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Customer Insights for Insurance Companies

In: Business Analytics Progress on Applications in Asia Pacific

Author

Listed:
  • Shishir Jain

Abstract

A Singapore-based insurance giant wanted to have a 360-degree view to know more about its customers. This study performed the review which helped the company (alias “the Insurance Company”) analyze things for the first time, both from traditional policy as well as customer point of view. Actionable insights were provided to the company from the created customer view. The whole analysis was broken down into following four parts: (1) to find the evolution of customers in company over the year; (2) to determine the characteristics of the customers who leave within two years of their interactions; (3) to determine the characteristics of the customers who leave after five years and those who stay; and (4) to determine the characteristics of home insurance customers who also buy car insurance policies. These analyses revealed some interesting patterns about customer behavior.

Suggested Citation

  • Shishir Jain, 2016. "Customer Insights for Insurance Companies," World Scientific Book Chapters, in: Jorge L C Sanz (ed.), Business Analytics Progress on Applications in Asia Pacific, chapter 13, pages 366-400, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813149311_0013
    as

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    More about this item

    Keywords

    Business Analytics; Entrepreneurship; Big Data; Information Technology;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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