The recent issue of Insurance & Technology features a number of very well-written and insightful articles about customer retention and acquisition. As Anthony O’Donnell rightly states, “carriers that get to know their customers well — by effectively leveraging collected data and by simply listening to what they say — have a huge advantage in a tough insurance market.”
The cover of the print edition features Lloyds TSB’s chief actuary Martyn Green, who says, among other things “The lifetime value model of a customer translates into massive amounts of value… From the analytical piece alone, the benefits are probably in excess of £15 [US$23.8] million a year…”
Sounds pretty compelling, doesn’t it?
You can read more about the Lloyds implementation of customer value optimization as well as other cases of leveraging customer insight on the I&T site.
Tags: analytics, competition, customer value optimization, Insurance, insurance pricing
