Every month, some small portion of a Client’s insurance purchasers will lapse their policy. In addition to reduced revenue, handling expired insurance policies within complex regulations leads to increased overhead. Further, frustrated insurance holders may not even be aware the policy has lapsed - leading to customer dissatisfaction.
Using SAVVI AI’s tools, the insurance provider could predict the probability that the insurance holder would lapse in the coming 90 days. When the risk crosses a specific threshold, the client would take pre-emptive action, including communication with the customer and re-engagement to help avoid the lapsing of the insurance policy.