Extending the insurance relationship of existing customers is the cheapest and easiest way to grow a portfolio. Whether it is cross-selling a Home policy to a Motor customer, or up-selling a premium Contents policy to a standard Contents policyholder, extending your existing relationship through cross-sell campaigns is one of marketing’s key objectives.
Profiling which customers are open to cross-sell offers enables efficient marketing investment in this area. We calculate the revenue and profit effects of additional sales to the same customer in both direct terms as well as through enhanced retention effects of existing products.
We also identify the times at which customers are most responsive to specific offers. This can lead to sales efforts being seen by customers as a friendly service contact, rather than a hard-sell proposition.
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