Effective pricing is key to profitability, and insurance companies know that. Accurate models can help them predict the probability of converting a quote into a policy. This is of vital importance when they need to change insurance prices, and at the same time, ensure profitability and customer satisfaction.
LogicPlum’s platform provides a way to build accurate predictive models that can estimate effective pricing. Armed with this information, the marketing department can then design strategies focused on those potential clients whose likelihood of buying an insurance policy is high. Besides, price prediction can help estimate future retention rates and market growth, providing an essential tool for planning.
LogicPlum provides a platform whereby to build a conversion rate prediction model is very easy and fast. Once created, the model can give efficient results that are key in planning and decision making, and which can lead to executable actions that improve conversion rates.