Effective cross-selling for insurance provider

Client

 Europe-based insurance provider selling innovative personal, auto and commercial insurance products

OPPORTUNITY

The client’s marketing vertical wanted to enhance revenue growth opportunities through effective cross-selling and superior targeting, and maximize the value of the customer portfolio.

SOLUTION

SGA’s solution comprised of the following three-phased approach:

  • Customer segmentation: The SGA team identified the right customers based on various factors such as age, marital status, average ticket per transaction, mode of payment, etc.
  • Propensity modeling: The SGA team then determined the probability of cross-selling a product to policyholders using a logistic regression model
  • Campaign design: Based on the probability score, SGA recommended a cross-sell strategy and campaign.SGA also suggested factors to measure the effectiveness of the campaign by capturing the responses of the prospects.
5+
Customer segmentation factors.
75%
Reduced rejection rate.

VALUE DELIVERED

►
1
Enhanced the process of identifying potential targets for cross-selling.
►
2
Reduced the rejection rate of offers from 40% to 10% within one year of implementation.