Insurance companies have invested heavily in data management capabilities to gain data insights for decision making. TAZI’s ML solutions enable leveraging of these data sets to optimize business operations by providing actionable insights.
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Churn Prevention
Our Churn Prevention Solution is an advanced tool for the insurance industry. The solution’s primary goal is to identify potential customer churn and prompt the appropriate actions to ensure customer loyalty.
This tool enhances the effectiveness of your outreach team by providing a prioritized list of policyholders who may churn. It also suggests the optimal time and communication channel to engage these policyholders. Our solution also outlines predetermined strategies to retain your clients effectively.
Benefits:
- Boost retention rate, generating significant savings.
- Distinguish the customer segments likely to churn.
- Enhance the efficiency of your outreach efforts.
- Increase the success rate of customer engagements.
- Determine the reasons behind policyholder churn.
- Identify underperforming agents and recommend strategies for improvement.
- Optimize pricing with an advanced, precise model that complements existing pricing structures.
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Scenario Planning
Our Scenario Planning solution is a revolutionary tool for the insurance industry. This comprehensive solution features our Product Performance Monitoring capability, which empowers underwriting and automation teams.
The tool aims to automate the underwriting workflow by providing recommended actions for each incoming policy submission. Our solution applies real-time risk selection and scores each submission based on the portfolio’s profitability and loss history. This approach ensures the policy application is handled efficiently, whether automatically rejected, accepted, or referred to an underwriter.
Moreover, our solution enables the modeling of various product offerings at a granular level. By adjusting key variables, you can predict the impact on demand, allowing for the fine-tuning of product offerings and pricing strategies to optimize profitability.
Benefits:
- Improve profitability by automating submission processing and underwriting referrals.
- Increase bind ratio and improve time-to-bind time.
- Enhance the efficiency of your underwriting team.
- Leverage insights from customer characteristics to define and prioritize target profiles.
- Incorporate propensity to buy and profitability models to create leads for sales campaigns.
- Understand buying behavior to recommend outreach strategies.
- Increased profitability through powerful ‘What-If’ analysis.
- Proactive planning to anticipate and address changes in the market.
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Customer Acquisition
Our Customer Acquisition Solution is designed to optimize your insurance sales strategies. This solution identifies cross-sell and up-sell opportunities within your customer base, increasing overall profitability.
The tool enables sales agents to efficiently target policyholders who are likely to purchase additional products. Alongside predicting the right segment of customers for cross-selling, our solution provides a customized sales action for each customer to maximize the lead-to-close ratio.
Benefits:
- Boost cross-sell and up-sell conversion rates, leading to increased sales.
- Identify the right customer segments with buying potential.
- Enhance the sales team’s efficiency.
- Increase the success rate of customer engagements.
- Identify underperforming sales agents and recommend improvement strategies.
- Improve profitability.
- Reduce human error with automated customer evaluations.
- Ensure fair and consistent pricing.
