Mutua Tinerfeña is an insurance company that offers a wide range of insurance policies for individuals and businesses, including car insurance, home insurance, health insurance, life insurance, liability insurance, among others.
Mutua Tinerfeña faced the challenge of improving sales efficiency and increasing the policy renewal rate. To achieve this, it was crucial to identify policies and customers with a higher risk of non-renewal. Additionally, they emphasized the importance of the Marketing and Sales team understanding the factors influencing policy non-renewal in order to address them and increase the customer's LTV. There was a significant number of policies with a high probability of not being renewed to which attractive offers were not being sent.
Increasing Customer Retention with Artificial Intelligence
At Shimoku, we developed an Artificial Intelligence solution that helped Mutua Tinerfeña Seguros increase retention by identifying policies with a higher likelihood of non-renewal and associated customers. This solution included an explainability layer (drivers & barriers) and insights that provided teams with greater context to understand the factors influencing non-renewal.
Once the AI model generated a prioritized list of policies and customers with their renewal probability, these results were integrated into a dynamic discount prediction system designed to increase the probability of purchase. Each customer received a personalized discount for each policy with the aim of maximizing renewal.
At the core of our solution lies an actionability layer that bridges the gap between data insights and tangible business outcomes. At Shimoku, we firmly believe that the true power of AI lies not just in understanding data but in leveraging it to drive meaningful actions within a company's operations.
With traditional analytics solutions, businesses often find themselves drowning in a sea of data, struggling to derive actionable insights that can drive real change. Our approach flips this paradigm on its head by not only providing valuable insights but also empowering businesses to swiftly translate these insights into concrete actions that drive monetization and efficiency.
Our solution harnesses the power of Generative AI technology to automate the offer creation process. Gone are the days of generic, one-size-fits-all promotions. Our AI solution analyzes vast amounts of customer data and model outcomes to craft automatically hyper-personalized offers tailored to each individual which are then seamlessly delivered to them via email.
At Mutua Tinerfeña, the actionability layer facilitated the automatic generation of tailored policy offers aimed at customers with a higher likelihood of non-renewal. This streamlined approach optimized conversion rates and improved commercial efficiency.
