See how a benefit of FastStats is to provides data to drive growth to a major insurance broker to enable powerful data driven marketing.
Targeting without restriction is a benefit of FastStats
Our client, a major specialist insurance broker, wanted to capitalise on their customer data for market analysis by “targeting without restriction” to make offers more relevant to their customers and find new ones with a high propensity to purchase their products.
To achieve this, they needed to profile and segment their customer base, calculate individual customer spend, number of transactions and life time value.
A benefit of FastStats is that it can process millions of records of transaction and policy data stretching over several years would need to be aggregated. Part of the data was held in operational databases in-house with further databases managed by an external company. The challenge was to merge all the data held in these multiple databases, create a solid data foundation for targeting and give the marketing team (based at a third location) unlimited access to it. Data would also need to be refreshed regularly to ensure the marketing team were making decisions and selections based on the most current information.
Creating a single customer view shows the benefits of FastStats
The starting point was the creation of a “single customer view” database.
Working with a copy of these unlinked operational databases and a collection of unstructured spreadsheets and lists, Tech4T standardised the data, removed duplicate records and merged this previously unlinked data to create an enhanced, accurate customer database. This was then used as the basis for a feature of FastStats to Discoverer targeting solution. The marketing team have online access for data exploration, analysis and targeting, confident in the knowledge they are working with accurate and timely data.
They have full campaign management functionality enabling them to make complex selections with ease and run behavioural based email campaigns direct from the system.
The Results
Our clients can see a benefit of FastStats usage for a number of years now. Tech4T up-date the system fortnightly with fresh transaction information and the marketing team are creating award winning campaigns leading to a 10% reduction in churn rates and and increased take-up of multiple policies.
Contact us to see how Tech4T can show you the benefit of FastStats and how it can help you pro-actively use your customer data to increase sales.
