In today’s competitive marketplace, insurance products have become commoditized.
Price comparisons are readily available. Service quality and brand values are being judged based on personal experience and information available through various channels, thus resulting in increased customer churn. Customer retention is getting increasingly important because of growing risk exposures, shrinking proﬁtability and challenges around acquiring new customers.
Today, customer preferences, buying behavior and risk proﬁles have undergone a dramatic shift. Hence, insurers need to be very careful in identifying proﬁtable customers. New customer acquisition costs almost ten times more than retaining existing customers. There is an ongoing drop in existing customer volumes.
This is when insurers need to assess whether their retention strategy is meeting customer needs, behavior and expectations. Are insurers using the right tools and methods for their judgement? Insurers should signiﬁcantly increase their proﬁtability and competitiveness with careful churn management.
ICM combines business and technology options to offer a unique solution for its insurance customers. This platform agnostic offering uses guided methodologies and business acumen, leveraging business libraries, proven modeling methods and various pre-built technical components.
ICM helps in proﬁtable class identiﬁcation and impact assessment on top line.
ICMTM solution enables insurers to target most signiﬁcant customers using multi-dimensional categorization. Unlike traditional segmentations and modeling solutions, it offers a ﬂexible intuitive approach and tools to plan, analyze and target customers correctly.