Case Study: Segment of One for Insurance
The insurance sector benefits greatly from n=1 personalization (aka. hyper-personalization, aka. Segment of One). One company we work in that market segment was faced with a lack of coordination in messaging across channels, as well as stagnant or declining renewal rates. The question was whether more relevant and better coordinated messaging might make a difference in renewals, so we agreed to test that. For this purpose, we implemented highly-personalized communications, optimized by channel and message frequency at the individual customer level, plus AI-enabled renewal workflows that leveraged predictive renewal risk scores and other indicators. The result was a statistically-significant 60 […]