Insurance Broker improves customer experience with AI-powered churn analytics
FirstMark Insurance Group is pleased to announce a new partnership with ReFocus AI, through which the two organizations will use machine learning to predict customer attrition and recommend retention actions for the brokerage.
Industry experts estimate that acquiring a new policyholder is 5-25x more expensive than retaining an existing one, but until now, there was no way to anticipate if an account would churn predictively. ReFocus AI's Converge platform offers a unique, turnkey solution that allows brokers to leverage the predictive power of their policyholder data to pinpoint the ideal retention action to reduce churn by as much as 25%.
"The ReFocus AI platform allows us to better serve our clients by understanding their concerns and how best we can serve them," says Christina Lynch, COO of FirstMark. "These insights will help us realize 2% more growth and prioritize our efforts around renewals. We believe that AI-powered churn analytics will result in higher customer retention and significantly better customer experiences."
"We are excited about working with FirstMark to improve retention and better service their customers," says Colby Tunick, CEO at ReFocus AI. "We are proud to add a forward-thinking organization such as FirstMark to our growing list of insurers and brokers who are leveraging the Converge platform for unmatched retention analytics."