BigDataStack use cases: smart insurance

BigDataStack use cases: smart insurance

Insurance companies increasingly need IT data-based solutions in order to address their needs about the provision of services according to the customer “tailored” requirements.
The challenge is to allow insurance companies to better develop the customer management, by providing personalized services to the customer, as well as new corporate services for the handling of the customers’ profitability.
A multi-channel scenario will be developed by GFT which will facilitate data analytics-powered smart insurance, providing a 360-degree view of the customer and personalized services.
GFT will collaborate with HDI Assicurazioni, part of the Talanx Group of Hannover, for its adoption.

The BigDataStack goals in the smart insurance use-case

  • Customer segmentation: all the customers are classified into groups by spotting coincidences in their attitude, preferences, behavior, or personal information. This grouping allows developing attitude and solutions especially relevant for the particular customers. As a result, target cross-selling and upselling strategies may be developed and personal services may be tailored for each particular segment.
  • Lifetime value prediction: Customers lifetime value (CLV) is typically assessed via customer behavior data in order to predict the customer’s profitability for the insurer. Thus, the behavior-based models will be applied to forecast the customer retention. This will allow forecasting which customers are likely to cancel contracts in the near future.

What is the expected impact?

The use case will exploit the BigDataStack optimized seamless analytics framework, enabling prediction of customers behaviour and intelligent decision making regarding personalized and tailored offerings. This will allow to increase HDI customers’ development, through ad-hoc cross-selling and upselling intelligent strategies, as well as have a better control of customers’ profitability and churn detection.

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