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.