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Customers' Lifetime Value
Application of data science in the insurance industry is made to estimate the Customers' Lifetime Value (CLV) and forecast the client's profitability for the insurer; consumer behavior data is often used.
Customers' Lifetime Value (CLV) is a complicated concept that expresses how valuable a customer is to a business as the gap between revenues earned and expenses incurred throughout the entire future relationship with the client and now anaplatform brings it to you.
We know that there are models created with different effect and analysis. At anaplatform we use behavior-based methods are so frequently used to predict cross-selling and retention. Recently, the monetary value of a customer to a business and frequency have been seen to be crucial variables when estimating future earnings. To create the estimate, the algorithms compile and analyze all the data. This makes it possible to predict whether customers will maintain their policies or cancel them based on their behavior and attitudes.
The CLV forecast may also be helpful for developing marketing strategies because it provides customer insights at your fingertips. Data science in life insurance has a potent use in anticipating CLV.
anaplatform Big Data offers appropriate technology and solutions for all sectors. Until today, Software Houses, GSM, Insurance, E-Commerce, Bank - TSM, Automobile, Education, Payment Systems, Robot Industry - guided missile etc. and served in many other fields.
