Case Study: $600M Insurer Triples Retention Outreach Efficiency
A $600M mutual insurer used TAZI's Customer Retention Solution to triple the efficiency of its outreach team, reaching ROI in 14 days.
TAZI Team
The client
A Seattle-based mutual insurance company offering personalized coverage to residents of Washington and Oregon.
The challenge
The insurer needed to identify customer segments likely to cancel or churn, and reach them at the right time to retain them. This required uncovering complex patterns in its data.
The approach
Using TAZI's continuous machine learning, the insurer identified customer segments with a high probability of cancellation or churn. Its outreach and sales teams contacted those customers at the right time, through the right channel, with actionable insights. The models were built with the data and business intelligence teams and the customer outreach team, so they matched existing business processes. The insurer focused on retaining customers with lower claim risk, which increased customer lifetime value.
Results
- 3x improvement in outreach team efficiency
- ROI in 14 days
- About $1M in monthly savings in the first quarter
- $2.3M in savings from improved retention in the first quarter