Insurance is one of the largest industries in the world, but it’s also a tough field for its players. The myriad of issues, such as regulatory compliance, the changing economic landscape, evolving customer needs, and fierce competition can make customer retention in insurance challenging. Capitalizing on the right opportunity at the right time is vital. Here’s when effective trigger marketing strategies play a crucial role.
Understanding your customers and identifying the optimal marketing triggers can help insurance companies gain the desired leverage in the market and improve customer retention and loyalty. Here’s how Speedeon strategized a personalized trigger marketing campaign for one of the top insurance companies in the U.S. looking for a new retention strategy.
Thriving in an Aggressive Insurance Market
For customers, the requirement for insurance remains simple; a means for ensuring stability and security in their lives. It’s a need-based solution they hunt for, and prefer to receive relevant, easy-to-use solutions that provide the best value for money. So, bombarding your customers with random marketing material promoting insurance policies at random times will not bode well for brand loyalty.
Knowing your targeted audience alone is not sufficient. Timing is also critical for optimal retention. It means sending the right offer to the right audience at the right time. It creates more value for the solutions you offer and improves brand awareness. However, this approach demands that marketers get into their customer data at a granular level and use triggering events to send relevant messages.
The Need for a Surgical Approach
Our client, one of the top insurance companies in the U.S., needed a new customer retention strategy to upsell and cross-sell to its high-value policyholders. While the client’s team had exercised standard methods, they weren’t delivering the desired impact. Worse, the rate of attrition was heading in the wrong direction, signaling the need for a change in approach.
The insurance market conditions are very aggressive and demand quick action for success. Even when the company managed to meet the metrics and achieve the targets, it came at a very high cost. So, knowing ‘who’ to target alone wasn’t sufficient. Therefore, our client needed an optimal intent-based marketing strategy that showed ‘when’ and ‘how’ to target their best prospects.
Answering the ‘When’ and ‘How’ with Life Event Data
When customers go through a major life event, such as getting married, giving birth, or moving to a new home, their needs and requirements go through a major update. They will be looking for new products and solutions, replacing old brands with new ones, and updating their existing services.
For brands, this can be a ripe opportunity. You can’t focus on acquiring new customers only, but must also retain existing clients with more value-driven solutions. Implementing your upsell or cross-sell strategies, based on your customer’s next big step in life, through trigger marketing campaigns is the best way to establish your strengths.
But how can you keep track of your customer’s next life update?
Enter DATAWATCH.
Data Monitoring and Trigger Marketing with DATAWATCH
DATAWATCH is a program designed to monitor your customer online and offline. It will alert you of any online behaviors that signal an intent to change providers, or merely when they go through a major life event. Data monitoring is a great way of knowing your client’s next step in the customer journey before they make purchasing decisions.
With DATAWATCH, you can easily keep track of your high-value customers and prospects. As soon as one of your high value customers begins preparing for a move, you can head off competition and set in motion a plan to optimize retention and even upsell. Timing is of the essence, and data monitoring helps you stay ahead of the marketing moments required for success in crowded markets.
The individual-level insights you gain from DATAWATCH can be used effectively to design highly personalized marketing campaigns. Best of all, it’s sent at the right time, elevating customer experience! All of this is achievable in a highly privacy compliant manner.
Integrating Insurance Client Data to DATAWATCH
Our client had already identified a particular audience critical enough for monitoring, which included 2.6 million existing customers. With DATAWATCH, we were able to see if one of the current policyholders stepped into a new milestone, whether it was a new move, marriage, divorce, or having kids.
The marketing team was quickly notified so they could reach out to those policyholders with their perfectly timed offer. These offers were tailored based on the specific life event experienced and the current policy portfolio of the customer.
Our Foolproof Strategy, Your Loyal Clients
Speedeon was able to alert the marketing team when the monitored policyholders experienced a major life event. Around 29% of the client’s files experienced a major life change, showing that dramatic shift was occurring, even if they weren’t previously aware. It enabled the company to reach customers at the prime time with relevant insurance policy solutions. The company was also able to recognize specific product bundles that are more likely to perform well based on the specific life event. Based on segmentation, we sent highly personalized offers only to 215,000 of the targets. The program has been a massive success, with 4000 incremental new insurance policies within the period measured for the case study.
Win Big with Speedeon
Data monitoring is becoming an integral aspect of digital marketing strategies. It helps brands optimize the use of marketing automation tools and be offer-ready 24/7. DATAWATCH and Speedeon’s many other innovative solutions can help you stay at the forefront of the competition. Whether it’s customer retention in insurance or breaking into a new market, we can create the perfect strategy for you.
Get in touch with us, and let’s talk strategy!
