Case Study - Insurance
Insurance company doubles prospect conversion and increases premium income
Sophisticated selections ramp up tele-marketing ROI
- Leading Insurance company struggled with low premiums from their home insurance tele-marketing operation.
- They wanted to explore alternative selection methods as their prospect profile was based solely on renewal month.
- To increase the average premium that customers pay for policies.
- Improve selection criteria to attract higher premium customers who are less likely to switch after twelve months.
- DLG and PDV created profiles for two of the client’s customer groups: “Standard” and “Best”. Best customers had policies costing over £280 or had renewed for 2 years.
- Scored our Consumer Lifestyle™ Database to show prospects with the greatest similarity to each customer group.
- Constructed a multi-variant test, selecting two 10,000-strong prospect groups based on the Standard and Best profiles in combination with home insurance renewal month.
- Generated two different call script treatments for the client to test.
- The Best prospect profile achieved double the conversion rate of the Standard group, along with higher premium income.
- By only delivering prospects with this profile, DLG and PDV helped the client achieve a dramatic, ongoing improvement in ROI.
Background
- Leading Insurance company struggled with low premiums from their home insurance tele-marketing operation.
- They wanted to explore alternative selection methods as their prospect profile was based solely on renewal month.
Challenge
- To increase the average premium that customers pay for policies.
- Improve selection criteria to attract higher premium customers who are less likely to switch after twelve months.
Solution
- DLG and PDV created profiles for two of the client’s customer groups: “Standard” and “Best”. Best customers had policies costing over £280 or had renewed for 2 years.
- Scored our Consumer Lifestyle™ Database to show prospects with the greatest similarity to each customer group.
- Constructed a multi-variant test, selecting two 10,000-strong prospect groups based on the Standard and Best profiles in combination with home insurance renewal month.
- Generated two different call script treatments for the client to test.
Results
- The Best prospect profile achieved double the conversion rate of the Standard group, along with higher premium income.
- By only delivering prospects with this profile, DLG and PDV helped the client achieve a dramatic, ongoing improvement in ROI.
- Data Rental, Telemarketing, Insurance