The customer may be king, but insurers can't afford to treat every customer like one. Knowing who to retain, who to target for up-selling and who deserves royal treatment are goals behind today's customer analytic solutions.
While all these goals are critical, retention is still the top reason insurers look to customer analytics, and with good reason.
"One of the things we've learned through analyzing our results is that customers who have stayed with us longest over the years have also been more profitable," says Michael Petrarca, assistant vice president at Amica Mutual Insurance Co. "We've used analytics to move our retention even higher."
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