted messaging and retention programs for at risk customers. Through a detailed analytics program, the company achieved several benefits: increased premium revenue by 8% within one month, recovery of 4.5% of the customers the insurer had lost in the previous year, and ROI of more than 180% within the first year.
Case 2. 5-star app store ratings as insurer energizes its digital transformation
A leading U.S.-based insurance carrier struggled with poor customer feedback and low online adoption of its web and mobile apps, leading to a negative Net Promoter Score (NPS). A customer survey framework, that incorporated sophisticated analytics and a 360-degree feedback loop, resulted in a new intuitive user interface for the company’s Web-based customer self-service application. As a result, NPS increased by 65 points, and mobile app adoption increased by 138%.
Case 3. Insurer’s claims and disaster management improves efficiency by 30%
A major property and casualty insurance company struggled with operational challenges due to a lengthy claims adjustment and settlement process, caused by the company’s outdated, inefficient and largely manual processes. A cloud-based fully automated end-to-end process, using GIS, satellite imagery and optimization, has improved efficiency of claims processing and settlement by 30% and lowered operational costs by at least $300,000 annually.