The right data at the right time can help you boost cross-sell/upsell and retention by targeting the right policyholders in real time, with the right message.
What if you could target the 5% of your existing policyholders who are up to 10x more likely to respond to specific marketing or agent outreach? That 5% comprises the people in your insurance book of business who, in any one month, are experiencing a high-impact life event “trigger.”
Buying insurance is often tied to those life events, such as starting a family, buying a home, or experiencing a change in finances, so it’s important to reach out to your customers at these moments. That’s when they are most likely to buy different coverage from you or increase the coverage they already have. We call them “moments that matter.”
According to Deloitte, the most impactful life events in driving consumer purchases are:
- Having children – 43%
- Buying a home – 35%
- Change in financial situation – 33%
- Marriage – 28%
When you are aware of these “trigger” events taking place in your customers’ lives, you can shape the timing, channel, and messaging of marketing or agent contact for cross-sell or upsell opportunities — and take advantage of this natural propensity to buy. Your personalized outreach at the time of these events is also critical to retention. It’s important to get there first, because digital-native disrupters with data-driven operations are likely to be pursuing your customers, too.
The Data Difference: Monitoring Policyholders versus Point-in-Time Consumer Lists
Life event-based marketing and agent outreach are driven by data, which you can purchase from numerous data providers. However, there are significant differences in data offerings and their usefulness for cross-sell/upsell and retention.
Consumer email or mailing lists, for example, represent a point-in-time capture of life events. The resulting demographic groups — such as “just marrieds” or “expecting parents” — are useful for customer acquisition. However, extracting your specific customers from such a list for retention marketing will require some not insignificant data wrangling. Plus, you’re buying much more data than you need.
Fenris offers an innovative and cost-effective approach to data acquisition: an API-based subscription monitoring service that provides life-event alerts on just your policyholders. We sweep our proprietary data sources on 255 million adults and 130 million households nightly for key events. When one of your policyholders is flagged as exhibiting life-event changes, the service automatically alerts you so you can respond in real time with targeted impactful outreach. You can also integrate alerts into your CRM system for “next best action” suggestions to marketers or agents.
Proof of Concept: Life Event Monitoring in Action
A leading insurance company used the Fenris subscription approach to monitor its 1+ million customers over a six-month period. For the proof of concept, the company sent a tailored, nuanced promotional outreach to one-third of the customers identified as experiencing a trigger life event. The results far exceeded any previous campaign, delivering a 2+% improvement that translated into tens of millions in premiums retained or added as new from cross-sell/upsell promotions. Learn more in our API documentation library.
30-Minute Webinar: How it Works
Learn more about “moments that matter” marketing and the Fenris Life Event Monitoring and Alerts subscription service. Watch our free on-demand webinar featuring insurance and financial services marketing executive Marc Wheeler, Fenris CEO Jen Linton, and Fenris CTO Jay Bourland.
Try Before You Buy
You can find out how much of your book is in play for cross-sell or churn in a free, no obligation trial which Fenris can do with no integration required. Or, if your developers want to get their hands on the latest in API-delivered insights, you can get credentials for a limited time free trial and run your own analysis.