A growing number of executives are facing up to digital reality. They know that analytics can significantly improve the performance of their current business. They know that first-movers have an advantage. And they are aware that digital insurance can give birth to entirely new business models that shake up sectors, leaving companies that fail to adapt struggling to survive. They have therefore taken steps toward transforming their businesses.
The ability to predict that a customer is at a high risk of churning, while there is still time to do something about it, represents a huge additional potential revenue source for insurers. It enables insurers to improve retention rates, maximize lifetime value, and target preventative actions where it has most opportunity for successful outcomes.