Challenge
The insurance provider wanted to increase the number of loyal customers. It verified that of all the contracts that were ending, only a fraction were renewed for another term. Concerned about users moving on to competitors, the company decided to look for tools to send automatic reminders to renew insurance contracts at a favorable price.
Action
- Segmenting contacts
The insurance service provider created a segment with customers whose insurance contract would end in a few months.
- Personalized messages
Emails were sent out to the relevant people, reminding them of their expiring insurance. All those who did not read the message received additional SMS notifications, one month before the end of the contract.
- Matching recommendations for other insurance
All those who decided to renew their insurance received emails thanking them for their trust in the company and recommending them to choose additional packages.
Results
- By sending renewal reminder messages, the company saw a 41% increase in the number of insurance renewal requests.
- Personalized recommendations encouraged customers to purchase additional insurance packages.
- Fewer and fewer people switched to competitors. There was a 22% decrease in the customer attrition rate.
- Customer engagement increased by 30%. Users were curious to click on links and review additional packages to supplement their insurance.
