Custom Cross-Sell Recommendation Engine

Industry Insurance
Region Global
Solution Customized Recommendation Engine
Context
Insurance companies require data-driven insights that can be leveraged to understand their customers and identify relevant products for cross-selling. Analyzing this restricted data pertaining to a vast clientele becomes a tedious task. A custom recommendation engine can aid insurers in filtering this data and tapping into the right opportunity to drive their cross-selling initiatives.
Problem statement

The client, a leading global insurer, noticed that only a small portion of their existing customers held more than one of their products. They did not have an effective system in place to understand how their clientele could be segmented and how the filtered data could be utilized to drive their cross-selling initiatives. The client requested the development of a customized recommendation engine that would help them identify relevant products for their existing clients based on their purchase patterns.

Impact

  • Witnessed a 20% lift in conversion rates in the first quarter of solution deployment.
  • Automated the solution even further, which allowed it to be easily scaled to other divisions to drive revenue.

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