15 Interesting Ways to Leverage Consumer Data: Examples from Insurance Companies Leading the Charge

In an increasingly competitive industry like insurance, it’s critical to come up with innovative solutions to reach and retain customers. Not to mention that it requires a customer-first approach to keep up with consumer demand for personalization.

The good news is that an understanding of consumer behaviors can help insurers implement smarter marketing, convert customers at a higher rate, and provide a better customer experience. The effects of which reduce ineffective marketing spend, improve campaign ROI, and boost long-term customer loyalty.

Here are 15 examples of how other insurance companies have used consumer data to fuel growth:

Smarter Marketing

Data can be a valuable resource for finding new markets and getting in front of the right buyers. Specific targeting and messaging do wonders for increasing the ROI of marketing campaigns.

1. Untapped Markets - through an analysis of customer data, Peabody Insurance discovered an untapped audience segment. They found that many retired customers had downsized their homes and were now in need of renters insurance.
   
   
2. Lookalikes - using data from existing customers, Haven Life was able to create Facebook ads that targeted users who had the most in common with their highest value customers. Even further, they implemented a messenger bot to help engage leads and drive them towards completing a quote questionnaire (all without having to leave the Facebook app). Over a month-long campaign, they saw a 12% lift in completed quote forms and a 23% lower cost per lead.
   
   
3. Partnerships - through data partnerships, Nationwide was able to establish a relationship with the Maryland Farm Bureau to target members who might be in the market for farm insurance. This allowed them to build out their data set for an audience segment they were previously unaware of.
   
   
4. Dynamic Audiences - an insurance company was able to integrate a number of data management platforms to create search campaigns for dynamic audiences. Rather than uploading static lists for an outbound campaign, they were able to provide unique ad copy to consumers who have a lapsed policy or were coming up on renewal. Additionally, this process allowed them to upsell/cross-sell to very specific subsets of customers and target site visitors who abandoned their quote request.
   
   
5. Competitive Takeouts - an Esurance campaign designed to poke fun at Geico’s tagline, “15 minutes could save you 15% or more on car insurance” was fueled by third-party data to locate and target Geico’s followers and customers.
   
   
6. Improved Engagement - on the Geico Living site, quizzes are offered on a variety of insurance-related topics to both educate and entertain customers. In the process, Geico is able to collect valuable information on consumer behavior and values. It has helped them more effectively communicate and engage customers.
   
   
7. Remarketing & Acquisition Strategy - Aviva created the Shape My Future tool to provide a fun and interactive way for consumers to plan for the future. The tool suggests how much retirement income they’ll need to reach their goals. The insights consumers provide on their lifestyle and goals in retirement help to inform decisions about new products, build customer acquisition campaigns, and strategically upsell & cross-sell products.
   
   
8. Dynamic Pricing - Root Insurance calculates premiums for potential customers by continuously collecting data from the app installed on a driver’s phone. Over a two to three week trial period, the data suggests a personalized quote based on that particular person’s driving record and risk factors.
   
   
9. Timing - Coverfox created email trigger campaigns to automate their policy renewal process and stay connected to existing customers. In doing so, they increased policy renewals by 30%.
   
   
10. Co-branding - Liberty Mutual’s partnership with Piper, a home security provider, has allowed them to create co-marketing campaigns, offering discounts on home, condo, or renters insurance to Piper customers.
    
    
11. Better Support - an auto insurance provider wanted to reduce call center wait times to improve its auto claims processes. Insights from customer feedback revealed that the biggest pain point for customers was not having a single point of contact while filing a claim. These insights allowed them to redesign their claims journey and improve their call center routing process. Customer satisfaction increased by 50% and call center follow-ups were reduced by over 80% with no further investment.
    
    
12. Custom Quotes - by partnering with Zubie, a connected car service, Progressive was able to give customers the option of sharing their driver data in exchange for a discount on auto insurance. By identifying safe drivers, they were able to reward them with lower premiums.
    
    
13. Communication Preferences - AAA gives its members an easy way to control what kind of messages and content they want to see from them, as well as how frequently they’d like to receive emails. This self-selection process helps marketers improve the relevance of messages and establish a better connection with customers.
    
    
14. Timely Feedback - Geico collects feedback about the purchase process after consumers start a new policy, providing relevant insight into the consumer’s purchase experience.
    
    
15. Being Social - The Zebra used surveys to collect feedback on drivers’ biggest parallel parking fear to drive engagement with the community.

Converting More Customers

Getting to know your potential customers offers a unique advantage in your ability to convert them. Using data empowers you to provide a more personalized experience.

A Better Customer Experience

Data can enable you to stay connected with your customers and gain deeper insights into their preferences, pain points, and other aspects that contribute to their loyalty as a customer.

There are many unique ways to both collect and leverage consumer data. Doing so can empower your organization to implement smarter marketing, convert customers at a higher rate, and provide a better customer experience.

Let these real-life examples inspire you to create better products and experiences for your customers. Our professional and friendly adjusters are here to help you provide a better customer experience by servicing your claim needs 24 hours a day, 7 days a week.

Email us at customerservice@usclaimsolutions.co or give us a call at (888) 701-1153.

Sources:

1. https://www.carriermanagement.com/research/research/the-insurers-guide-to-marketing-data/