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SAS Customer Analytics for Insurance

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SAS Customer Analytics for Insurance delivers specific analytical techniques to help you understand and drive decisions related to customer profitability. The solution enables you to segment customers according to a multitude of variables – including demographics, geographics, claims history and other behavioral attributes – to create more meaningful and targeted marketing programs that lead to improved retention rates.

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SAS Customer Analytics for Insurance

  1. 1. SAS CUSTOMER ANALYTICS FOR INSURANCE MORE INFORMATION - HTTP://BIT.LY/GW7MRMC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  2. 2. CHALLENGES ISSUE IMPACT Increased marketing No single view of customer costs Ineffective customer segmentation Rising acquisition costs Decreased premium Inability to predict customer behavior revenue Inability to improve wallet share Lower retention rates Multiple distribution channels Wasted marketing spendC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  3. 3. SAS CUSTOMER ANALYTICS FOR INSURANCE The solution provides an integrated environment to develop, deploy and monitor customer analytics models. SAS® Customer Analytics for Insurance Business Analytics Industry IP Framework  Data integration technologies  Insurance data model – logical and physical  Data quality tools  Solution data marts for customer  Business intelligence segmentation, cross sell, up sell technologies and retention  Analytical technologies  Pre-built data management jobs  Analytical model templatesC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  4. 4. SAS CUSTOMER ANALYTICS FOR INSURANCE Insurance Operational Systems Analytics Predictive Executive modeling, data Dashboards mining Policy Analytical Data Data Marts Insurance Integration Segmentation Claims Data & Data Retention Model Cross-sell Quality Up-sell Billing Products Reinsurance (P&C & Life) Reports BI & Business, Policies Marketing Reporting regulatory Claims Risk Factors Data reporting Marts Model Customers Accounting Sales & validation … … MarketingC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  5. 5. SAS INSURANCE SAS CUSTOMER ANALYTICS FOR INSURANCE DATA MODELC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  6. 6. SAS INSURANCE SAS CUSTOMER ANALYTICS FOR INSURANCE DATA MODEL • Single version of the truth • A warehouse for granular, historical and integrated data • Comprehensive coverage to support a variety of analytical applications • Approx. 440 Tables and 6,300 Attributes • Model supports both P&C and Life Insurance • Both logical and physical data model • Erwin data models • SAS metadata • DDL scripts for database environments (DB2, Oracle, Teradata) • Mapping of data items to business terms • Aligns with global data standards like ACORD and GDVC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  7. 7. DATA MANAGEMENT SAS CUSTOMER ANALYTICS FOR INSURANCE • Enterprise data management environment • ETL technologies • Data profiling capabilities • Enterprise connectivity to data sources • SAS, SQL, DB2, Access, Excel, Oracle, Teradata...... • Data quality business rules • Support for unstructured and semi-structured dataC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  8. 8. ANALYTICS SAS CUSTOMER ANALYTICS FOR INSURANCE • Analyze data for trends to segment markets, determine customer value and calculate retention scores • Powerful set of interactive data preparation tools • Suite of predictive modeling techniques • Decision trees • Neural networks • Hierarchical clustering • Linear & logistic regression • Market basket analysis • Model comparion evaluation • Pre-built Insurance specific analytical models including: • Segmentation • Retention • Cross-sell • Up-sellC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  9. 9. CUSTOMER SAS CUSTOMER ANALYTICS FOR INSURANCE SEGMENTATION • Customer Segmentation enables insurers to identify homogeneous groups within the customer base. • A behavioral segmentation will consider past customer behavior and will predict future segment assignment. • Customer segments provide a strategic view for identifying over arching patterns and help: • Price more effectively • Understand potential profitability • Focus attention to higher value segments • Develop tactics to improve value segments • Retain and serve the customers betterC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  10. 10. CUSTOMER SAS CUSTOMER ANALYTICS FOR INSURANCE RETENTION • Two key activities • Scoring customers on likelihood of lapsing • Acting on this knowledge • Using this output to communicate with the customer BEFORE lapse • Passing information out to agent and incentivising action • Campaign Management – mail, telephone, email etc.C op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  11. 11. CROSS-SELL & SAS CUSTOMER ANALYTICS FOR INSURANCE UP-SELL • Know customer’s propensity to buy more policies/benefits • Know which policies are preferred by customers and why • Know what your customers are likely to buy next • Enhance profitability by selling to known customers • Make best offers • Retain customers longerC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  12. 12. REPORTING SAS CUSTOMER ANALYTICS FOR INSURANCE • Empower users to make better business decisions faster • Web-based, interactive reporting interface • Query capabilities across multiple BI interfaces • Slice and dice multidimensional data • Critical first-alert, call-to-action dashboards for performance results • Dynamic business visualization tools • Microsoft Office integrationC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  13. 13. WHY SAS? KEY BENEFITS • Creation of a single view of customer • Consistent, accurate, verifiable and up-to-date information • Access to the data you need, when you need it • Improve retention rates • Uncover new sales opportunities and increase wallet shareC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  14. 14. WHY SAS? LOWER COST OF OWNERSHIP • Insurance data model • Jump start reporting capabilities with insurance specific logical & physical data models • Superior data management capabilities • Single version of the truth • Improved data quality • Award winning business intelligence technology • Portal framework for scorecarding & dashboards • Access to online reports with drill-down capabilities • Powerful predictive analytical capabilities • Reduce costs and implementation time with pre-built customer data marts and predictive modelsC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  15. 15. CUSTOMER STORY MAX NEW YORK LIFE (INDIA) Business Problem • Accurate data warehouse • Increase customer retention Customer Quote • Improve cross-sell sales In the first quarter after implementing SAS, sales to existing customers Solution jumped to more than 20 • SAS Customer analytics for Insurance percent Nagaiyan Karthikeyan, Head of Business Results Intelligence and • Increase cross-sell sales opportunities by nearly 300% Analytics • 40 percent improvement in premium revenue • Reduced sales expenses through shortened sales cycleC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  16. 16. MORE INFORMATION • Contact information: Stuart Rose, SAS Global Insurance Marketing Director e-mail: Stuart.rose@sas.com Blog: Analytic Insurer Twitter: @stuartdrose • Research: State of Customer Insights in InsuranceC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d .
  17. 17. THANK YOUC op yr i g h t © 2 0 1 2 , S A S I n s t i t u t e I n c . A l l r i g h t s r es er v e d . www.SAS.com

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