Insurance Persistency Analytics

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Insurance Persistency Analytics 2018-05-16T12:16:51+00:00

Insurance Persistency Analytics

Problem Statement

  • To increase renewal rate of insurance policies

Solution

  • Determine target customer segment for retention, through analysis by
    • Occupation
    • Age Group
    • Income Group
  • Analyzing persistency by product type to find category-wise propensity to lapse
  • Persistency percentages analyzed over time durations like
    • 6th month persistency
    • 13th month persistency
    • 25th month persistency
  • Identify performance issues and corrective actions by analyzing persistency by
    • Region
    • Division
    • Branch
  • Assess tenor-wise propensity to lapse by analyzing across tenors like
    • 5 years
    • 10 years
    • 20 years
  • Analyzing persistency percentages by different frequencies of premium payments
  • Predicting insurance lapse with the help of regression models built on historical data
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Value Proposition

  • Reduction in Insurance Policy lapse rates by proactive analysis of persistency data

ROI (Business Case)

  • Significant improvement in persistency rates within 6 months of system go-live