Description
AGENCY: IDN Singapore
CLIENT NAME: Aviva Insurance
BRIEF
Aviva is facing competition in the liberal insurance economy of Singapore, many customers switch insurance company after their contract have ended (Travel and Motor Insurance), engaging the customers individually is proven to be expensive. They need a new way of engagement that will retain and increase their customers automatically but is still personalized.
STRATEGY
With the use of Marketing Automation Technology on the Oracle Marketing Cloud platform, we designed a fully automated campaign that uses data from the client’s CRM to automate personalized engagement (Multi Phased Email Nurturing Campaign) with their customers 90 days before the end of their contract. If the contract is not renewed, we continue the engagement with different messages to attempt to recover them as a customer. We also help them to automate their lead nurturing campaign when a prospective customer request for a quote, that will lead them to subsequently purchase an insurance policy.
RESULTS
The automated personalized campaign achieves a higher email response rate (Open and Click Thru Rates) than industry average as illustrated in the document. The Customer Lifetime Value also have increase consistently over the years as a result of this higher engagement, in 2014, the number of renewals surpasses new contract for the first time, and is on target to increase further.
CAMPAIGN ELEMENTS
Automated Email nurturing campaign based on CRM data and Customer Life cycle Methodology that is built into the system.