Customer segmentation factors.
Reduced rejection rate.
A Europe-based insurance provider selling innovative personal, auto, and commercial insurance products.
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.
SG Analytics' solution comprised of the following three-phased approach:
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.
Propensity modelling: Our data scientists then determined the probability of cross-selling a product to policyholders using a logistic regression model.
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.
Enhanced the process of identifying potential targets for cross-selling.
Reduced the rejection rate of offers from 40% to 10% within one year of implementation.