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Insurance Customer Retention

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Acquiring a new customer can cost as much as five times more than satisfying current customers. That means more of the direct written premium from a retained customer goes to the bottom line. As a result, a 2 percent increase in customer retention can equal a 10 percent reduction in cost. Data Is Key to Customer Retention
Insurers have an important and largely untapped asset to improve customer retention: decades of
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China Steel Corporation India Limited

Dahej, Bharuch, Gujarat
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Acquiring a new customer can cost as much as five times more than satisfying current customers. That means more of the direct written premium from a retained customer goes to the bottom line. As a result, a 2 percent increase in customer retention can equal a 10 percent reduction in cost.

Data Is Key to Customer Retention

Insurers have an important and largely untapped asset to improve customer retention: decades of rich internal customer, policy and claim data containing insights that only now can be analyzed and revealed.

CSC''s Insurance Customer Retention offering is designed to delve into these vast and unexploited assets, combining them with external data sources, such as social media. The result is a deeper understanding of the drivers of buying behavior and the signals of defection.

CSC''s Insurance Customer Retention solution can help insurers:

  • Identify their best customers. Our insurance customer value-analysis ranks and segments customers to inform marketing campaigns and tiered-service programs. This ensures targeting the right types of customers, thereby improving customer retention and satisfaction.
  • Develop a proactive business plan for at-risk customers. Drawing on the data, CSC''s churn-analysis retention analytic model correlates customer behavior and predicts the probability of customer defection.
  • Determine what products are best suited to existing customers. CSC''s buying analysis is a predictive model that analyzes purchases and finds other products that the customer is likely to buy. This model connects the dots between insurers'' customers and products, leading to more-effective cross-selling, increased premium income and higher customer satisfaction.

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Insurance Customer Retention

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About the Company

Legal Status of FirmPrivate Limited Company
IndiaMART Member SinceSep 2013
GST24AAECC5781F1ZQ
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Seller Contact Details

Rupesh Yadav

Plot No. D-2/6, Near Jolva Village, Dahej II, GIDC
Dahej
Bharuch - 392130, Gujarat, India

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