Maximizing Property to Auto Cross-Sell Campaign Performance With Predictive Analytics to Achieve a 246% Increase in Policy Conversion
Company Size
1,000+
Region
- America
Country
- United States
Product
- LexisNexis® Market Magnifier
Tech Stack
- Predictive Analytics
- Advanced Linking Technology
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Revenue Growth
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
About The 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.
The 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.
The 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.
Operational Impact
Quantitative Benefit
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