Gain More than Competitive Advantage in your P&C Insurance Marketing

The competitive landscape of Property & Casualty Insurance requires insurers to stay ahead of the game when it comes to serving the needs of customers and stakeholders. Among all the various areas making up the complexity of the industry, Customer acquisition is one area in particular that requires insurance carriers to focus strong efforts to gain a competitive advantage. This is also one of the most difficult (and expensive) for all P&C insurance organizations (more than any other industry). 

Problem 1: Customer Acquisition Costs are What for Insurers?

Problem 2: Challenge of Shrinking Marketing Budgets

Marketing budgets are shrinking as carriers face profitability issues, with low retention and high churn draining resources. Increased customer price shopping, coupled with stabilizing premiums post-pandemic, adds to the challenge. Insurers need to maximize their limited budgets to effectively acquire and retain high-value customers.

How Pinpoint’s Person-Level Intelligence can help Insurance Marketers

Pinpoint’s powerful combination of behavioral predictors and advanced AI is helping insurance carriers get a complete profile of risk of their customer. This Individualized ‘person-level’ risk assessment is proving critical for insurers due to its capabilities in segmenting low-risk customers from the riskier, and then offer the ability for carriers to make informed decisions on whether a given individual is their right customer. Here are some ways P&C Marketing teams can use Pinpoint predictions and scores to improve their marketing strategy:

1. Identify & Segment High Value Customers – Insurance carriers can focus on acquiring new customers with better risk, utilizing the power of person-level predictions that are based on an individual’s choices, which ultimately indicate whether someone has the propensity for risky decisioning that will impact the carrier.
   
2. Inform Marketing Spend Decisions – Utilizing Pinpoint’s powerful person-level predictions, teams can ensure marketing dollars are spent specifically on targeting customers with indicators for a high Customer Lifetime Value (CLV) as well as identifying those with the highest propensity to cancel early or become a non-pay policyholder. Targeting marketing campaign dollars to high quality prospects ensures marketing teams efficiently utilize spend, even against the constraints of shrinking budgets.
3. Improve Lead Quality – Pinpoint’s person-level predictions can help carriers improve lead quality through early identification of the right customers to target. This can include customers with the highest propensity to convert, are low-risk, and who are the likeliest to become loyal customers.
4. Enhance Digital Advertising – Using Pinpoint’s predictions, insurance marketers can determine which segments (customers or leads) to target or not to target in digital advertising campaigns, based on their risk appetite.
5. Elevate Direct Mail Marketing – Many insurance marketers include direct mail in their marketing strategy as it is particularly effective for carriers and consumers alike. Pinpoint provides unmatched risk identification for this marketing channel, where marketers can use Pinpoint predictions to build custom direct mail response models for better targeting.

These are but a few select mentions of where Pinpoint’s person-level predictions are helping insurance marketers improve and augment their marketing efforts to achieve optimized customer acquisition.

Building a Competitive Advantage in Acquiring the Best Customers

Ultimately, in insurance it is all about having a competitive advantage across the insurance value chain. Whether it’s during the application and receiving quotes, during a claims experience, customer service experience, at renewal, or in reporting to the Board, the reality for insurers is ensuring they can stay ahead of the game when it comes to balancing protecting the assets of insureds while achieving profitability for all stakeholders. 

Pinpoint’s person-level predictions provide a solution for insurers that offers a competitive advantage when applied to marketing efforts. When carriers have the intelligence to target and acquire the best customers, they are able to focus dollars and efforts on the most targeted consumers, while also predicting a better outcome for successful retention and continued renewal. It’s all about achieving the ultimate goal of reducing churn and increasing customer retention for the long-term.

Pinpoint Predictive delivers the earliest, most accurate loss predictions and risk scores to fast-track profitable growth. Many Pinpoint clients have successfully used Pinpoint’s predictions and scores beyond marketing in pre-application, customer acquisition, pre-renewal, agency book rolls review and for market consolidation. Pinpoint is an easy lever P&C insurers can leverage to improve loss ratios and grow equitably and sustainably. For more information, contact info@pinpoint.ai