Faraday

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AI for insurance

Consumer insurance products do not sell themselves. Regulations, mandates, and major life events tend to be the primary drivers for insurance purchases. Your prospects and customers are constantly evolving and data is critical to understand when they will need a new policy. The cost of acquiring new customers can be 10–15% of the lifetime premium. It is critical that insurers and their pool of captive agents not only can identify likely customers, but can find additional revenue opportunities within their existing customer base. This is where AI comes in.

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  1. Acquire

    Every agent in your company needs the right target. Empower your employees with our customer intelligence, delivered to your door.

  2. Convert

    Who has made changes in their lifestyle? Let's work together to vet your leads and figure out who is the best fit.

  3. Engage

    Which of your customers are in the most need of annuities or other services you provide? Get the inside scoop into your customer base.

  4. Retain

    What will be the next step after your customer's first insurance policy? Propensity analytics will give you exactly what you need.

  5. Revive

    What if a customer churns? Maybe they're in need of a different type of service. We can indicate that.

The Faraday platform is core to our operations and has helped reduce costs and increase efficiency

Chief Commercial Officer, finance industry