Building More Profitable Home Insurance with Customer Value
Some customers may be profitable in the short term but less valuable over time.
Many insurers have led with auto coverage, then cross-sold homeowners. But strategies are changing.
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.
Customer lifetime value measures customers over time. Working with overwhelming amounts of data can distort the analysis.
Insurers that have a better understanding of customers' social environment opens more opportunities for appropriate interactions.
