In case you missed it, last month Enova Decisions announced an exciting new strategic alliance with global consulting and actuarial firm Milliman to provide advanced analytic solutions to the life insurance industry. Pairing Milliman’s deep domain experience and data resources in life insurance with Enova’s 15 years of experience in providing real-time analytics capabilities and decisioning technology was a natural combination. Together, we can provide life insurers a rapid learning lab for optimizing sales, minimizing risk, and retaining policyholders.
That sounds great, but what can this mean for life insurers?
Traditionally, agents have owned the customer relationship, leaving insurers in the dark in terms of understanding what actually drives policyholder behavior. One area where Milliman can add value is helping insurers segment their customers based on lifestyle and financial attributes that most likely predict purchase, payment, and persistency behaviors. Milliman’s solutions deployed on Enova Decisions’ HIPAA-compliant decision management software means that insurers can quickly turn insight into action to improve the efficiency and effectiveness of its marketing activities, including:
- Acquisition: Targeting the right customers for the right products.
- Retention: Nurturing the most valuable policyholders.
- Risk Management: Identifying the right blocks to sell or reinsure.
Want to learn more about how Enova Decisions and Milliman can help you make smarter marketing decisions? Contact us today.