We recently caught up with our Head of Product to delve into the strategic developments and innovations shaping our product offerings. In this insightful interview, we explore the key decisions and breakthroughs that are driving our product strategy forward.
Q: What was 2023 like for the development of kasko2go AG's product?
A: "Which product?" you ask (smiling). 2023 was a year full of discoveries. Our Product team, Data Scientists and engineers gained significant insights into predicting Lifetime Value. This has attracted a lot of interest from the sales and marketing departments of our clients.
We've initiated a Proof of Concept project with this new LTV-prediction product. It instantly evaluates a customer's lifetime Value and retention period, allowing insurance companies to provide better customer service, manage effective discounts and even optimize marketing campaigns!
We now offer two main products: AI-based portfolio analysis for motor insurance and LTV prediction. Both products have their unique strengths and are crucial for our clients.
Q: Let's start with AI portfolio analysis for motor insurance in 2023? What was the focus?
A: In 2023, our focus was on expanding both functionality and client convenience. We added over 100 personalized reports, such as pricing elasticity evaluations, and implemented cohort analysis for better risk assessment. These additions were a direct response to recurring client requests and significantly reduced manual labor.
I'm proud to say that we’ve significantly sped up how fast we create models for insurance companies. It used to take weeks, but now it only takes a few hours. These models are great for fine-tuning portfolios according to what users need! This is an important achievement as we take on more projects and grow our client list.
Q: What are your plans for 2024?
A: For 2024, we're starting with A/B/X testing as part of our 'what if' model implementation. This will allow insurance companies to analyze portfolio impacts due to discounts or surcharges to specific segments. No IT department resources needed!
We're also working on expanding into the P&C market. I can not comment more on it 🙂
Q: How do your models adapt when a company's goals change, especially in unpredictable situations like global epidemics or wars?
A: Our models are adaptable to changing company goals. They can pivot from focusing on maximizing profits to, for example, aggressively capturing the market under changing conditions, all based on the existing platform.
Q: Could you elaborate more on the instant LTV prediction product?
A: The LTV forecast is vital for personalized services, discounts, and managing various marketing strategies. It's all about providing effective decision-making recommendations. We're launching a cross-selling module as a part of the LTV product, where we provide recommendations on which product to sell next and the likelihood of a person purchasing it.
We are also preparing to launch another innovative module, tentatively named 'Product Psychologist'. This module is designed to assist the sales department in effectively reaching out to prospects or leads. It addresses the critical question: among, perhaps, 20 sales team members, who is the most suitable to initiate the call and successfully close the deal? Currently, we are in the process of developing a Minimum Viable Product (MVP) that will provide insights into this question, but we're keeping some of the finer details under wraps for now!
Q: Finally, what excites you the most about kasko2go's products?
A: I am continually amazed by how seemingly unrelated data aligns into a coherent and logical narrative for each client. It's the beauty of data coming together to create unique solutions for each customer that truly fascinates me.
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