It is difficult for insurers to gauge customer behaviour post contract termination. Using customer and transaction data as well as other information, Analytics is able to determine which customers are more likely to cancel contracts in the future. Text mining can be used to analyze messages from all input channels. Algorithms evaluate the customer’s mood and detect changes in mood over the course of time. This allows conclusions to be drawn about customer satisfaction and the likelihood of churn. Insurers can analyze customer behavior towards the product, personalize offerings and take preventive measures to retain the customers.

Churn Prediction/Prevention