Applying predictive analytics to cross-selling insurance initiatives can give your bottom line a big boost. In fact, we helped one company deploy sophisticated predictive analytics to achieve a 246% increase in policy conversions in one of its campaigns. Get the details in the case study.
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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