Delivering €2 Million in Incremental Annual Profit from Model-driven Insurance Product Recommendations
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By Karina Babcock, Sr. Director, Corporate Marketing, Domino on December 09, 2020 in Perspective
Data Science at ConTe.it and Admiral Group Europe
Worldwide, insurers face increasing consumer expectations for convenience, speed, and service. Many are turning to data science and real-time analytics to power innovative services and capabilities.
Take ConTe.it, for example. Headquartered in Rome, ConTe.it is the Italian brand for the Admiral Group, a direct insurance company specializing in auto and motorcycle insurance. With more than five million customers worldwide, the Admiral Group and its brands have made their mark in innovation, convenience, and customer satisfaction in the highly competitive insurance industry.
Francesco Maggina, ConTe.it’s Head of Data Science, expects within the next five years to make machine learning part of the company’s DNA and transform everything from how they price products for customers to how quickly they process claims. To this end, he and data science leaders from the company’s brands in Spain (under the Admiral Seguros brand) and France (under the L’olivier brand) have adopted the Domino data science platform to accelerate the development and deployment of algorithmic models that will help them better understand and serve their customers. Already, a new recommendation engine built and deployed on Domino enables ConTe.it to more quickly direct customers to the products they need. It has increased customer satisfaction and is on track to generate an incremental €2 million in profit, with more than €500,000 in additional revenue already captured through these targeted customer recommendations.
The below infographic summarizes their story. Read the case study here for more detail.