Building More Profitable Home Insurance with Customer Value
Insurers that have a better understanding of customers' social environment opens more opportunities for appropriate interactions.
One test of a company's ability to generate better levels of customer lifetime value is how well they identify specific needs and move to fill them.
Some customers may be profitable in the short term but less valuable over time.
Knowing individual customer lifetime values can help insurers better predict retention, business mix and more.
Customer lifetime value takes time to assess and is a wide-angle view over years.
