Insurance Data Analysis for Risk Management and Customer Lifetime Value

For insurance companies, it is vitally important to know the profile and customer lifetime value of the individual insurance holders. Good insights bring better risk-predictions, and therefore better (higher and more stable) profit-outlooks. Commercial campaigns should always focus on the most suitable prospects possible. illuminate provides insurance data analysis tools for damage, loss and risk management, as well as analyzing current and customer lifetime value.

With illuminate’s unique insurance data analysis technology, insurers can build fast and flexible insurance data marts with risk management and customer value analysis applications that offer:

• Risk management analysis per geographic area, product and customer type;
• Damage and loss analysis;
• Current and customer lifetime value analysis;
• Tariff optimization according to product mix and other variables;
• Customer segmentation as per any variable or concept;
• Product profitability as per diverse parameters, filters or scenarios;
• Predictive risk management analysis;
• Cost analysis per sales center, product, area, product mix, etc;
• Marketing campaign and promotion design, analysis of their impact and profitability;
• Detection and prevention of customer abandonment (churn) to optimize customer lifetime value;
• Market penetration and position analysis;
• Analysis focused on sales management or activity optimization;
• Data integration, homogenization and cleaning.