Enhancing Customer Engagement in Insurance: Real-Time Churn Propensity Analysis

Customer service excellence is paramount in the highly competitive terrain of the UK motor vehicle insurance industry, and to achieve this, one leading insurance company approached EvoluteIQ with a unique challenge. They aimed to give their agents real-time insights into customer behavior and churn propensity during customer interactions.

The Results

Customer Churn

65% Reduction in Customer Churn

Customer Satisfaction

30% Improvement in Customer Experience ratings

Improvement in overall efficiency

71% Improvement in overall process efficiency due to automation

Automation

Forbes view

The result of CRM automation is increased operational efficiency and fewer manual errors. In addition, they can also boost sales by improving customer engagement, lead conversion rates, and consumer research.

EIQ Features Used

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The Challenge:
Reviving Renewal Rates: Tackling Fragmented Systems in Vehicle Insurance

Facing a decline in policy renewal rates, the vehicle insurer sought a non-intrusive solution to reverse this trend. Their customer interactions spanned various channels, including web, mobile, and call centers, and their operational systems were fragmented across policy application, claims management, and CRM. This complex landscape necessitated a comprehensive, unified solution to streamline processes and bolster customer retention.

Our Solution:
Unified Customer Lifecycle Processes and Proactive Churn Propensity Model:

EvoluteIQ Intelligent Business Automation for Better Customer Service

With the capabilities of the EIQ platform, we embarked on a mission to reconcile the intricate processes scattered throughout the customer lifecycle. This integration aimed to bring cohesion to the vehicle insurer’s operations, addressing challenges stemming from fragmented systems across web, mobile, and call center channels.

Our solution helped calculate real-time churn propensity for customers engaging with the customer service department for renewal requests. Armed with these dynamic insights, agents could proactively tailor offers, such as lower premiums or favorable terms, to ensure a higher likelihood of policy renewal. Importantly, this was achieved without invasive process changes or complex technology deployments for the agents and supervisors.

To hasten the deployment of this solution, we incorporated reusable components for agent workflows and business rules. This strategic approach streamlined the rollout process and ensured long-term efficiency gains. Additionally, our solution seamlessly integrated with CRM and enterprise collaboration tools, facilitated by pre-built platform connectors, further enhancing the insurer’s operational agility.

EIQ for Enterprises

EIQ is the only integrated, low-code/no-code platform for fully intelligent business automation, driving transformation at scale across the Enterprise.

Ensure frictionless enterprise-wide interactions

Business Impact Delivered

Grow Revenues by 40%

Lower customer acquisition costs and operational expenses, raise conversion rates with minimal upfront investments

Improve Operational Efficiency by 74%

Improve overall efficiency due to process automation and quicker TAT (Turn Around Time) and AHT (Average Handle Time)

Strong Built-In Governance

Empower Workforce by 73%

Grow employee satisfaction rate through intelligent incentivization and foster productivity and time “given back” to the teams

Improve Customer Experience by 60%

Elevate customer satisfaction via efficient preventive maintenance and fewer query discrepancies

Enhance Asset Utilization by 30%

Achieve a reduction in inventory to gain equal or better customer demand with the existing supply

Strong Built-In Governance

Boost Security by 95%

Cut down data integrity issues across systems with predictive & preventive analytics

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