Leading Insurer is Set for Retail and Commercial Growth with Complete, Consolidated Customer Records
Precisely Customer 360° View gives the insurer a complete profile of its relationship with each customer
Many insurance companies are expanding their focus from retail to a broader commercial/retail mix. This Midwestern insurance leader was targeting overall growth while also increasing its commercial business. Limited by its legacy master data management system, the insurer needed a single customer view to help identify relationships and uncover opportunities. It also required analytics to position the optimal mix of products to both retail and commercial customers.
Like many insurers, they knew they needed to address these problems to maintain and grow their business with a more balanced approach. The lack of a single customer view negatively impacted multiple marketing campaigns yielding sub-par results. Independent insurance agents were also unable to identify everything a customer might already be insured for, making inappropriate recommendations and leaving customers feeling that the insurer did not understand their actual needs.
Finally, missing demographic or geographic data resulted in information sent to customers no longer located at a specific address, or marketing to the wrong customers with inappropriate offers. This added to marketing costs and impeded cross-sell and upsell efforts.
Precisely was able to provide significant insights through accurate analytics leveraging the Precisely Customer 360° View solution. The solution first addressed poor data quality, providing substantial uplift and yielding a better than 97% successful match rate. The solution also provided multiple household views, improving data segmentation and supporting marketing campaign customization.
To address missing or outdated customer data, the Precisely National Consumer Database was leveraged to proactively identify these instances and enrich customer data. This further improved match rates by providing improved analytic insights, also producing higher direct marketing campaign success rates.
To address incorrect geographic location data and pinpoint specific locations, the insurer Precisely’s World Points of Interest – Premium dataset, validating exact locations and correct business legal names while providing other data to enrich the customer view.