Design develop and maintain a Project Insurance sales / marketing automation system
A new marketing and automated sales initiative, adding $365 M to a company sale value
12 year project of custom development and ongoing support by the Prodigm team.
A national branch of a major international insurance company was slowly fading away in the Canadian market and was expecting to close operations. The President and VP Marketing saw a demonstration of an innovative direct marketing and advertising campaign, operating successfully from the French branch of their company. They decided it was worth replicating that program, to see if the same process translated into success in the Canadian marketplace.
A variety of products, mediums and marketing campaigns were tested, to see if the French success could be duplicated. They needed a high-capacity CRM system to manage the prospecting, trial evaluations and the communication automation requirements with prospective policyholders.
The client chose Prodigm to design the CRM and write the code for the test system and then, as the program proved successful, to add automation and AI functionality to respond appropriately to all marketing events. These included: claims, change of address, cancellations, change of marketing strategy, payment suspension and cross selling initiatives. The Sales and Marketing system managed every required reactive transaction or pro-active action.
Two million prospects responded, were quoted and followed up automatically, with offers that were based on their specific demographic. The Automated quote process generated a stunning 15-20 percent conversion rate. Explosive year-over-year growth compounded dramatically. Over $60 million in annual premium income was achieved and continued to grow.
The Sales by direct Agents also grew at a rapid pace, almost in sync with the Direct sales due to the halo effect of a ubiquitous Television advertising campaign, and a great Television advertisement that delivered leads year-after-year,
Eventually the complete operation was sold and all staff transferred to a major bank for a sales price of over $365 million.