Enhancing Cross-Selling Using Behavioral Analytics: Success with a Leading Online Insurer in Singapore
Overview
A top online insurance company in Singapore wanted to cross-sell customers through behavioural analytics backed campaign
Solution
Objectives
- Increase profitability from existing customer base by cross-selling different product types
- Improve customer base across different products through targeted cross-sell campaigns given most customers were buying a single product
Approach
- Exploratory data analysis to understand pattern in customer behavior for buying insurance products
- Used Travel insurance customers (76% of customers were buying Travel) to find opportunity for cross-sell
- Developed different propensity models to predict likelihood of customer having Travel insurance for buying another insurance product
- Compared past campaign conversion with existing cross-sell campaign conversion
Campaign Channel
- Campaign data was limited only to email channel
- Proposed test vs control group strategy to identify right channel to run cross-sell campaigns
Impacts
Optimized marketing campaign costs by capturing 72% of target base in just 32% of entire customer base
