To help increase “sales” using cross-selling and up-selling.
The client is an insurer that specializes in protecting jewellers and personal jewellery in the United States and Canada. Only 6% of the annual potential personal jewellery insurance market was captured by the client.
While the sales were growing at a 20% annual rate with 80% retention, they had no clear profile of the customer base for marketing and promotional purposes. In order to grow their business, the client sought the means to better understand their customer base and develop strategies to retain & acquire customers through Cross-sell and Up-sell practices.
To improve the clients understanding of the Personal Jewellery customer base and enhance marketing & promotional initiatives, we had segmented their customer base and provided options to improve retention among the current policy holders using targeted communication and cross-sell/up-sell.
We had appended nearly 150,000 policies and 300,000 customers with third party marketing, census and other demographic data. Cluster analysis was done to identify primary customer segments and differentiated high value segments using decision tree analysis.
Client had visualized the first unified view of their customer base as well as insights on customer behaviour, preferences and lifestyles, which had enabled enabling new up-sell, cross-sell and retention strategies. Increased product purchase loyalty and growth among key customer segments resulted in a higher profitability and gained an opportunity for the client to meet their strategic business objectives and focus on specific consumer segments and regions.