Project Description

INSURANCE

IMPROVING TELEMARKETING CROSS-SELLIG

BASED ON PREDICTIVE SCORING

Background

The Client, a multinational insurance company, wanted to increase ROI from outbound calls done by an external telemarketing company. Cross-selling products per customer is a significant source of revenue growth and existing customers are called on a regular basis. The Client was identifying the most relevant customers to call using known business rules.

Challenge

The focus of the Client was therefore; 1) to increase cross-sales conversion per customer, 2) improve the telemarketing campaign ROI by calling customers most prone to buying and 3) improve customer value by not calling customers for which the offer is not relevant. The model was based on results from the same cross-sell campaign that had been running on a regular basis since the year before.

Solution

Using existing data from the Clients’ CRM system and responses to previous marketing efforts, One Prediction could predict the probability of each customer to acquire an extra product, and which products each customer was more likely to buy. A sample of 4.800 customers with one or two products were scored by One Prediction. The top 3.000 were sent to call-center to fill their capacity.

Results

+113% positive response to the activity, measured in positive responses to calls, and thus increased ROI of the activity.