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The client needed to segment customers to understand their unique needs and behaviors, and to develop targeted marketing campaigns and product offerings.
Solytics used a combination of top-down and bottom-up approaches:
1. Interviewed stakeholders and identifying business-driven segmentation components.
2. Applied data-driven approaches using K-means clustering and hierarchical clustering.
3. Validated segmentation effectiveness by assessing segment homogeneity, distinctiveness, and stability.
- Improved targeted marketing and customer engagement.
- Optimized pricing, underwriting, and claims management strategies.
- Reduced churn by 17% and increased Customer Lifetime Value (CLV) by 12%.