Understanding your customers better, predicting their needs and managing risk
At Smart Vision we have seen a rapid adoption of predictive analytics in the financial services industry, particularly within insurance.
Managing costs and improving return on marketing investment
In both banking and insurance we are helping customers use predictive analytics to improve their multi-channel sales and marketing. Typical outcomes include:
- Substantially cutting direct mail costs by using model-based targeting
- Improved campaign response rates using event-based marketing
- Increased profitability through cross-campaign optimization
- Better overall marketing ROI through selecting which customers to contact, through which channel with with which offer
Minimising risk and predicting financial exposure
Predictive analytics can enable financial services organisations to spot potentially fraudulent or non-compliant behaviour. More fraudulent cases are identified and, just as importantly, processing and response times are improved for those cases and transactions that are clearly compliant.
Those trying to cheat the system can be identified and those playing by the rules have a more positive experience.
Typical applications include:
- Identifying suspicious insurance claims at the point of initial submission and adapting responses accordingly
- Forecasting likely repair costs and other financial exposure for specific types of claim thus helping to manage and plan more effectively
- Identifing high risk transactions in real time to ensure compliance with anti-money-laundering (AML) regulations.
How our customers are benefiting
Through the application of predictive analytics we are helping our clients deliver significant improvements in the efficiency and overall profitability of their businesses.
- Decreased direct marketing costs by up to 35% through model-based targeting
- Doubled campaign response rates by using event based marketing
- Increasing profitability by over 30%
Click here to find out more about how we could help your organisation benefit in the same way.