NorwayFinance and insurance2020 – ongoingStorebrand
Machine-learning recommendations for insurance products
Storebrand reported 9% higher sales where it applied Next Best Actions recommendations
Problem
Fragmented data and difficult-to-scale infrastructure slowed Storebrand's analytics work. The insurer wanted more relevant product recommendations for customers.
Approach
Storebrand worked with Cognizant and Databricks to consolidate its analytics environment. Its teams used the platform to develop recommendations across 45 insurance products. Storebrand's analytics lead reported sales gains where the recommendations were applied.
Results
Takeaway
The sales claim covered customers or activities receiving recommendations. Storebrand did not disclose the comparison method or evaluation period.
Categories
- Industry
- Finance and insurance
- Business function
- Marketing and sales
- Innovation type
- Process innovation
- Adoption
- Off-the-shelf tool or platform
- Evidence
- Vendor case study
Sources
Source summaries
Databricks described Storebrand's shared analytics platform and insurance recommendations. A Storebrand executive attributed a 9% sales increase to Next Best Actions where applied.
Full details are in the original sources.
