Stem the Tide: How Financial Services Firms Can Predict and Prevent Churn

Posted by Yogesh Sharma on Fri, Jul 07, 2017

For financial services firms, acquiring new customers is more costly than retaining them. Therefore, retaining existing customers is one of the biggest challenges. Customer churn is everywhere. In unsecured lending, customers cancel credit cards or personal loans, or there’s silent attrition in the form of a slow decrease in customer card spend. In secured lending, mortgages face churn in the form of a loan transfer to other lenders, partial or full payment of loans and loan closure. Customers also can close their bank accounts, resulting in the loss of potentially cheap sources of funds, or they cancel their life or general insurance policies, resulting in the loss of potential future premiums.


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Four Tips to Help Sales and Service Departments Become More Data-Driven

Posted by Jason Brown on Mon, Nov 30, 2015

Data and analytics are becoming more and more baked into how many companies conduct business, but in some industries, making the switch to a data-driven business model remains more of a dream than a reality. 

My colleague Arun Shastri and I recently wrote an article for Best’s Review in which we take stock of the insurance industry’s progress with analytic applications. One of our conclusions is that, while there are many strong examples of analytics-led innovations in areas like underwriting and claims, there are far fewer examples in personnel-intensive areas like distribution and customer service.


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