Insurance Company

Insurance Company

Boost marketing conversion rates from 2% to 42%

Our client is a financial services business, and works in life insurance, private medical insurance and general insurance. With the introduction of Retail Distribution Review (RDR), our client acquired a list of customers through an IFA (Independent Financial Advisor). They had very little knowledge of these customers, and were worried they may leave to the competition.

They wanted to establish long term relationships through regular contact, in order to provide adequate portfolio management. They planned to run a marketing campaign through a number of channels – letter, email and phone. For this to be successful, they quickly had to understand customer profiles and segments – who they are and what they want. Personalising and tailoring the insurance service would lead to better customer experience and higher retention.

Our task was to provide the client with a customer segmentation model. First we segmented their existing customers which were well known to them. Second, we segmented unknown new customers using criteria learnt from existing customers (modelling).


The highly profitable solution was delivered using an agile methodology:

  1. Analysis of current data issues and requirements – defined the questions that needed to be answered and the supporting decisions that needed to be taken. These were later translated into highly effective key campaign performance indicators.
  2. Vendor selection – selected vendor with data visualization capability
  3. Data discovery – Work with CRM, Call Centre and 3rd party data. Understood what data was required from each system, standardized and consolidated the data.
  4. Data architecture – transformed the raw data into information so that it could be consumed by the Analytics tools.
  5. Customer segmentation model – segmenting 100K of well-known customers and applying these profiles to the 10K “orphan” customers.
  6. Implementation of data visualization tool – worked with the outbound marketing staff to ensure they had an understanding of how to interpret the data and act on it.
  7.  Insights & Analysis – continuous analysis of the marketing campaign to-provide insights mid-flight and discuss new strategies based on highest conversions (sales script, demographics, time of day, agent effectiveness).


  •  Boosted overall conversion rates from a tiny 2% to a massive 42% – The client initially attempted to run a generic campaign with little success. By using the data to analyse marketing performance and personalizing the message to a specific segment they have increased their conversion by tenfold.
  • Streamlined service and improved customer interaction–Effort wasn’t wasted calling the wrong people or calling at the wrong time, or using the wrong message. We were continuously analysing their performance and providing feedback. Deeper insights translated into better customer responses and overall service
  • Optimizing customer investment decisions – on-going analysis provided information on who their best customers are and where to spend money for the highest return – which channel and which segment.
  • Successful up-selling, cross-selling – identifying different demographics enabled the client to refine conversations with their customers, discuss and sell other products that would suit their lifestyle needs.