Sales Forecasting for Upcoming Years
InsuranceBusiness Impacts
Improved model accuracy
Automation with improved efficiency
Reduced time and efforts
Customer Key Facts
- Location : North America
- Industry : Insurance
Problem Context
The customer is one of the largest provider of supplemental insurance in the United States, providing financial protection to more than 50 million people worldwide. They were facing problems in forecasting sales of their insurance products across various business sales segments for upcoming years.
Challenges
- Highly inconsistent trends in data for some sales segments
- Fully automated model enabled tweaks as per user inputs
Technologies Used
Microsoft SQL Server
Microsoft Excel
RStudio
Prophet
Generating Fast and Accurate Sales Predictions for Future Years
Solution
Quantiphi developed and deployed a one-stop automated solution based on a time-series forecasting model, leveraging Prophet package, to forecast sales. Seasonality patterns were analyzed for historical data and embedded inside the model to capture the trends more efficiently.
Result
- Faster and more accurate predictions of sales for each business sales segments at most granular levels
- No/less manual intervention needed
