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ADAMS recently helped a bank partner to develop and execute Analytics Based Campaigns in order to identify purchase intent by phone, based on credit card transaction behavior, to thereby improve the Telemarketing efficiency.
A Business partner of ADAMS Indonesia had a credit card base of up to 1.8 million members and had been using outbound telemarketing to sell personal accident and hospital cash insurance. The campaign performance has been deteriorating due to lack of customer targeting and repeated calling.
The ADAMS customer analytics team advised the business partner on the development of two propensity models, for two insurance products respectively, to identify those prospects that are more likely to purchase insurance over the phone. Customer characteristics used included customer demographics and credit card transaction behavior. A campaign pilot was then run by the business partner with a structured test design.Results (the first 3 months):1.Model uplift of sales per lead: 49% - 313% (measured each month)2. Premium uplift for first 3 months: +US$1.2m- Assuming business as usual, the control group indicates that the campaign would have generated US$0.9m sales;- With customer targeting using analytics, total campaign premium generated was US$2.1m;- Thus, the uplift from applying analytics was +US$1.2m.It's worth noting that the business partner's data policy did not permit their credit card customer data to be sent outside of the bank for customer security. The ADAMS analytics team were able to propose a collaboration framework that allowed for its advice on the model development and campaign execution to be delivered in accordance with the business partner's policy.ContactIf you are interested in learning more about ADAMS please leave a message via the contact form.
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