Analytic Answers for Insurance Renewals

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Identify policyholders at risk of leaving and keep them loyal

IBM Analytic Answers for Insurance Renewals is a cloud-based solution for small and midsize insurers that uses advanced analytics to help identify policyholders at risk of not renewing. Those responsible for retention in your organization can select the incentives most likely to persuade each at-risk policyholder to stay loyal. No analytics expertise or software license is required.

Analytic Answers provides predictive information and recommendations for encouraging at-risk customers to renew their policies.
You follow three basic steps to get your answers, and IBM does the rest.
Analytic Answers identifies patterns in defection and recommends ways to drive retention.
The benefits of Analytic Answers for Insurance Renewals include increased renewal rates and improved customer loyalty.

Predictive information and recommendations

Analytic Answers for Insurance Renewals provides predictive insight in the form of probability of non-renewal for each policy.
Analytic Answers for Insurance Renewals provides recommended incentives for each at-risk policyholder, such as a discount for renewing or VIP treatment.
Analytic Answers for Insurance Renewals bases the answers it provides on models built from historical renewal data and records of which incentives were offered and accepted.

Three basic steps to insight

Step 1: In an initial engagement, you provide historical data to IBM’s experienced analytic specialists who then use that data to build and customize predictive models and analytical processes.
Step 2: After initial setup is complete, you upload your latest data to the web. Analytic Answers then scores that data based on your models.
Step 3: You download the answers and apply these insights and recommendations to policyholder loyalty programs and incentives.
You can repeat Steps 2 and 3 as often as you like, even daily. Typically you might upload, each month, data on all the policies coming up for renewal in the next few weeks.

Identification of patterns in defection and ways to drive retention

Analytic Answers for Insurance Renewals uses advanced analytics technology to identify patterns of non-renewal in your customer base.
With information about high and low-risk segments, you can better target your retention efforts, treatments and offers.
These defection patterns can help you identify the causes of policyholder dissatisfaction and disloyalty and address them.

Benefits of Analytic Answers for Insurance Renewals

The information in your answers can be used to help increase retained premiums, boost revenue and preserve potential future business.
With more precise targeting, you can experience better returns on what you spend on retention marketing and possibly even reduce your expenditures.
Better retention and understanding of the drivers of retention risk can improve your competitive position.

Analytic Answers for Insurance Renewals resources

White Paper: Analytics: The widening divide
See how companies that apply analytics are gaining more ground on competitors. Read the study by the IBM Institute for Business Value and MIT Sloan Management Review.

Data Sheet: IBM Analytic Answers for Insurance Renewals
This cloud-based solution enables small and midsize insurers to identify policyholders unlikely to renew and recommends how to keep them.

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