Data Science Use Case: Corona Direct
Updated: Sep 17, 2021
What is Data Science?
Data Science focuses on the collection, modelling and interpreting of company data. This helps organizations reach better conclusions and make better decisions as a result of this data.
Corona Direct, a direct insurance company, has an increasing customer base, with the per-kilometer car insurance as its most important product. Considering the large number of prospective customers consulting the website on a daily basis to calculate their insurance premium or request a quote, a whole wealth of data is available which, until recently, has not been used to its full potential.
We implement the right tools to gather and compile qualitative data.
Since the partnership with CANGURU, change is underway. There are countless use cases for this, but the main focus is on customer generation. This currently has translated itself into two concrete projects:
On the one hand, the development of a tool that analyses the impact of various advertising channels (radio, television, internet, etc) on the number of quotes requested. In combination with other explanatory factors, such as seasonal trends in car sales, a forecast of the number of quotes can be estimated and – more importantly – the most optimal use for the marketing budget can be looked at in order to increase this amount even further.
A second application focuses more specifically on the optimization of the process around becoming a customer. Here, prospects can be grouped by their profile (e.g. age, vehicle) and the number of times they have made contact with Corona Direct in the past via the various channels (internet, e-mail, phone). In this way, the probability of a prospect becoming a customer can be estimated in more detail. This information is clearly priceless and can be used at future stages to create a more optimized customer journey, tailored to the needs and wishes of the individual.
CANGURU is a young and innovative consulting company based in Mechelen. The data science team helps companies reach better conclusions and make better decisions as a result of “smart data”. We implement the right tools to gather and compile qualitative data. We subsequently bring this information into the light which should help the company take the correct decisions.
Want to know what we can do with your data? Let's talk!