Effective cross-selling for insurance provider

5+
Customer segmentation factors.
75%
Reduced rejection rate.

Client

A 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

SG Analytics' solution comprised of the following three-phased approach:
  1. Customer segmentation: SG Analytics' team identified the right customers based on various factors such as age, marital status, average ticket per transaction, mode of payment, etc.
  2. Propensity modelling: Our data scientists then determined the probability of cross-selling a product to policyholders using a logistic regression model.
  3. Campaign design: Based on the probability score, We recommended a cross-sell strategy and campaign. We also suggested factors to measure the effectiveness of the campaign by capturing the responses of the prospects.

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.
 

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