LONDON--(BUSINESS WIRE)--Quantzig is one of the world’s foremost providers of advanced data analytics solutions with business units spread globally. Our advanced analytics solutions and domain expertise empowers us to look for insights in complex, unstructured data sets from disparate sources. With the new digital economy creating significant disruptions and new opportunities, our global team of over 300+ analytics experts work with leading companies to help master digital transformation, drawing on our deep domain expertise and understanding of factors impacting business growth. Our insights have helped leading Fortune 500 companies to achieve better success rates by adopting the right technology and digital solutions to drive innovation and competitiveness. Request a FREE one-on-one platform demo to learn how our customer analytics solutions can be tailored to your specific business requirements.
Engagement Overview:
Over the last decade, global health insurance provider companies have become fragmented due to the presence of numerous companies with a wide array of services at competitive prices. The demand for health insurance is increasing because of the rising aging population and the chances of chronic disease across the world. Capitalizing such a situation in the market requires a special understanding of basic forces that are the main reason for disruption among health insurance provider companies. As a result, healthcare insurance companies are now opting for customer lifetime value modeling to identify high-risk customer segments.
Request a FREE proposal to know how our customer analytics solutions have helped leading health insurance companies to identify high risk customer segments.
The Problem:
The client is a prominent player in the health insurance sector. The company wanted to understand the insurance landscape in terms of risk and profitability from different customer segments. The challenges included-
- Assess customer lifetime value
- Increase customer retention rate
- Identify high-risk customer segment
Are you finding it difficult to identify the factors leading to a dip in your customer retention rates? Get in touch with our experts to know how our customer lifetime value modeling solutions can help.
Value Delivered:
To address the challenges that the insurance provider firm was facing, we put together a team of customer lifetime modeling experts who performed a detailed analysis of their existing customers segments. After this analysis, the client was able to segment customers in terms of various metrics like expected value and loyalty. Quantzig's customer lifetime value modeling solutions helped the client to:
- Analyze customer behavior
- Predict the customer churn rate
- Enhance customer satisfaction
- Increase customer retention rate
“Though there are a myriad of ways using which health insurance providers can calculate customer lifetime value the simplest ones involve three components – the purchase frequency, the customer lifetime length, and the average order value,” says a customer analytics expert from Quantzig.
Over the past 15 years, Quantzig has helped Fortune 500 companies solve some of the toughest business problems using a unique combination of design thinking frameworks, plug-and-play innovation accelerators, and an army of agile decision scientists. Quantzig’s customer lifetime value modeling solutions can be customized to help you tackle the growing challenges in the health insurance sector. Request for more information on the benefits of customer analytics.
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
