Case Study: Leveraging Health Data for Customer Engagement and Conversion - RE.DOCTOR

مسح العلامات الحيويةDeep LearningTOICase Study: Leveraging Health Data for Customer Engagement and Conversion
insurance cross-selling

Case Study: Leveraging Health Data for Customer Engagement and Conversion

Company: Well Respected National Insurer

Objective: Convert existing policyholders into health insurance policyholders through personalized cross-selling engagement, driven by health data provided by customers.

I. Introduction

  • The company has a large base of policyholders for general life products and vehicle insurance products, but a relatively low percentage of health insurance policyholders.
  • In order to grow, and increase profitability, it was important for the company to grow its health insurance policyholder base.
  • The percentage of health insurance policyholders was less than 10% of the overall policies.

II. Challenges and Opportunities

  • Due to the availability of nationalized health cover, the perceived need for private health insurance is low.
  • Little distinction exists between the quality of health care provided by public and private providers.
  • By providing an opportunity for policyholders to collect their own vitals, they could better gauge their need for health care.

III. Proposed Solution

  • By integrating the RE.DOCTOR SDK into the company apps, policyholders can see their health data in real time, and choose to share it with the company.
  • RE.DOCTOR Vitals provided:
    • Data gathering and predictive analysis methods to compare to claim data
    • Segmentation and targeting based on health risks and needs
    • Development of personalized communication channels (e.g., email, app notifications)
    • Creation of targeted content and incentives (e.g., educational resources, health rewards)
    • Implementation of feedback mechanisms and customer support

IV. Implementation and Measurement

  • The RE.DOCTOR SDK was integrated in the companies apps, and its use promoted through marketing.
  • Key metrics for success, included:
    • Increase in inquiries and quotes for health insurance
    • Conversion rate from existing to health insurance policyholders
    • Customer satisfaction and engagement with the app
    • Return on investment (ROI) of the data-driven approach

V. Results and Discussion

  • Overall reduction in health insurance claims exceeded 10%, with reductions in a number of segments exceeding 25%.
  • Using predictive analysis of provided health data, cross-selling success increased dramatically, resulting in a 10-fold growth in the number of health insurance policyholders.
  • Improved policyholder sentiment of the company linked to the provision of health apps, education, and services.

VI. Conclusion

  • The approach of providing easy recording of health data, and its use for cross-selling, has a significant financial benefit.
  • Customer sentiment, and retention, is improved by providing health services.
  • Further analysis of the policyholder provided data will enable the design of new services and refined policies.

Additional elements considered:

  • Ethical considerations and data privacy regulations.
  • Integration with existing marketing and sales channels.
  • Long-term relationship building and customer retention strategies.