Broker improves customer experience with AI-powered cancellation analytics
Through BrokerTech Ventures, ReFocus AI is pleased to announce a new partnership with The Partners Group, through which the two organizations will use machine learning to identify customer cancellation risk for the brokerage proactively.
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 integrates with most popular management systems to allow brokers like Partners to leverage the predictive power of their data to pinpoint the ideal retention action to improve retention by as much as 5%.
"Our priority is that our clients feel well taken care of and in expert hands. This platform will help us determine which of our customers may need assistance or service on their policies," says Carrie McHale, Managing Director of Personal Insurance. "ReFocus AI will enable our team to provide even better, more targeted service to our clients. It's a win for us, as well as for our customers."
"We are excited about working with The Partners Group to improve retention," says Colby Tunick, CEO at ReFocus AI. "We are proud to add a forward-thinking organization such as The Partners Group to our growing list of insurers and brokers who are leveraging the Converge platform for unmatched analytics."