Case Study in Summary
Case Study Classification
- Segment: B2C
- Industry: Insurance
- Geography: Europe
- Value creation levers: Growth and retention
- Time to impact: 12-18 months
- Regulatory considerations: High
The Business Challenge
A large, multinational health insurance company with revenue in the low double-digit billions of dollars and operating in a highly regulated industry was suffering from high churn rates across its major countries of operation, implying losses in the current year and future revenues. This intensified pressure on customer acquisition costs as well as inefficiencies in targeting marketing spend. The company was held back by a lack of data and AI solution culture and expertise and high switching costs from a legacy solution that was deeply integrated into actuarial processes like pricing and risk modeling. Any changes required regulatory and stakeholder approval.
The challenge was:
- Develop an effective solution to...
