Leading insurer is set for retail and commercial growth with complete, consolidated customer records
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.