All posts tagged: Insurance

CAN has been fortunate to help a number of Life and Health Insurance companies work smart.  It has been a great relationship because clients from Life and Health Insurance companies understand what we do as they are experts in using mathematics to forecast human behavior on a biological side, and CAN is an expert in applying predictive analytics to forecast human behavior on a marketing and sales side.  Our customers invest in developing new products, and we use math to make sure they can distribute them most effectively.  The following are some of the solutions we have developed:
Marketing ROI with Terrain: Our clients wanted to know the ROI of their marketing campaigns, but had been struggling to develop a system that was able to determine the impact that their marketing was having on sales.  We agreed that it would be too difficult to explain the impact that a company’s marketing was having and instead we used CAN’s Terrain system to explain the impact that the economy and seasonal fluctuations had on sales.  With every predictive model their is a residual x-factor that can not be explained in detail.  So instead of including the economy, a major driver of purchasing decisions, in the X-factor, we included the company’s marketing in the X-factor.  While they did not exactly accomplish their goal of measuring the ROI of their marketing activity, we were able to explain how economics and seasonality impacted sales and the residual could be attributed to marketing, competitors and other factors.  Now our clients can get a reasonable idea if marketing is impacting sales.
 
Client Management: Using Pulse, CAN helped our clients understand and improve their client portfolio by modeling the factors of client profitability, loyalty and claim activity.  Each week we provide our client with a list of the clients that are at risk of leaving within the next 90 days, and a list of sales leads that have a high probability of being profitable and loyal clients.  Each month we provide them with a report on their client portfolio relative to the population and their goals.

Sales Management: Using Beacon, CAN has worked to connect agents and brokerages to our clients home offices.  Beacon has been used to focus the development of leads and marketing materials to best serve the needs of agents and brokerages.  Beacon also has been used to improve communications with training, regulations and promotions between home offices and agents by segmenting agents by learning styles and providing communication guidelines to our clients.