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Financial Services
Monetization opportunities for auto insurance broker
09 Jun 2023
Context
  • A leading auto insurance broker wanted to analyze the auto insurance policy purchase and renewal behavior of its customers, with the goal of increasing the renewal rate and identifying opportunities to sell other insurance and financial products.
  • The project involved crunching a large dataset spanning 5 years, with 40 million+ rows, to identify patterns in customer renewal behavior and other relevant factors such as demographics, vehicle age and type, location, and channel partner type.
 Approach
  • Data analysis: The team analyzed the extensive dataset to identify patterns and trends in customer renewal behavior based on various factors such as demographics, vehicle characteristics, and channel partner type.
  • Consumer insights: Conducted deep consumer research and interviews to gain insights into customers' willingness to purchase additional financial products from the client, providing a deeper understanding of customer needs and preferences.
  • Channel partner insights: Researched and assessed the willingness of channel partners to support the client's objectives, potentially aiding in increasing the renewal rate and cross-selling other products.
  • Upside estimation: By evaluating the scale of additional/new business, commissions earned, and potential top-line growth, the team estimated the potential upside for the client, quantifying the value of implementing the proposed initiatives.
  • Prioritization: The various opportunities identified were prioritized based on their feasibility and potential upside, allowing the team to focus on realistic and impactful initiatives.
  • Action-oriented charters: The team prepared charters with key action points for implementation, providing a clear roadmap for the client to execute the proposed initiatives effectively.
Praxis value delivered
  • The analysis provided valuable insights into customer purchase and renewal patterns, as well as channel partner behavior.
  • The client made informed decisions and optimized strategies based on the obtained insights.
  • The client implemented targeted initiatives to increase renewal rates, improve customer retention, and drive effective cross-selling.
  • The analysis identified revenue targets and opportunities, enabling the client to maximize revenue potential.
  • The client realized tangible financial benefits by leveraging the gained insights, including revenue growth, improved profitability, and enhance overall business performance.
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