Delivering the right offer to the right person at the right time has been a formula for DM success since its inception. But gauging that timing hasn’t always been simple. Considering an individual's life stage is crucial in marketing across the board, but is even more imperative in any insurance marketing.
Fortunately, consumers reach distinct milestones that hold prime opportunities for insurance marketers, and analytics have proven that targeting those life stages can yield a major lift in campaign performance—if you know how to do it.
Crack the code, reap the rewards
So, if life stages are set, where’s the challenge? You just mail out and cash in, right? The secret lies in tagging your individual prospect data to those stages, and making contact right as people enter them—preferably before your competition does.
You’ll need to run serious analytics and build a fairly complex trigger-based program, and for that you’ll surely need expert help. But the payoff is well worth the effort.
Case in point:
We acheived a 32.5% bump in policy rates for a well-known life insurance company
Challenge: Facing a shrinking prospect universe and drop-in campaign results, this company needed to
generate more policies fast.
Solution: Anderson developed a multivariate test campaign that factored data, offer, and creative utilizing proven insurance marketing practices.
Results: Our data work revealed key life stage segments, which, when targeted, delivered a huge policy rate increase—up to 32.5%.
To do the same, you’ll need to run serious analytics and build a fairly complex trigger-based program, and for that, you’ll surely need expert help. But the payoff is well worth the effort.