Customer Retention

Successful retention starts with the first customer contact and continues throughout the entire lifetime of a relationship. Built on this principle, SAS enables your organization to quickly gain a better understanding of the variables that influence customer lapse – allowing you to determine not only which customers are likely to lapse, but why.

The dramatic increase in competition among insurance providers and declining loyalty among their customers has placed new emphasis on the value of customer retention. Because insurers' marketing organizations are under pressure to generate more sales revenue with no increase in resources – and because recruiting new customers is so much more expensive than retaining old ones – it is imperative to determine whose policies are likely to lapse, and which of those customers are most valuable, so you can take the necessary steps through the right channel (including intermediaries) to prevent their attrition.

Such retention projects require organizing and analyzing huge volumes of data that are often difficult to access and consolidate. And many firms simply lack the ability to support the complex data mining and analytical tasks that are essential to combating customer attrition.

How SAS can help

SAS uses customer data gathered from all corners of the enterprise to calculate a customer's likelihood to have a specific policy lapse. Marketers can use these "likelihood" scores, in combination with customer profitability information, to segment the existing customer base and effectively target valuable customers to prevent further attrition.

With SAS, you can:

• Accurately report on lapsed policies.
• Discover insights into the major factors influencing that lapse.
• Predicting who is likely to lapse in the near future.
• Proactive, rules-based analysis of account behavior.
• Create an accurate early-warning alert system.
• Implement flexible and scalable technology that can keep up with your company's growth.

Looking for more information on Customer Retention? Watch the on-demand Webcast Supercharging Your Business Intelligence with Text Analytics. Sign up for one of our free e-newsletters. Read related success stories. Ready to put THE POWER TO KNOW® to work for you? Contact your local SAS office or call us toll free at 800-727-0025 (US and Canada). Contact SAS for pricing information and to learn more about our products and solutions.		Watch the on-demand Webcast Supercharging Your Business Intelligence with Text Analytics