Problem / Pain
Insurance companies need to know the impact a new pricing plan will have on their top-line growth. What is the tipping point of ensuring profitability without driving customers away? Without accurate models to predict the likelihood of converting a quote to a policy, the company cannot accurately understand the impact a premium will have on conversion rates.
With Syncrasy curated data and DataRobot you can build extremely accurate predictive models automatically, providing a level of confidence in the likelihood of a quote becoming a policy. With this information, you can optimize marketing, reaching out to those customers more likely to buy once they receive a quote. The models help to adjust pricing algorithms, ensuring that you don’t drive customers away. Finally, planning is key. Projecting the retention rate allows you to prepare for the future now and give accurate top-line growth projections to shareholders.
Why Syncrasy & DataRobot
Click a button to build the most accurate model for predicting conversion rates, which helps to make appropriate marketing and pricing decisions. Further, get quick insights into what is driving whether or not customers buy your policy so that you can take meaningful action to increase conversion rates.