Discount Recommendation for Insurance Companies
Why AI Discount Recommendation or in other words Pricing Personalisation
Personalised pricing is an excellent way to grow your business and build a loyal following. Which insurance company wouldn’t like to increase cross-selling opportunities, increase customer retention, extend website visit duration, or engage new or existing customers with personalisation offers? Customers love deals and audience-specific discounts, and AI-based software solutions can effectively help to prepare businesses with customer or customer group-specific dynamic discounting structures.
AI solutions can analyse historical purchase behaviours of individual customers and provide an actionable and exclusive personalised experience. Discount personalisation in exchange for joining a loyalty program, special promotions for returning or new visitors, and personalised discounts offered in digital marketing campaigns are all allowing insurance companies to engage more customers and retain their existing customer base.
Did you know that over 60% of consumers are expecting companies to send them tailored offers and discounts based on their previous interactions, or that 57% of consumers are willing to exchange personal data in order to receive a personalised discount?
Benefits of AI-based discount recommendation
- Increase revenue by offering ideal discounts to your customers through automatic AI-based evaluation of historical and real-time transactional data.
- Increase customer loyalty by providing discount suggestions without risking your minimum desired margins.
- Increase conversion rates, average basket size, and customer loyalty by deploying discount recommendation to your insurance offering.
- Get real-time discount recommendation and free up your sales management resources from discount approval while keeping discounts and desired margins under full control.
iERP’s mission is to provide an end-to-end business prediction platform with modules that address multiple business scenarios and ZERO required knowledge of artificial intelligence or machine learning technologies.
We are helping companies to predict sales and inventory demands, what their customers are going to purchase next, or identify customers that are going to be late with the payment.