Kwik Fit Insurance has installed predictive analytics software from SPSS to help analyse and understand customer motivations when purchasing insurance. It will be using the technology to improve customer retention rates.
Chicago, Illinois-based SPSS was recently acquired by IBM. Listen to our podcast with Ambuj Goyal explaining why IBM is buying SPSS here.
The SPSS software is said to capture customer opinion and attitude and predict the most likely outcome of future customer interactions. These analytics are then embedded into business processes.
Using the software, Kwik Fit can now better understand which factors determine whether a customer renews their insurance policy or not.
“The internet offers consumers access to hundreds of insurance options and prices, making it an extremely competitive market. Predictive Analytics Software (PASW) Statistics has given the business a clear and simple way of looking at customer groups, enabling us to develop different approaches for targeting these groups and ensuring the optimum customer retention strategy,” said Kwik Fit Insurance group pricing director, Stephen Robertson.
James Richards, commercial director, Northern Europe at SPSS, said: “In a highly competitive market, it’s the companies that truly understand their customers – behaviours, preferences, attitudes – that are most likely to succeed. Kwik Fit Insurance now has the knowledge and understanding to adapt its business, communicate more effectively and at the right point in time to remain competitive and financially responsible in these turbulent times.”
SPSS was acquired by IBM in July this year to boost Big Blue’s predictive analytics capabilities. The $1.2bn deal will help IBM expand its focus on business analytics technology and services through advanced data capture, data mining and statistical analysis.
Kwik Fit Financial Services was launched in 1995 and offers home, pet and travel insurance.
