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Insurance Case Study – Life Insurance

Insurance Case Study – Life Insurance

Life insurance company launches targeted cross sell program and significantly exceeds its goals of acquiring high
value accounts.

Challenge

A large retirement management and life insurance company was feeling the impact of intensifying competition, as other financial services organizations were seeking to identify and recruit their high-value accounts. Unfortunately, the insurance company had no way to identify its own high value accounts. This created exposure to competitors who were targeting their customer base. They also found it challenging to consistently attract and retain retirement dollars, and create long-term, sticky customer relationships - while also increasing fee income, and generating additional cross sell and up sell opportunities.

Solution

Lacking the capability to identify their pool of existing customers, the company sought out AccuData for help. The goal of the new program was to help the client identify existing customers who were likely to have retirement funds with another provider. Once these customers were identified, the insurance company planned to launch a direct mail based, cross-sell program. All leads that were generated by the campaign would be given to licensed financial services professionals for follow up. AccuData worked closely with the client to first establish business goals and enhanced The Clients data with data attributes indicative of significant liquid assets. This resulted in a predictive model able to identify customers with ___ significant assets and a likelihood to move them. AccuData helped to implement the model, launch the campaign and track back-end performance metrics.

Result

Together, the team established the capability to identify "low hanging fruit" within the customer base and estimate the total dollar value of potential assets within the market. This allowed the client to develop strategies to target customers with high potential and value - and then determine the appropriate spending levels to acquire these customer assets. Results included over $10,000,000 a month in new money and its budgeted targets for new accounts opened and cash inflows into existing accounts.