Personalized Product Bundling
Bundling the Right Product with AI
Challenges
According to a study by J.D. Power & Associates, 46% of customers who own a bundle of insurance services say they “definitely will” renew with their provider vs. 28% of non-bundle policyholders. With a large variety of products to choose from, the pressure to retain customers, and consumer expectations for personalized treatment, marketing and selling generic products is no longer an option. For insurance companies this means finding the right products to cross-sell into customers is critical for success.
Opportunity
AI is well known for helping to recommend products and drive personalization on retail sites and customers have come to expect personalized experiences. According to an Accenture study, more than 80% of insurance customers are looking for more personalized experiences. AI is equally well suited to recommend products and pricing in insurance. With AI models, insurance companies can determine which products and policy options are the best fit for a given consumer. AI can also determine an individualized price based on consumer behavior and historical data. These recommendations can be used in web-based, call center and agent selling scenarios.
Why H2O.ai
The mission at H2O.ai is to democratize AI for all so that more people across industries can use the power of AI to solve business and social challenges. The insurance industry is a key focus for the company with leading insurance companies including Progressive, TransAmerica, Aegon, Zurich Insurance helping to drive significant product innovation. H2O Driverless AI is an award-winning platform for automatic machine learning that empowers data science teams to scale by dramatically increasing the speed to develop highly accurate predictive models. Driverless AI includes innovative features of particular interest to insurance companies including machine learning interpretability (MLI), reason codes for individual predictions, and automatic time series modeling.
Related Case Studies
The ability to do advanced analytics and do more work across the data is going to be the differentiator for insurance companies going forward.”
Conner Jensen, Analytics Program Director, Zurich Insurance
There is no limit to scaling with H2O.”
Prateem Mandel, Technical Lead Architect, MarketShare
Resources
Learn More About H2O.ai
Request an H2O AI Cloud Demo
We’re here to help you get started with H2O AI Cloud. Our demos will walk you through the capabilities of the platform and AI applications. We will help you determine how H2O AI Cloud can solve your organization’s specific challenges.
Demo Center
Access our in-depth product demos. Watch them all or jump to the product features most relevant to you.