Anticipating consumer churn in insurance

Context & Objectives

A leading insurance company was experiencing churn of home insurance customers causing several million euros of losses. They turned to Agilytic to understand churn drivers and design proactive retention measures.

Approach

We worked together with the marketing and sales department to maximise the relevance of the outcomes.

After an initial phase of data collection and audit, we built a predictive model aimed at identifying churn drivers and then score churn propensity of existing customers.

Finally, we delivered workshops to help in-house teams improve data literacy and take ownership of our model.

Results

Our model allowed identifying twice more churners. Based on the insights about churn drivers, we also helped our client set up proactive retention measures such as re-packaging products to better meet customer needs.