Utilizing Data to Inform Creative Strategy
THE CHALLENGE
- In common with most marketers, our insurance client had identified that it was cheaper to keep their existing customers than to acquire new ones.
- The challenge was to identify which customers were likely to remain loyal and develop ways to nurture them, so when renewal time came, they were likely to renew their policy.
THE SOLUTION
- Working with our Client‘s analytics team, Foundry 360 developed an attrition curve that identified the major drop-off points for renewals.
- The data revealed that the first major drop was in year one and, if we could maintain the customer through year seven, that was the point they were most likely to cease shopping the policy at renewal time.
- For auto insurance, we recognized in the data that drivers were most likely to shop the policy after the first year. One of the major factors for attrition was that customers didn’t understand their policies. There was an opportunity to use content marketing techniques to educate policy holders around how their insurance policy works and the benefits it delivers.
RESULTS
- Foundry 360 developed the “Car Kit”, a handy booklet that acted as an explainer for the policy and gave tips for safer driving.
- To get customers from years one to seven, Foundry 360 developed a content based loyalty program. This hybrid print/digital program combined lifestyle and insurance related content to provide utility to the customer base, serving as a reminder that “we have your back” in the event of a major problem.
- The program ran for 5+ years and retention rates were kept well above a control group.
