NEW BUSINESS ACQUISITION AND CROSS-SELLING
This service uses our extensive underwriting and customer data knowledge to help you:
- Review the way to attract specific insurance customers with appropriate policies and offerings;
- Help identify target markets;
- Make recommendations for pragmatic solutions including ways of using external data to replace or supplement information from customers;
- Reduce acquisition costs.
As a result of a longstanding successful relationship with this insurance company, CWMC was called in to investigate ways in which this company could reduce new business acquisition costs and improve the service to customers seeking motor or household insurance quotations.
We investigated all aspects of what they did and why, particularly challenging why certain information was wanted or needed in order to manage the underwriting process. We looked at what factors really did affect underwriting the risk, and what were the most accurate predictors of claims. We also conducted an indepth analysis of what external data was available to replace or supplement the information coming from customers, allowing the client also to better evaluate risk and pricing.
Following our work, the client achieved a 70 percent reduction in the number of questions customers were required to answer, and a 70 percent reduction in quotation time.
