We created a Loyalty Program Management integrated system for this project. The client was loosing close to 15% every year in their auto insurance account base. The Senior Management asked for a customer intelligence based loyalty program management to improve loyalty of the customers. The client had over a million auto insurance accounts at any point in time. The client premium base was close to 4 Billion dollars.
We selected a balanced sample of current customers and the customers who left the organization in the last six months. We then hired a sample survey organization and collected behavioral and attitudinal survey data from these accounts. We also collected data on claim experience, premium data from internal systems, and customer experience data.
The Impact
The client improved annually 2% in their Retention Efforts in dollar terms. In today’s dollar terms, it is $30 Million dollars in premium impact with close to 20,000 accounts, annually.
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