Insurance company managed portfolio attrition and decreased operating costs with Linakis.digital Loyalty Solutions
Our client, an emerging Insurance firm, needed to mitigate high attrition rates due to the adverse economic climate and the sector's competitive environment. The objective was to build a Customer Engagement Strategy within the constraints imposed by the current industry dynamics that will also enable the company to manage costs.
Linakis.digital was appointed to develop a Loyalty program, capitalizing on the insights produced by the in-depth analysis of the company's existing portfolio.
In order to understand the company's operations, we performed a Deep Dive Analysis that enabled us to identify its dynamics, reach conclusions and develop solutions. More specifically, we analyzed:
The customer portfolio to gain insights on behaviours that impact attrition.
The company's cost structure.
The company's sales and marketing model.
Having reached a deep understanding of the company's needs, we designed our Loyalty Solution to address the desired challenges. We also executed research to measure the solution's relevance to the end customers' needs and optimize the value proposition.
Based on the results of the analysis & research, we developed a detailed business case that covered:
The reward Customer Value Proposition (CVP), ensuring that business goals are met, and the loyalty program is viable in the long term.
The proposed Marketing & Customers' Enrollment Plan through all available channels, aiming to reach maximum portfolio penetration.
A 5 years' Cost-Benefit & ROI Analysis.
The Customer Loyalty Solution we designed for our client included:
Loyalty programs, especially in the insurance sector, create opportunities to increase interaction with the customers through more regular, positive messages setting the basis for a longer relationship. If the selected loyalty program provides meaningful rewards to the customers while addressing bottom-line business goals, then it can produce measurable results in the long term.
The Loyalty Program designed by Linakis.digital had the following impact:
At Linakis.digital we appreciate that Loyalty programs require thorough business analysis and planning, creativity and technological innovation to stay relevant and in sync with today's customers. As a Customer Analytics & Loyalty partner , we ensure that the program we design will meet both your business & your customers’ needs, while our CRM and analytics services guarantee that you will be able to leverage the valuable information collected through time, highlighting emerging opportunities and addressing any challenge.