Profitable acquisition OF Accident and Health policies using PREDICTIVE analytics
Type
Outbound Telemarketing - Insurance
Challenge: Be profitable in a very competitive and mature market
Our client Chubb Insurance forms strategic alliances with banking partners to offer customers accessible insurance products through outbound telemarketing campaigns. Their challenge is acquiring new business profitably, with reasonable cost per acquisition, in a very competitive and mature market.
Solution: Use analytics to contact the right prospects and to optimize operations
Develop and implement scoring models to identify customers most likely to purchase and least likely to attrite.
Analyze cancellations to understand reasons and exclude likely customer profiles from list.
Analyze Call Center performance to optimize operation (hours, agents).
Analyze call dispositions to develop coaching strategies and adapt scripts used by agents.
Result: Double acquisition rates with marketing analytics
Some partner banks will share their customer base with Chubb and allow Chubb to select the most likely prospects and others will provide the pre-selected list.
Lists were Chubb is allowed to use Cobalto’s scoring models to select the prospects, campaigns have sales to contact rates over two times of those prospects that are not scored. These results are seen consistently, on a monthly basis.
