Expensive to acquire new customers.
It is widely known in the Insurance industry that retaining a customer is much more cost effective than acquiring a new one. More importantly, high value customers often have a portfolio of products including multiple policies making them even more painful to lose.
Simple churn analysis uses rules based on known behaviors to identify potential churn risks. Rules-based systems, however, are inflexible and miss many customers who leave and generate false positives that end up giving expensive incentives to customers who do not need them.
AI helps retain valuable insurance customers.
AI is a great solution for customer churn prediction as the problem involves complex data over time and interactions between different customer behaviors that can be difficult for people to identify. AI can look at a variety of data, including new data sources, and at relatively complex interactions between behaviors and compared to individual history to determine risk.
AI can also be used to recommend the best offer that will most likely retain a valuable customer. In addition, AI can identify the reasons why a customer is at risk and allow insurance company to act against those areas for the individual customer and more globally.
Inovia Enterprise AI - enabling all industries to use the power of AI.
When we founded Inovia AI, we had one vision in mind – to help clients unleash the power of data. To reach our goal we created a flexible AI framework that allows us to build new products rapidly and create solutions that are tailored to our client’s challenges and opportunities.
The result is Inovia Enterprise AI Platform with AI Microservices or Pre-packed AI Solutions that enables all kinds of industries use the power of AI to solve business and social challenges.
Inovia Enterprise AI is outstanding platform for automatic machine learning that empowers data science teams to scale by dramatically increasing the speed to develop highly accurate predictive models.