Insurance Renewability Prediction Model
The Objective of this project is to identify policy holders who are most likely to renew and also have higher propensity to positive decision which can help in prioritize follow-up. Adding to this it categorize few policies (According their profitbility) and assign to some low cost resource which helps to maximize profitability.
The ROI of the model are as follows:
- ~26.04% increase in positive decision along with collection.
- Tentative collection may increase ~ 10 Cr.
- Expected yield in decision service level can increase up to 7.97 @ 30 days.
- Expected yield in collection service level can increase up to 8.5% @ 30 days.
- Improved effectiveness in policy decision status.
- Lowered cost of renewal campaigns.
- Increased organization awareness of factors affecting renewability for different customer segments.
- Automation of MI-Reporting system.
- CATEGORY BFSI