"Moving beyond a simple number for retention": ReFocus AI at the Global Insurance Symposium

We overlook data every day that can be used to accurately predict customer retention.

a year ago   •   1 min read

By Colby Tunick

‌I recently had the pleasure of speaking at the 2023 Global Insurance Symposium, and I must say, it was a fantastic experience. Being able to meet with some of the most innovative and forward-thinking insurance experts from all over the world was truly inspiring.

Our discussions were focused on the latest trends, challenges, and opportunities in the insurance industry. Seeing how everyone was tackling these issues differently was fascinating, and it was a great learning experience for me.

One of the main themes that emerged from our conversations was the importance of looking beyond simple numbers like premium increases when coordinating renewal activities. Instead, we should focus on other data points that have historically been overlooked, such as the number of individuals under the age of twenty-one in a household. This information can provide significant insights into customer behavior and preferences, helping insurance professionals to better understand their clients and tailor their services to meet their unique needs.

These significant retention data points apply to both personal and commercial lines insurance. By paying closer attention to these factors, insurance professionals can cultivate more robust relationships with their clients, improve customer retention rates, and ultimately drive long-term growth for the industry.

But it's not just about collecting data. We also need to use it effectively. Technology has made it possible to analyze vast amounts of data quickly and accurately, giving us the insights we need to make informed decisions. By using advanced analytics tools and machine learning algorithms, insurance professionals can identify patterns and trends that would be impossible to detect manually, allowing them to make smarter decisions and provide better service to their clients.

Overall, my experience at the Global Insurance Symposium was incredibly valuable, and I feel privileged to have been a part of it. I look forward to seeing how the industry continues to evolve and innovate, and I'm excited to be a part of that journey.

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