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The ability to predict which segments are most likely to convert from a quote to a policy allows insurance companies to optimize their pricing algorithm and their marketing spending, leading to data-driven objective business decisions.
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 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.
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.
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Insurance companies are using machine learning and AI to increase top and bottom line through gaining competitive advantages, reducing expenses, and improving efficiencies. They are optimizing all areas of their business from underwriting to marketing in order to make data-driven decisions to lead to increased profitability.