Customer Analytics for a Multinational Insurance Company

Insurance business organizations exist and thrive on customer acquisition.

This Multinational Insurance Organization’s Marketing team decided to try a different route in forming customer acquisition strategies - analyzing available data about its existing customers instead of conducting the usual external marketing research.

Like its competitors, the biggest hurdle for the institution was the lack of tools and competencies to glean and gather insights from its customer database. The company engaged Kpability to perform baseline customer analytics including customer segmentation, focusing on metrics of interests, such as lapse and product holdings.

Together with Kpability, the insurance company developed customer profiles and segments using sophisticated but easy to use tools such as profile viewers, decision trees, and cluster analysis. The results provided insights on when customers lapse, combined demographics, tenure and value segment profiles, and product holdings including gestation periods that revealed customer purchasing behavior for availing products across product categories.

The result of the study led the company’s local and regional executives to increase investments on analytics, having realized the importance of developing marketing strategies based on sound analysis of customer data.