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Enhancing Policyholder Retention with Behavioral Segmentation and Targeted Intervention Strategies: A Data-Driven Approach in the Insurance

Author(s) Preetham Reddy Kaukuntla
Country United States
Abstract Customer retention is a serious problem in the insurance industry because a customer's churn could lead to significant impacts on profit-making and business growth. It examines the possibility of utilizing behavioral segmentation as a method for improved retention by identifying dominant forces influencing policyholder behavior. This study utilized the data-driven approach by focusing on the relationship between claims frequency, payment behavior, risk aversion, and customer loyalty with its impact on retention. It depicts the findings that customers demonstrating low claims frequency, regularity of payment, and loyalty toward insurance companies tend to stay with that particular insurance company. During the discussion, we agreed to have a new approach to classify the customers and benefit from the many advantages of the data-driven approach over traditional approaches.
Keywords Policyholder Retention, Behavioral Segmentation In Insurance, Customer Retention Strategies, Insurance Industry Retention, Customer Loyalty In Insurance, Insurance Customer Behavior, Insurance Customer Lifecycle.
Published In Volume 3, Issue 2, February 2022
Published On 2022-02-04
Cite This Enhancing Policyholder Retention with Behavioral Segmentation and Targeted Intervention Strategies: A Data-Driven Approach in the Insurance - Preetham Reddy Kaukuntla - IJLRP Volume 3, Issue 2, February 2022. DOI 10.5281/zenodo.14892467
DOI https://doi.org/10.5281/zenodo.14892467
Short DOI https://doi.org/g85j7h
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