A leading life insurer located in the United Kingdom engaged with the Accenture Analytics team to increase speed and agility in marketing innovative and profitable products. The insurer needed deeper insight from its vast stores of data, so it turned to Accenture to help transform its approach to marketing.
The two-year program began by exploring analytics relevant to the challenges being faced by the insurer. The Accenture Life Insurance Customer Analytic Record facilitated rapid development of descriptive data and propensity models, which identify people more likely to respond to offers. Six months later, the project team began to exploit the value of analytics-driven insights in specific ways, proposing marketing campaigns to be implemented via multiple channels.
In the second year, the team focused on a strategy for customer retention, and segmented the customer base for greater understanding of factors leading to defections in each sub segment. Accenture overlaid customer-segment profiles with the results of propensity modeling. Marketing campaigns could now be developed based on potential returns on investment. In addition, the project team drew up plans for financial advisors to cross-sell and present high-value products.
The client transitioned to a managed services approach with offshore components to continue its analytics-powered marketing transformation.
Accenture Insurance Client Successes Podcast
For the first time, the UK insurer has a unified view of each customer. The ongoing benefits from Accenture’s managed services approach can be seen in three primary areas:
Incremental sales conversion and revenue. Analytics-powered campaigns have resulted in 200,000 new customers within 18 months.
Campaign management and processes. Analytics have sped development of marketing campaigns by 50 percent. The company has executed more than 25 insight-driven marketing campaigns, including a campaign crossing business units.
Analytics and strategy. Accenture clearly demonstrated the value of marketing analytics, insight generation and dissemination. The initial successes of the program have led to rising internal demand for analytics, which is likely to strengthen the insurer’s ties to customers and accelerate the company’s journey to high performance.