Churn Prediction
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A churn model identifies customers at risk of churn or who are most likely to switch, so the business can take action from losing them. Churn model provides metrics such as the number and percentage of customers lost, using the history of churned customer we can do pattern recognition, use the model on existing customers and predict customers at risk of churn and do some proactive engagement to save them.
Benefits for the company
Effectively identifying customers at risk of churning and then automating a system to take action on those at-risk customers is a perfect space for AI.
Feasability
High
Type of expertise/ AI domain
Machine Learning and Statistics
Internal data required
Claims related data, CRMs
External data possible
Website data
Machine learning-powered systems can automatically address likely-to-respond churners with targeted marketing messages.