Most insurance companies analyze their customer data superficially as deep customer insights remain concealed and stay out of the reach of the provider. Although insurance providers can define the characteristics of profitable customers and how they should be engaged, they still fall short of analyzing the potential leads. Atidot helps insurers, actuaries, and insurance companies to uncover valuable insights about policyholders using predictive analytics and big data. Using Atidot’s solutions, insurance companies can automatically cleanse, enrich, and normalize the data collected from various sources such as admin system and CRM and generate more information to monetize that data.
What we learned to do in a very systematic way in our unit is solve ‘seemingly impossible problems’
For insurance companies to comprehend their policyholders and have insights into who are the likely candidates for under-insurance, Atidot harnesses AI and machine learning technologies. With these advanced technologies, the providers can analyze customer data with open source information and make predictions about customer behavior based on the trends. Atidot enables insurance companies to understand their customers better and accordingly approach them with policies that fit their needs, thereby optimizing profits. The insurance companies can approach the policyholders strategically after recognizing the timeframe and reason for potential policy lapse. With Atidot, their marketing teams can better understand customer’s behaviour from the insurance perspective and accordingly design campaigns to gather the right leads quickly. Moreover, Atidot’s dedicated dashboards and APIs provide information on individual policyholders who are more likely to be under-insured. Atidot not only aids clients in better lead generation but also helps them improve the connect with consumers.
For instance, Atidot assisted a mid-size life insurance company to project their lapses accurately and retain profitable policies. With Atidot’s predictive analytics model, this company detected policy owners whose policies had lapsed. Atidot’s professional team helped the client build profit assumptions and group the population and the market for better engagement according to their policy (cash value, loan amount, premium payment patterns). Subsequently, team Atidot distributed the leads to their appropriate channels and asked for their feedback. Atidot also aided the client in understanding customer behavior with a strong correlation to lapses based on purchasing patterns, loans, suspensions, and occupation categories, among others.
Moving forward, team Atidot focuses on enhancing its innovative platform to continue serving the insurance industry, helping them uncover the embedded value in their existing books of business.