Group of people meeting

Spatial Data & APIs

Leading Midwestern Insurance Company

Leading insurer set for retail and commercial growth with complete, consolidated customer records.

Client profile

  • Serves customers across more than ten Midwestern and Eastern US states
  • Provides a range of insurance solutions for retail and commercial customers

Business goals

  • Improve success of marketing promotions and cross-selling campaigns.
  • Improve precision of quotes by pinpointing customers’ geographic location.
  • Enhance agent partnerships.
  • Determine the optimal mix of retail to commercial products.

Benefits

  • More accurate price quotes based on customer demographic and geographic profiles
  • Better insight into bundling and cross-selling opportunities, for better customer service and customer retention
  • Sharing of detailed customer information helps agents more accurately target prospects
  • Analytics support decisions around the preferred mix of retail to commercial policies in each geographic region

Technologies used

Master Location Data

Master Location Data from Pitney Bowes provides the best available address point location for every mailable and deliverable address in the United States.

Learn more

Spectrum Spatial Analyst – Web GIS Application

Spectrum Spatial Analyst from Pitney Bowes is an advanced, out of the box web mapping and GIS application that provides easy access to crucial spatial data via a browser or mobile device.

Learn more

World Premium Points of Interest

Pitney Bowes World Premium Points of Interest includes locations and business, leisure and geographic feature information for more than 110 million POIs around the world.

Learn more

VeriMove™ Access

VeriMove Access OnDemand checks customer records and proprietary mailing lists against the USPS National Change of Address database (NCOALink) and helps you reduce undeliverable mail, maximize postage discounts and meet the USPS Update requirement.

Learn more

Overview

Many insurance companies are expanding their focus from retail to a broader commercial/retail mix. This Midwestern insurance leader was targeting overall growth while also increasing its commercial business. Limited by its legacy master data management system, the insurer needed a single customer view to help identify relationships and uncover opportunities. It also required analytics to position the optimal mix of products to both retail and commercial customers.

Business challenge

Like many insurers, they knew they needed to address these problems to maintain and grow their business with a more balanced approach. The lack of a single customer view negatively impacted multiple marketing campaigns yielding sub-par results.

Independent insurance agents were also unable to identify everything a customer might already be insured for, making inappropriate recommendations and leaving customers feeling that the insurer did not understand their actual needs.

Finally, missing demographic or geographic data resulted in information sent to customers no longer located at a specific address, or marketing to the wrong customers with inappropriate offers. This added to marketing costs and impeded cross-sell and upsell efforts.

Knowing they needed a more effective approach, the insurer learned about the Pitney Bowes® Single Customer View through an insurance webinar.

Enrichment of customer data enables the insurer to more accurately position, and price, products based on customer demographic and geographic profiles.

   

Solution

Pitney Bowes® was able to provide significant insights through accurate analytics leveraging the Pitney Bowes Single Customer View solution. The solution first addressed poor data quality, providing substantial uplift and yielding a better than 97% successful match rate. The solution also provided multiple household views, improving data segmentation and supporting marketing campaign customization.

To address missing or outdated customer data, the Pitney Bowes National Consumer Database was leveraged to proactively identify these instances and enrich customer data. This further improved match rates by providing improved analytic insights, also producing higher direct marketing campaign success rates.

To address incorrect geographic location data and pinpoint specific locations, the insurer implemented the Pitney Bowes Business Points of Interest, validating exact locations and correct business legal names while providing other data to enrich the customer view.

Armed with this improved view, the company is now evaluating other Pitney Bowes data assets, exploring how they may be leveraged to enhance its website, partner with agents, and create more targeted offers for their retail and business customers.

The insurer can now maximize opportunities to offer bundled products and services to customers, providing better customer service and minimizing competitive threats.

   

Benefits

Almost immediately, the insurer saw significant improvements in customer data quality. Initially, the solution delivered a de-duplicated single view for about 90 percent of customers. After adjustments, that number increased to more than 99 percent.

Now, Single Customer View gives the insurer a complete profile of its relationship with each customer, from initial quote through to any claims. The system’s customer data enrichment enables the insurer to accurately position and price products based on customer demographic and geographic profiles. The insurer can also target bundled products and services to customers, providing better customer service and minimizing competitive threats. The same information enables a more hands-on approach with high-value retail and commercial customers.

The insurer can also share this detailed customer information with its agents, helping target prospects based on a range of profile data. Analytics enables the insurer to determine which agents are underperforming, as well as the preferred mix of retail to commercial policies in different geographic regions.

Creating the comprehensive single customer view was only the first step in the insurer’s modernization plan, but it may have been the most important. It provided the foundation on which the company can move ahead with updating its policy systems and network architecture.

With help from Pitney Bowes, that foundation has never been stronger.

You may also like

Data Visualization Company

Dynamic boundary data boosts home buyer engagement on real estate sites.

Learn More

Brimbank City Council

Brimbank City Council evolves to become more customer-centric with help from Pitney Bowes

Learn More