Trigger Data Append

A Leading Insurance Company Boosts Customer Retention and Product Sales Using Life Stage Triggers

Insurance purchases are often triggered by key life events. Insights into when customers are moving, getting married, having children, and other life stages are key drivers for retaining policyholders and successfully upselling and cross-selling new insurance products.

 

Download This Case Study

 

The Problem

A leading insurance company wanted a simple and cost-effective means of proactively reaching policyholders during key life stages in order to reduce unwanted customer attrition and increase the upsell and cross-sell of bundled insurance products.

 

The Solution

Using DataWatchSM, a customized subscription-based solution, Speedeon Data hosted an extract of the insurance company’s customer database, which contained contact information for nearly 2.6 million customers. On a continuous basis, DataWatch provided notifications of customers undergoing key life stages, including: home sales and relocations, marriage, children, and divorce, along with relevant changes to phone, address and email information.

 

Customers On The Move Or Entering Important Life Stages

 

The Results

DataWatch provided a previous six-month snapshot along with continuous updates of current policyholders who had recently listed or sold their homes, or relocated.

Move Disposition

 

“At List” Pre-movers

“At Contract” Pre-movers

Relocated Post-Movers

Previous Six Months

67,310

86,726

222,641

Percentage of Total File

2.6%

3.4%

8.6%

Monthly (ongoing)

11,218

14,454

37,107

Annualized Customers

134,620

173,453

445,282

Targeted Product Bundles

Home, Auto, Life

Home, Auto, Life

Auto, Life

 

 

DataWatch also provided similar updates of current policyholders who had recently married, divorced, or had children.

 

Life Stage Disposition

 

Newly Married

New Child

Newly Single

Previous Six Months

73,782

41,810

47,505

Percentage of Total File

2.9%

1.6%

1.8%

Monthly (ongoing)

12,297

6,860

8,025

Annualized Customers

147,564

83,620

95,011

Targeted Product Bundles

Life, Bundled Home & Auto

Life, Increased Auto Coverage

 Auto & Home

 

 

On an annual basis, DataWatch enabled the insurance company to identify more than 770,000 customers in the process of moving or entering into some other important life stage.

In the first six months, approximately 215,000 customers, or about twenty-eight percent of identified customers, received a promotional, yet nuanced offer, which targeted a specific bundle of home, auto, and life insurance products based on their Move Disposition, and existing insurance portfolios. These direct mail and email offers generated more than four-thousand retained or new insurance policies.

 

The Conclusion

DataWatch Trigger Marketing Solution provided the insurance company with a customized and cost-effective means of proactively reaching policyholders during move and other key life stage events.

The solution enabled an increase in the upsell and cross sell of bundled insurance products, while reducing customer attrition. Because DataWatch is available on a subscription basis, it provided the insurance company with a predictable means of maintaining data quality, managing costs, and driving improvements in its marketing and customer engagement programs.