Five Ways Fenris Insight Can Help You Grow Your Insurance Business
Acquiring new customers, retaining policyholders, and increasing lifetime customer value are foundational to business growth. This holds true across insurance brokerages, agencies, and carriers — particularly today when it’s easy for cost-sensitive customers to switch providers.
Fenris Insight can help you grow your customer base and increase revenues while reducing costs. By integrating our fast, actionable data and insight into your sales, CRM, or agency management platforms, you can boost conversions, accelerate sales success, and personalize customer experiences.
We’ve combined the industry’s richest, most up-to-date data on consumers, vehicles, and properties with predictive machine learning models trained to your business needs.
Here are 5 ways the resulting insight into prospects, customers, and their likely buying behavior can help you grow your insurance business:
1. Optimize marketing spend on inbound leads.
Buying any product “blind,” without investigation, is madness, right? Yet that’s essentially how the ping-and-post process of bidding on inbound marketing leads works. Fenris Insight can instantly determine whether or not anonymous leads meet your criteria and are worth the investment — before you pay for the lead.
2. Funnel qualified leads and prospects to the right sales channel based on propensity to buy.
Person-to-person sales channels are costly, yet they provide the personal touch that consumers still value. Fenris Insight helps you focus your high-cost, high-touch sales efforts on leads and prospects that are up to 10x more likely to convert, increasing agent performance and satisfaction while reducing clawbacks. Divert less qualified leads or prospects not yet ready to buy to lower cost digital channels or marketing nurture streams.
3. Modernize your sales process to improve experiences and results.
Fast, cost-effective API-first delivery means you can inject insight and data enrichment directly into customer acquisition workflows. Knowledge about the prospect or customer appears in your forms and systems, so endless questions can be replaced by confirmation and conversation. The result is a better experience for applicants and agents alike.
4. Meet customer expectations for a personalized journey.
Customers today expect you to instantly know them and their history with you. Fenris Insight helps you empower sales agents with deep insights and a 360 customer view so they can personalize renewal conversations and target cross-sell offers based on real customer needs. With context about family members, assets, hobbies, and more, agents are better equipped to make sure customers have the insurance coverage they need.
5. Increase lifetime customer value with timely, targeted offers.
Fenris Insight can help improve cross-sell performance by alerting agents to events in the lives of policyholders that pre-condition them for new coverage purchases. There is a 2x to 14x increase in the likelihood that these policyholders will buy another product when you pair that moment that matters with the time of outreach. For example, when agents know about life events like a new child, a new driver, a new business, or a new home purchase or move, they can reach out with appropriate offers that help protect customers and the things that matter most to them.
The exciting thing about Fenris Insight and our API-led delivery is that traditional carriers, direct carriers, brokerages, and agencies can all use our data and predictions from our tailored algorithms. We can have a proof-of-concept using our standard algorithms and customer data ready in a couple of days, and full implementation with tailored algorithms in as little as two weeks. For more information, contact us at [email protected] or explore our website at www.FenrisD.com.