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. Therefore, insurance companies rely on existing data in order to understand customer behavior, make more targeted product promotions and offers, and extract the maximum possible capital that a customer can allocate.

The purpose

Predict if an existing customer will be interested in a higher-end version of a policy.

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 a proposal of purchasing a higher-end version of the policy they are interested in.

The benefit

Applying the above methods in the process of up-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.