Predictive Analytics in Insurance
Predictive Analytics in Insurance

While we’re primarily known for our expertise in financial performance management and IBM Cognos TM1 and now IBM Planning Analytics, we’ve been growing an elite practice for predictive and advanced analytics for a few years now. In fact, at the IBM World of Watson conference in late October 2016, IBM announced that Revelwood was selected as the Customer Analytics Business Partner of the Year. This was for our work in designing and developing customer analytics solutions.

Two of these solutions just also happen to fall into the category of predictive analytics. One focuses on how an insurance company is using predictive customer analytics in a for sales and marketing and the other is a B2B retailer who is using predictive customer analytics in a digital marketing platform.

This insurance company wanted to get more meaningful insight and business value from its customer and marketing data. It wanted to use this data to determine where to invest in marketing programs, and how to prioritize sales efforts in order to maximize revenue and profits.

We decided to use IBM Predictive Customer Intelligence, Watson Analytics, and Expert Storybooks to create an application that would leverage the right data in order to segment the insurance company’s members and create prioritized lead lists. Now, with these prioritized lists, the company’s sales agents have moved from an average sales success rate of rate of 12% to an average success rate of 45%.

Read more about predictive customer analytics in the insurance industry.