AI-BASED CUSTOMER JOURNEY PREDICTIVE ANALYTICS FOR INSURANCE INDUSTRY

Perform better, smarter experiments by creating user segments.

Insurance
2022-06-28
6 Minute Read
Insurance
Customer Journey Analytics
B2Metric IQ Analytics
Marketing
Predictive Marketing
Campaign Optimization
Customer Micro Segmentation

Customer Journey 

Having a successful business in 2022 is all about customer satisfaction and experience. This is the field that businesses are now facing with some difficulties when competing with each other. The golden key to enable superior customer service depends on the business approach. Because businesses should know how to engage, nurture, convert, and engage with customers. One of the ways to do that and build good customer relationships is to adopt a strategic and methodical approach.

 

Customer journey analytics solution is a tool to analyze your customers behavior across touchpoints on your mobile application and over time to measure when they drop-off or visit new pages or they are interested in your products that helps you achieve meaningful and actionable goals. In an increasingly customer-centric world, the ability and capability to capture and use customer insights to shape products, solutions, and the buying experience as a whole is critically significant. In this case we ingest all data coming from Google Analytics and follow the customers’ page visits, button clicks, form fills, content impressions and so on. 

 

Customer Journey for Insurance

The subject of insurance is not a hot topic but the customer journey analytics solution for this market continues to grow and mature, it is more pivotal than ever for insurance businesses to find productive ways to both engage and convert with the customers. This customer journey mapping helps these businesses to understand the steps and take next actions to consider how to drive value from these relationships. 

 

How B2Metric helps to businesses set in insurance industry

B2Metric serves an augmented analytics solution that is a unifying layer of a platform that orchestrates customer journeys across all interactions. B2Metric AI/ML based customer journey analytics solutions can be implemented and adapted seamlessly. If your company has different types of communication channels such as Mobile, Online Channel, In store etc. Thus, we can apply all of the similar or different scenarios. To exemplify, via web or mobile applications, we can ingest the customer events and all touch points into B2METRIC IQ Customer Journey Analytics platform to gain valuable insights and actions out of raw data. Then, marketing & product teams at the company can follow all customer journeys. It is more pivotal for your business because before applying and sending such campaigns to your customers, the executives should know which campaign should be applied for different segments due to making the campaign cost effective. Thus, by using B2METRIC IQ platform, your business will make understanding about return-of-investments and budget optimizations. 

B2Metric IQ’s main vision is to become the customer journey predictive analytics solution that gives the cleverest real-time recommendation for each size of business. The B2M team’s focus is to become the best predictive analytics for mobile applications’ user analytics intelligence domain. The mobile app analytics market is growing dramatically and competition is expanding and marketing managers are spending much more on their budget to promote their apps. 

 

As a customer journey analytics product serves the aim of measuring and improving the digital optimization of companies and improving the profitability, interaction, and customer retention strategy models of companies with an optimized digital product. While our application carries the competencies of being a modeling and marketing analytics product, the modules that fulfill the product analytics competency requirements have combined the state-of-art machine learning techniques in this field by integrating with B2M IQ, which is another SaaS product, combining customer journey analytics with adaptive learning as well as presenting prescriptive reports.

 

 

  • Follow your users via B2Metric Notification funnel.
  • When your users drop-off from the app?
  • Which pages are less visited?
  • How many users open your message?

 

 The demonstration will include following use cases;

  • 360 degrees Customer Journey Analytics, 
  • Customer Propensity Prediction,
  • Customer Micro Segmentation and Churn Prediction,
  • Online and digital customer Retention Prediction,
  • Campaign Optimization with Intelligent CRM,
  • B2B & B2C Credit Risk Scoring,
  • Banking Customer Next Best Action Predictions,
  • Customer Propensity to Buy Predictions.


 

Fraud Detection

One of the common pressing use cases in the insurance industry is Fraud Detection and Prevention. Recognizing and finding fraud patterns are not easy due to taking more time and effort but if you have more data, the systems of AI improve the accuracy and efficiency of the analysis. B2Metric AI studio uses different types of sources both internal and external in order to help insurers identify fraudulent behavior. To exemplify, Almerys is one of the leading insurance companies in France. B2Metric worked with the company for high fraud cases to reduce the amount of cases.  The solution called B2ML Studio Hunter helps the process in the insurance sector to work quickly and accurately. After ingesting Almerys’s data, B2Metric identified the frauds of opticians in France. In the study, Paris is the city where fraud cases are the most common area. The B2Metric team determined that approximately 1000 opticians regularly earn unfair profits. The team presented the solution on the subject by using AI-based machine learning applications to reduce the amount of fraud cases in the eyewear industry. 

Click for the demo video of the platform.

 

Customer Churn Prevention

All industries including the insurance industry need to reduce the customer churn rate because it directly affects income and profit of businesses and creates dissatisfaction among people using the product and service, so in order to decrease the customer churn rate as well as create engagement with customers, businesses should critically analyze their customer experience and journey during the process. By using B2Metric AI prevents your customer churn rate by 10% and offers efficient and effective services for your business.



 

Cross-Selling New Insurance Product Range

There are two different selling techniques called Cross-selling and up-selling. Upselling tries to sell the product with an upgraded version to already existing customers. On the other hand,  Cross-selling tries to sell another product and give a product to already existing customers. B2Metric AI AutoML technology helps insurance to raise product sales revenue and profit. It uses these two techniques and increases the introduction of the products to its customers.

To sum up, Customer Journey Analytics for insurance industry is always a great opinion:

  • It helps you create a more effective and efficient customer experience 
  • It helps you understand your customers better
  • It helps you create better aims for future
  • It helps you to save your time, effort and money.
  • It helps you identify customer pain points.
  • It helps you to innovate your products and services.

 

If you are interested in more about our blogs, you can find much more information there.

Visit our website to learn more about B2M IQ

 

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