LakeB2B’s Geo-Targeted Data Swells Acquisitions For Health Insurance Giant By 5X

4500

hours of labor saved through data-led process improvements

5X

jump in localized acquisitions

23-25.3%

rise in closure rates for target audience as per the segments

Industry : Insurance Sector

Location : New York, United States

Challenge : Reaching Insurance coverage-seeking Decision Makers Countrywide

Solutions : LakeB2B’s Geo-Targeted, Customized Database

MEET THE CLIENT

The client is a top property and casualty insurance company - with one-fourth of the total market share and more than $600 billion in premiums in 2020. The company provides B2B and B2C insurance products to almost 2 million members all over the globe.

CHALLENGES FACED BY INSURANCE SALES AND MARKETING LEADERS

REACHING SEGMENTED INSURANCE DECISION MAKERS

ALTHOUGH THE CLIENT WAS A RENOWNED INSURANCE PROVIDER, THE BRAND WAS STRUGGLING TO GRAB MORE MARKET SHARE OWING TO INTENSE COMPETITION. INSURANCE SALES AND MARKETING TEAMS WERE FACING CHALLENGES LIKE THE FORAY OF NEW ENTRANTS, CUSTOMERS DEMANDING NEW EXPERIENCES AND INTRODUCTION OF NEW REGULATIONS. THE CLIENT NEEDED A MARKETING SOLUTION PARTNER WHO COULD GIVE THEM A STRATEGIC OVERVIEW OF THE CONTEMPORARY MARKET AND THE WAY FORWARD WITH THE MOST PROSPECTIVE LEAD DATA.

Evolving customer segments with varied short-term and long-term financial goals is confusing insurance decision makers to choose the right insurance. Financial wealth advisors who are part of the team are compounded with the problem of one size fits all product and service features to make sales. They required deeper understanding of different decision maker segments - from founders, admins, facilities managers to HRs in various organizations and more job functions that were influencing purchase decisions.

The client owning a global consumers basket had to meet distinct regulatory and region-specific insurance product demands, down to the zip code level. But the client did not have robust data, wherein they could segregate and map the region-specific customers methodically.

The Solution

With wealth advisors having a tougher time than usual to meet sales targets, the client decided to opt for a lead data provider.

That would give them a deeper understanding of audience and industry preferences. Their main reason to opt for Lake B2B was the in-depth insightful customized data fields like full name, job title, location, direct dialing number, email and postal address and more of local and international insurance seekers.

That would give them a deeper understanding of audience and industry preferences. Their main reason to opt for Lake B2B was the in-depth insightful customized data fields like full name, job title, location, direct dialing number, email and postal address and more of local and international insurance seekers.

“Lake B2B empowered us with data-led marketing plans – the focus suddenly shifted from affluent customer segment to a broader segment in need of financial advice, products were pieced together to meet unique buyer needs, small commercial sub-segments such has small businesses were focused on,”.

Said a senior leadership team member from the client organization.

The insurer embarked on data-based geo-targeted digital acquisition campaigns ranging from dynamic messaging to display ads on their website and it was hyper-personalized as per regional preferences. Lake B2B ensured that every targeted email campaign that went out achieved 90%+ deliverability rate with competent data accuracy and relevancy.

THE RESULT

5X Geo-Targeted Insurance Acquisitions

Lake B2B’s depth of data intelligence helped the client to increase closure rates for the target audience, as per product segments by a whopping 23-25.3%. The insurer thus surpassed immediate competition with a 5X jump in localized global acquisitions.

As a consequence, a total of 450% ROI growth was witnessed. The client was finally able to quantify market opportunities with precision and flood their sales pipelines with high-converting leads across the healthcare industry.

Quote
We have always been an international brand; hence Lake B2B’s tailored data insights and regional specificities helped us a lot in delivering sharp-shooting, localized insurance multi-channel campaigns. I now wish to expand my market reach to newer territories, thanks to the data power provided by Lake B2B.

David Blake,
Seasoned Financial Wealth Advisor.

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