Customer Acquisition |
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One of the primary levers of growth for an Insurance organization is the acquisition of new customers. Customer acquisition involves identification of potential customers, understanding their strengths and weaknesses, risk assessment and formulation of an acquisition strategy. Effective marketing campaigns thus, are the key to acquiring the right customers at the right time.
Fractal’s customer acquisition solutions help optimize such acquisition campaigns by targeting a limited number of identified customers who have a high propensity to respond and are also predicted to be profitable customers in the long run. Fractal has developed a set of best practices for optimized campaign execution.
Fractal offers specialized services in cross-sell modeling and response modeling deploying different methods depending on the distribution channel used. For direct writers and captive agencies, the campaigns tend to be smaller and more tightly focused. For insurers who use independent agents, response models must consider both the potential customer’s response probability as well as the likelihood that the agent will place the business.
We also develop segment based marketing strategies to ensure that customers in each segment are targeted with an offering which appeals to them and increases the probability of response. In-depth segmentation and analysis of a customer base reveals hidden characteristics and trends that affect value. Finer segmentation that includes frequency and volume of purchase might reveal that a subset of low spending customers have a very high lifetime value, because they have regularly made small investments in the insurer whenever approached with an appealing product. Such deep understanding of who are an insurer’s best customers, and why, enables them to go after the new customers it can most profitably serve.
Our customer acquisition solutions include:
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Customer Acquisition and Response Models
- Cross-sell solutions
- Product Feature Design
- Segment Based Marketing Strategies
- Campaign Optimization and Tracking
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