In our Anatomy of a Solution series, we take a look at some direct challenges and disruptive solutions that Amsive has driven for clients. This week, we take you through how our demand gen expertise turned around diminishing response rates for a long-lasting insurance client.
The Basics
Insurance companies need the right tools to identify and verify the right prospects and customers — this is exactly the mindset we brought to a campaign for a national property and casualty insurance carrier that aimed to amplify its acquisition strategy.
The carrier’s marketing previously relied heavily on affinity audiences through partnerships with employers, vehicle manufacturers, and alumni associations. Although they targeted millions of consumers from those audiences through episodical campaigns, their goal was to expand more in the open market and increase quote activity for auto, home, or bundled insurance.
The carrier approached Amsive to test and deploy a new demand generation strategy. Our focus was to identify qualified prospects and target them with personalized insurance offers to drive quotes.
The Challenge
The carrier wanted to find a way to expand its prospect pool beyond its affinity[amsive_tooltip term=”affinity-marketing”] audiences, as well as ensure high-quality incremental leads that were responsive to insurance offers. To meet the carrier’s objectives, Amsive worked within our strategic framework, took a bottom-of-the-funnel[amsive_tooltip term=”bottom-of-the-funnel”] approach, and built a solution utilizing prescreen insurance triggers.
Getting data is one thing, but how you use the data and how we execute this type of program makes all the difference.
At the initial outset of the client relationship, prescreen insurance triggers were not on the carrier’s radar. These prescreen insurance triggers are daily credit bureau-sourced leads. All consumers have a known need and were either actively quoting for insurance from competitors or applying for financial products like loans or credit cards. Consumers who passed established credit selection criteria were solicited with a relevant offer at the most opportune time.
Amsive worked through a credentialing process, demonstrated our adherence to Fair Credit Reporting Act (FCRA) requirements, and outlined a solid execution strategy. With buy-in from the carrier’s marketing and risk teams, we moved forward with the recommended program.
The Solution
Getting data is one thing, but how you use the data and how we execute this type of program makes all the difference. We leveraged data insights from the prescreen insurance triggers program to develop our audience, channel, and messaging strategies in the context of Amsive’s strategic framework:
- Audience Strategy: Sourcing leads from more than one credit bureau and implementing a process for deduplication between bureaus helped the carrier achieve the greatest coverage at the most efficient cost. We also worked in partnership with the carrier to develop a proprietary set of criteria and segmentation that both fit the carrier’s desired risk profile and targeted those most likely to respond.
- Channel Strategy: Direct mail was the primary channel for this program and drove higher response rates compared to other channels. Our direct mail manufacturing environment and investments in automation[amsive_tooltip term=”marketing-automation”] enabled us to achieve speed-to-market and reach consumers quickly.
- Messaging Strategy: When the program was initially piloted, we developed multiple direct mail[amsive_tooltip term=”direct-mail”] concepts that leveraged our best practices and consumer-driven response tactics. We eventually declared a “champion” concept, which is still in market today in a similar form. The champion creative focused on the prospect’s known need and features and benefits the carrier offers that were most relevant given our insights. This enabled us to achieve a level of personalization that proved to be effective in increasing readership and helping to drive quotes.
We leveraged data insights from the prescreen insurance triggers program to develop our audience, channel, and messaging strategies in the context of Amsive’s strategic framework.
The Results
Amsive’s prescreen insurance triggers program helped amplify acquisition for the carrier, with whom we have since developed a long-lasting partnership. Below is evidence that, when comparing KPIs[amsive_tooltip term=”key-performance-indicator”] to similar campaigns, our new demand generation strategy achieved:
- A substantial increase in quote rate
- A 45 percent increase in identified qualified prospects
