CUBOT insurance solutions deliver intelligence to supervisory, operational and executive management. Insurance Business Monitor covers the reporting needs of all the critical functions of an insurer – sales, claims, operations, underwriting, reinsurance, and finance. Channel Monitor solution helps channel managers identify, track and help focus on their most profitable channel partners. Customer Retention Monitor helps reduce churn through micro-segmentation and targeted campaign management.
Reports suggest that most insurers in India are battling a 20% or more customer attrition. Non-differentiated products, competitive pressure, poor customer relationships, and significant regulatory changes are driving attrition figures higher each month.
It is no surprise that customer acquisition costs are skyrocketing. Retention is therefore critical to business growth and profitability. And a data-driven approach to understand attrition is important to figure out strategies to retain fleeing customers.
CUBOT Customer Retention Monitor is an essential tool for sales and marketing heads of insurance companies. Reports provide insights into how churn is happening, what is possibly driving attrition, and some attrition trends. The Analyzer provides a variety of different ways to understand churn – by location, product, customer demography, and channel. High attrition sectors can be identified, lists drawn and marketing campaigns initiated to retain potential exits. Channels and branch managers can be alerted to reach out to likely churn candidates. And special pricing plans can be created to entice customers to stay back.
Robust Designs did a great job in providing a simple solution to a very complex problem. I no longer need a team of 20 analysts to shuffle 350 spreadsheets to provide my business managers with Underwriting Profit or Product Line Net Profit; they pull it out of CUBOT when they need it - in seconds!"Mr. Prateek Jain, Business Intelligence Division, ICICI Lombard
Churn shows up only after it happens
Too much focus on acquisition
Too little data
Progressively build a comprehensive model as data becomes available
Aggregates sales data - historical and current, customer interaction data
Defines metrics, build models
Delivers actionable intelligence
Extend the solution by adding
Helps you understand retention issues
Enables you to be operational in less than four weeks
Deploys it in-premise or on cloud. Buy it or pay as you use
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