Improve new and existing customer sales, service and retention strategies
Principa has extensive experience in providing a range of analytical and software solutions that focus primarily on (predicting) client behaviour.
Our solutions apply to a variety of fields including new client acquisition, upsell and cross-sell opportunities, retention strategies and customer service solutions. Through the delivery and application of these products and services, Principa has successfully improved key performance metrices faced by the Insurance Industry, such as:
Principa’s propensity modelling is aimed at improving new customer acquisition rates, ensuring that existing customers receive the most appropriate or relevant (to the customer) offerings and also at retaining customers. This is achieved by predicting certain outcomes for instance, the likelihood that a customer will perform a certain action, such as take up an Insurance Policy. A statistical approach is followed that accounts for all the independent and confounding variables that would affect such outcome.
- New Profiled Leads, Lead Analytics and AI Chatbots for Customer
- Acquisition Predictive Data Analytics and Modelling
- Call Centre Agent Virtual Assistant
In partnership with a leading direct marketing organisation, Principa is able to offer the analytical capability to improve the quality of leads and to provide new “opted – in” leads that are POPIA compliant. Through these leads our customers are rewarded with superior uptake of offers and an improved likelihood of receiving future payments.
For those customers with existing leads, we provide analytical services to enhance those leads – improving response, uptake and risk – through our bespoke data sources and machine learning algorithms that are specifically aimed at improving both response and risk.
We also offer various channels to support customer leads campaigns which include SMS, email and more recently Chatbot AI.
While the above-mentioned are all stand-alone products or offerings, our solutions also include a combination of a number of these offerings, based on specific customer requirements.
Principa has developed a number of predictive modelling solutions that are normally customised to the benefit of our customers. The solutions are aimed at improving our customer’s sales and/or service performance in relation to their new- or existing customers.
Models that we offer include:
Agent X is a Principa Innovation – a call centre virtual assistant that uses analytical data insights and human behaviour to empower call centre agents to achieve better call outcomes. The concept was born from our team seeking a solution for a real challenge experienced in the market: Principa would provide customers with high quality analytics relating to customer clients, but call centre agents were seldom supported with the deep analytical insights or the tools to process such insights effectively within the (limited) time available to them to perform. The value of the analytics originally provided was therefore compromised. Our team developed the Agent X software solution that is able to consume the value of the analytics in an easy to interpret (visual) hover-over application.
Agent X has proven effective through application by a major call centre company using Agent X capabilities in combination with machine learning outcomes to empower call centre agents, with the added benefit of improved agent retention and engagement.
We have since its origination, expanded on this offering by adding performance data that motivates agents based on their performance.