The problem

For insurance companies, the driver of growth is the sale of products, however the preferred way is through the existing clientele, as finding new customers is a much more expensive process in the insurance industry. Therefore, insurance companies rely on the existing data they have in order to understand customer behavior and make more targeted product promotions.

The purpose

Predict if an existing customer will be interested in another insurance product.

The solution

Data analytics, machine learning and artificial intelligence are excellent tools in the targeting process, that is, in the process of identifying existing customers who, with a high probability, would respond positively to the proposal to purchase some additional service or product.

The benefit

Applying the above methods in the process of cross-selling will result in an increased ROI, acceleration of the speed of the process in question as well as in the reduction of costs related mainly to the required human resources and communication costs.