In this quick article, we will present a case in which NTConsult helped a company in the insurance industry achieve a 90% increase in sales closure rate by implementing a data-driven culture with omnichannel solutions.
The success case
In this case, we are talking about the implementation of an omnichannel strategy within an insurance organization using a data management culture to apply the entire omnichannel strategy. We successfully developed the whole omnichannel solution for an insurance client, creating a database that fuels a machine-learning model helping the company increase sales.
- We identified the customer profiles most likely to buy services based on behavioral characteristics available in our database (a database that was only available because the omnichannel solution was implemented earlier). With this approach, we can offer the ideal service or product to customers when they need it most. It’s all about providing the right service to the right client at the right time.
- Utilizing approximately 100,000 records, gathered through our omnichannel strategy, we developed a machine learning model with a prediction accuracy of over 90%. This model assesses the likelihood of potential clients purchasing insurance plans within a specific strategic market niche for our client. The outcome: a significant boost in new clients and, consequently, revenue.
- Evaluating a database with around 4 million records (again, the result of a centralized database due to the omnichannel solution), we are working on a model to identify clients with a high likelihood of discontinuing our client’s services. This enables us to take proactive measures to prevent such occurrences.
Business case presentation
Our team was invited to present this case at one of the biggest events in the insurance and pension industry in Latin America, the Innovation and Value Creation Event promoted by Abrapp (Brazilian Association of Closed Private Pension Entities), in which we talked about the importance of centralizing data analysis on a single platform and how companies are achieving competitive advantages with it.
Now that you have learned more about the importance of omnichannel, be sure to contact us if you relate to this article and are interested in bringing the benefits of omnichannel solutions to your company. Just send us a message in the quick form at the bottom of this page, and we will get back to you shortly.
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We have been in the industry for 20 years working with the allocation and engagement of teams of IT professionals who are experts in software development and hyperautomation (process automation, AI, RPA, and process mining). Our experience encompasses the most varied industries, such as financial and banking, media and communication, health, industrial sector, and insurance companies, among many others.
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