Background
The insurance industry is rapidly evolving: the market is highly competitive due to a vast amount of diverse players.
Ranked third in Belgium and with over a million policyholders, the demands of the insurance market today mean that Ethias must reinvent itself to say ahead of the curve.
Challenges
Optimize the customer relationship to build loyalty and increase the take-up rate per policyholder
Retain at-risk policyholders by reaching out to them at the right time and with the right approach (context and content), in line with their unique profile and churn risk
D-AIM Solutions
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In-depth customer knowledge
To build high-performing communication plans, we helped Ethias gain insight into its policyholders. In particular, we designed a data mart with newly enhanced relevance—richer, with more linked data and much broader in scope.
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Predictive lead scoring
Our solutions were designed to help Ethias effectively combat churn while increasing the take-up rate of each policyholder. To this end, we created more than ten scores, updated monthly, that were explicitly dedicated to churn risks (automobile and home) and cross-selling opportunities (home and property insurance for tenants and owners, fire insurance, trip cancellation, etc.).
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Support using our solutions
To ensure optimal use of the tool, we also helped the Ethias teams analyze, interpret and maintain the scores.
Results
Ethias saw a marked reduction in churn rates among policyholders. At the same time, the policyholder take-up rate increased, all while direct marketing costs were reduced.
Meeting expectations to the fullest requires a deeper understanding of customers. With our solutions, Ethias gained insight into each of its policyholders and was able to hyper-personalize communications.
Ethias was ultimately able to roll out individualized communications, which they did by using our predictive scores. This streamlined approach ensured marketing efforts were timely, relevant and engaging. What’s more, the insurer’s teams became more efficient and self-sufficient and the quality of their work improved significantly. Instead of devoting time to creating and updating scores, they used our solutions to analyze and continuously optimize performance.
