The Industry
ABOUT THE INDUSTRY
Today’s insurance customer is asking for more ways to interact, more digital services and more personalisation. Recent years have seen dozens of credible digital-first disruptors enter the market to meet this demand – and they’re succeeding. The EU-based Tier-1 insurance company in this initiative aimed to deliver on these expectations to customers both new and existing.
The Challenge
INCREASE CUSTOMER LIFETIME VALUE
For insurance companies, a major part of increasing revenue is in diversifying the portfolio of products and successfully upselling to customers. This delivers a strong lifetime value, which is a critical metric.
However, upselling is a delicate balance that means targeting the right customer with ‘Next Best Offer’ at the right time – to do so ineffectively means creating a confusing and negative experience.
Success therefore depends on having a crystal-clear view of the customer, and the ability to take action on it at scale. The challenge in this initiative was that this crystal-clear view just wasn’t there, with customer data living in silos across the company’s various touchpoints.
Then there’s the challenge of consent. The landscape of consent and marketing preferences is complex, as customers can consent to different things, across different channels and on different devices. These preferences need to be mastered and stored in one place.
The Solution
DATA UNIFICATION WITH ADVANCED CONSENT ORCHESTRATION
Zeotap’s Customer Intelligence Platform (CIP) unified the company’s first-party data from every channel and platform, forming a single customer view that acts as the foundation for consistent customer journeys.
The platform’s Consent Orchestration, enabled the company to standardise, master and resolve consent capturing to obtain a single record of consent as part of the unified customer profile.
With a clear view of all customer data in place, the insurer then needed to understand who the ‘best’ candidates for upsell were. It was able to do so using Predictive Audiences, the machine-learning module with the CIP, which identified the ideal segments to target (and all with just a few clicks).
With all the audience now in place, the company could then leverage the CIP’s User Journey Orchestration to scalably target them via multiple channels and at the perfect time to deliver conversion.
THE RESULTS
BETTER DIGITAL EXPERIENCES THAT LED TO A 5.5% INCREMENTAL UPSELL
By unifying, enhancing and activating its customer data, the insurance company achieved a 5.5% incremental upsell lift, generated as an average across a few of the company’s touchpoints (such as its website and external advertising).
