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DataRobot awarded prestigious status

"AWS Machine Learning Competency"

Conversion Modeling

DataRobot helps predict, based on a quote’s rating characteristics and price, the likelihood that a prospect will buy.

Industry

P&C Insurance

Why 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.

Highlights
  • Keep conversion rates high with insights into conversion probability based on price and customer characteristics
  • Create models that project your conversion rate

Challenge

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.

Solution

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.

Results:

  • Increase retention rates
  • Understand the price change/retention rate relationship to accurately project top-line growth to shareholders

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