Financial Services
Examination of customer auto insurance behavior for increased renewal rates
05 Jan 2024
Client wanted to analyze the auto insurance policy purchase and renewal behavior of its customers and identify upside possible from increasing renewal rate as well as opportunities to sell them other insurance and financial products to increase the customer lifetime value
Studied existing patterns
  • Crunched a comprehensive dataset spanning five years and over 40 million rows to understand renewal patterns based on customer demographics, vehicle characteristics, location, and channel partner type
  • Further analyzed data to check for average order value, repeat purchase rate, revenue churn rate, net promoter score, etc., to develop actionable insights
  • Understood the sustainable revenue streams and the current competitive advantages and possible advantages as a result of expanding offerings

Conducted research and analysis

  • Conducted in-depth consumer research and interviews to understand their willingness to buy other financial products from client and hence identified cross-sell opportunities
  • Understood the channel partner research and willingness to assist client in meeting its objectives
  • Assessment of potential gains through increased business scale, earned commissions, and overall revenue growth
Implementation and prioritization
  • Preparation of charters with key action points for implementation
  • Prioritization of various opportunities was done considering feasibility and potential upside, resulting in a realistic assessment of achievable gains

Praxis value delivered
  • Client got detailed insights on purchase and renewal patterns of their customers and channel partners and identified initiatives to reinforce sales by increasing renewal rates
  • Client also obtained an understanding of cross-sell opportunities of other insurance and financial products
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