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A life insurer improved detection of 13th month persistency for its ULIP customers

About Client

Client is a life insurance company in India. Established in 2008 Headquartered in Gurugram, it has branch offices PAN India. The company sells and services its customers through partner bank branches. The company offers various products across individual and group space consisting of life, health, online term plans, retirement solutions, credit life and employee benefit segments

Objectives

  • Which customers are likely to get lapsed in the 13th month?
  • Design appropriate reactivation or retention strategies

Impact

  • Model improved the detection of potential lapsed customers over random selection
  • Established a proactive approach to retain customers by engaging high value and high propensity lapsed customers
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