When are you at risk of losing a customer? Alternatively, when is your customer more likely to buy another product from you? Finding the answer to both questions requires real-world data about your customers and what’s happening in their lives.
At any point in time, about 5% of your policyholders are experiencing life events that make them prone to switch carriers or buy a new policy from you. We call these “moments that matter.” Moving. Newly single. Getting married. Starting a family. Fenris can keep you apprised of these important life events in your policyholders’ lives.
- MONDAY: Sureify’s Life Insurance and Annuity Ecosystem Summit at 11:50 am
- WEDNESDAY: The BrokerTech Connect event-within-an-event at 2:15 pm
- WEDNESDAY: Track 2 session “Making Big Data Actionable for Even Bigger Returns” at 3:40 pm in Mandalay Bay J
Visit Fenris team at Kiosk #12 and pick up your personal invitation to our Happy Hour!
Back to the questions we started with.
Movers represent one of their largest retention risks. In fact, one of our clients retained only 6% of the customers who moved. Said another way, 94% of the policyholders who moved purchased their next policy from someone else. The policyholders were being influenced by those who were aware of the pending change—such as their realtors and mortgage lenders—who referred them to get a “quick quote” and bind with a new carrier. And there went that established relationship.
Getting married and having a baby are life events that make your policyholders up to 10X more likely to respond to appropriate agent or a marketing outreach. 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.
Becoming a data-driven customer retention and marketing operation
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. Alternatively, we can do a one-time point-in-time analysis to uncover recent life events detected.
Stay connected to the pulse of your business and personalize your outreach to provide the very best engagement to your policyholders. Typical results that our customers experience is a 2+% improvement to customer retention and product cross-sell rates. Learn more here or visit Fenris team at Kiosk #12 and pick up your personal invitation to our Happy Hour!