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Few industries today are evolving as rapidly as insurance. The confluence of an ever-changing regulatory landscape, economic turmoil, and the impact of the Internet have made for challenging times in the insurance industry.
As such, insurance companies are continuously exploring new ideas and opportunities to increase profits. But which new ideas are actually generating incremental value for a company? For instance, what is the impact of a new sales and marketing program? How has a recent agent compensation change affected agent performance, after accounting for recent regulatory and competitor changes in the test markets? How valuable are field visits, and which locations are likely to receive the most benefit from a visit? Which agent support offerings are most effective at improving agent productivity?
Answering questions like these is difficult in a world with so many moving pieces. Accounting for changes in competition, regulation, marketing and other areas in order to measure the true impact of an initiative can be extremely time consuming, if not impossible, without the appropriate tools and technology.
That is where APT's Test & Learn™ approach comes in. Test & Learn™ identifies management actions that are most successful in improving performance, evaluates their impact, and helps executives make better, more accurate decisions about whether and how to move forward with new concepts.
A Best Practice Test & Learn™ capability answers three key questions before committing to rollout:
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What impact will the program have on key performance measures (revenue, profits, policies written, ROI, etc.)?
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Will the program have a bigger impact on some customers or producers than others? Which customers, producers or regions offer the best predicted performance?
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Can elements of the idea or program be modified for maximum positive impact?
THE APT ADVANTAGE
Predict the outcome of high-stakes programs.
The APT Suite doesn't just report on past actions — it predicts the impact of future actions
in order to optimize them. Many systems allow analysts to review past sales trends and detect patterns. However, through a scientific Test & Learn™ approach, APT enables users to identify
statistically significant results and build models directly from these results to predict the impact of future decisions. This enables organizations to make direct links from analysis to specific actions.
By contrast, commonly available reporting tools, despite working with similar data, do not have
these predictive and analytic capabilities. In other words, they don't drive confident decision-making.
The APT Suite allows you to accurately predict the profit impact of a variety of key business decisions. For example, APT empowers you to:
- Determine the impact of any marketing initiative, from television advertising, to outdoor media, to optimizing media mix across multiple channels.
- Measure the incremental value of changes to producer compensation.
- Assess the benefit of offering new features and services to customers.
- Identify which programs are most effective at reducing customer attrition.
- Determine the impact of training programs, new services and other operational changes on producer productivity.
- Measure the change in customer behavior from different customer education and outreach programs.
- Predict which programs will be most successful with which customers or agents, and create a targeted rollout plan to maximize program ROI.
Perform analysis at warp-speed.
The APT Suite's built-in pattern recognition and optimization technology automatically seeks out segmentation and targeting opportunities to maximize the ROI of any action. It is built on the reality that most new business ideas are neither all success nor all failure — they tend to work well in certain situations but may not in others. In each analysis, the APT software automatically examines every element of data available about each customer or producer and looks for correlations between these characteristics and program performance. Items with the highest correlation are presented to the analyst for review.
Tailor solutions for your business.
One size does not fit all. APT's modular approach allows you to tailor the software to the unique
challenges your company faces.
Two core products work together to support the Test & Learn™ platform for Insurers:
Test & Learn for Producers provides the most advanced workflow-driven application of test management for large-scale consumer-focused insurance providers:
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An intuitive interface guides the user through each step of the Test & Learn™ process, from hypothesis creation and test design to test evaluation and rollout.
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Allows executives to measure the agency or broker level impact of different initiatives and then optimize the program for rollout across the network.
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The tool also provides guidance on the broader challenges of managing a Test & Learn™ organization, from establishing default criteria for evaluating initiative success to monitoring the overall organizational testing calendar.
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Test & Learn for Policyholders is the most advanced application for measuring the impact of a mix of actions across channels and over time:
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- Integrated customer, producer, and geographic data allow insurers to assess program response by customer segment, enabling the creation of targeted offers.
- A cross-channel view of customer response and spending makes it easy to assess how an action in one channel is affecting customer spending in another channel.
- Allows executives to maximize response by targeting customer communication to channel preference, policies held, geography, customer demographics, and more.
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