How CompassRed’s Dr. Steve Poulin and his team leveraged Unstructured Data and External Data to uncover success and save $10 million dollars for every percentage point reduction in turnover.
When 92% of the agents hired by a life insurance company were leaving the company within their first year, this large Insurance Company realized their current approach to retention was not sustainable. This was causing significant expenses for continuous recruitment and hiring costs. Using unstructured data from the applicant’s resume and US Census data about the area in which they live, a predictive analytics process was developed to identify which applicants were most like to sell the amount of insurance required to become a successful agent with the company. (read more)