One of the nation’s largest property and casualty insurers understood that increasing existing customer share-of-wallet by converting customers to bundled policies was an excellent way to achieve sustainable growth. However, the company was struggling to garner a profitable rate of auto to property policy conversions among its current customer base. A significant part of the problem was that the company’s traditional marketing campaigns cast a wide net, resulting in low returns and wasted resources. These circumstances positioned the company to benefit from predictive analytics to cross-sell insurance.
In examining its marketing process, the carrier realized it faced three challenges:
1) Identifying the most-likely-to-purchase customers
2) Maximizing the value of its customer data
3) Optimizing marketing return on investment
Recognizing there was a better way to achieve the results they needed, the carrier turned to LexisNexis for its advanced analytic capabilities.
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