Case Studies Maximizing Property to Auto Cross-Sell Campaign Performance With Predictive Analytics to Achieve a 246% Increase in Policy Conversion

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	Maximizing Property to Auto Cross-Sell Campaign Performance With Predictive Analytics to Achieve a 246% Increase in Policy Conversion

Maximizing Property to Auto Cross-Sell Campaign Performance With Predictive Analytics to Achieve a 246% Increase in Policy Conversion

Technology Category	Analytics & Modeling - Predictive Analytics Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Sales & Marketing
Services	Data Science Services System Integration
Challenge	The company faced three main challenges: identifying the most-likely-to-purchase customers, maximizing the value of its customer data, and optimizing marketing return on investment. Traditional marketing campaigns were casting a wide net, resulting in low returns and wasted resources. The ultimate goal was to improve revenue growth and increase retention rates among existing policyholders by leveraging existing policyholder data for new revenue opportunities and achieving the greatest benefit from cross-sell and up-sell efforts. Read More
About Customer	One of the nation’s largest property and casualty insurers was struggling to garner a profitable rate of auto to property policy conversions among its current customer base. The company understood that increasing existing customer share-of-wallet by converting customers to bundled policies was an excellent way to achieve sustainable growth. However, traditional marketing campaigns were not yielding the desired results, leading to low returns and wasted resources. The insurer needed a more targeted approach to improve its marketing effectiveness and achieve better conversion rates. Read More
Solution	LexisNexis provided detailed performance reports on existing programs, including demographic and responder profile data. Using LexisNexis® Market Magnifier, they developed analytics to predict how likely auto consumers would be to respond to an invitation to get a property quote and then purchase a policy. This predictive information was built into successive campaigns. LexisNexis helped design two cross-sell campaigns offering auto policyholders the opportunity to save money on premiums by adding a homeowner’s policy to their existing auto coverage. The combination of data and advanced analytics helped the insurer contain costs, streamline critical business processes, and improve their return on marketing spend. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Sales & Marketing

Services

Data Science Services

System Integration

Challenge

The company faced three main challenges: identifying the most-likely-to-purchase customers, maximizing the value of its customer data, and optimizing marketing return on investment. Traditional marketing campaigns were casting a wide net, resulting in low returns and wasted resources. The ultimate goal was to improve revenue growth and increase retention rates among existing policyholders by leveraging existing policyholder data for new revenue opportunities and achieving the greatest benefit from cross-sell and up-sell efforts.

About Customer

One of the nation’s largest property and casualty insurers was struggling to garner a profitable rate of auto to property policy conversions among its current customer base. The company understood that increasing existing customer share-of-wallet by converting customers to bundled policies was an excellent way to achieve sustainable growth. However, traditional marketing campaigns were not yielding the desired results, leading to low returns and wasted resources. The insurer needed a more targeted approach to improve its marketing effectiveness and achieve better conversion rates.

Solution

LexisNexis provided detailed performance reports on existing programs, including demographic and responder profile data. Using LexisNexis® Market Magnifier, they developed analytics to predict how likely auto consumers would be to respond to an invitation to get a property quote and then purchase a policy. This predictive information was built into successive campaigns. LexisNexis helped design two cross-sell campaigns offering auto policyholders the opportunity to save money on premiums by adding a homeowner’s policy to their existing auto coverage. The combination of data and advanced analytics helped the insurer contain costs, streamline critical business processes, and improve their return on marketing spend.

Impact #1	The campaign response rates increased by 7% with the predictive-based campaign leading.
Impact #2	Significant improvements were seen in new policies written as a result of the campaigns.
Impact #3	The combination of data and advanced analytics helped the insurer contain costs and streamline critical business processes.

Impact #1

The campaign response rates increased by 7% with the predictive-based campaign leading.

Impact #2

Significant improvements were seen in new policies written as a result of the campaigns.

Impact #3

The combination of data and advanced analytics helped the insurer contain costs and streamline critical business processes.

Benefit #1	A 246% increase in overall policy conversion.

Benefit #1

A 246% increase in overall policy conversion.

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Overview

Maximizing Property to Auto Cross-Sell Campaign Performance With Predictive Analytics to Achieve a 246% Increase in Policy Conversion

Operational Impact

Quantitative Benefit