20 May Gerber Life Insurance Increased Policy Retention by 59% at a 32% lower CPA
Performing cross channel advertising activity with disparate data sources is complex for any marketer. By executing several projects for one of the insurance industry’s top providers, Gerber Life Insurance Company (GLIC), we can truly say while challenging, it is doable.
As the insurance industry marketing approach evolves to focus on consumers directly, GLIC took the opportunity to also shift its business objectives from a pure product-focused to a more customer-centric strategy. Their goal was to consolidate all disparate data sources into a single place for in-depth customer data analysis to define customer segments that bring in the most revenue. This provides GLIC with the necessary insights to implement a new prospecting strategy; leveraging lookalike audiences to target customer segments similar to their current high-value customers was a more efficient way to increase customer acquisition.
Google Cloud Platform (GCP) data integration capabilities allowed DELVE to consolidate GLIC’s disparate data sources through BigQuery. By executing customer data analysis in GCP, DELVE was able to define customer segments that were divided into high and low-value customer clusters. With the cluster analysis for customer segmentation, GLIC discovered their most profitable audience segments and leveraged lookalike modeling for more specific and personalized targeting to drive new cross channel customer acquisition at a lower CPA.
Identify the high-value user audiences to drive more efficient cross channel customer acquisition
The Data-Driven Approach
• Consolidate offline CRM and other third-party data in the Google Cloud BigQuery to carry out the customer data analysis and define customer segments
• Analyze GLIC’s critical KPIs to designate high and low-value clusters from their current customer segments
• Build a new prospecting strategy by leveraging lookalike modeling to reach audiences similar to the high-value customer clusters
59% Increase in Policy Retention and a 32% Decrease in Cost-Per-Acquisition (CPA)
Our full case study provides insights into our data-driven approach that powered high-value cross channel customer acquisition at the most efficient CPA for a leading insurance industry organization. Get the full case study below: