Our client, a national healthcare provider, relied on brokers to acquire new employers for their health insurance business. Since brokers sold other insurance products in addition to their company’s products, there was no guarantee that their products would be recommended to a prospect. The client wished to reach out directly to prospects to establish relationships and influence final sales decisions.
Through historical data analysis, we determined that the client’s “best employers” had been customers for more than five years. In order to identify prospects who were good candidates to become these “best employers”, we developed predictive models on external third-party employer databases to score prospects. The highest-scoring prospects received a series of direct mail content, each offering a book on reducing healthcare costs. Prospects who requested the book were then called by the client’s inside sales to qualify the lead prior to sending them to a broker.
The program delivered more than a 12% increase in new employers, and an incremental $15M increase in year-one revenue. It has since been incorporated into a new department at the client, and the models are refreshed annually.
August 21, 2018
Project Briefs, Smart Data