A European Specialty Insurance Provider Reduced Offer Rejection Rates by 80% Using Data-Driven Revenue Optimization Framework

Challenges

The client faced significant hurdles in improving revenue through better cross-sell and up-sell effectiveness:

• Limited targeting accuracy for identifying suitable policyholders for new products.
• Inefficient use of customer data for revenue growth opportunities.
• High offer rejection rates due to non-personalized campaign strategies.

Solution

Coforge implemented a comprehensive data-driven revenue optimization framework:

• Performed customer profiling based on key behavioral and demographic parameters such as age, marital status, average ticket size, and payment modes.
• Developed propensity models to predict the likelihood of cross-sell success for each customer segment.
• Designed campaign strategies using probability scores to target high-potential policyholders.
• Implemented a measurement framework to track campaign effectiveness and optimize future offers.

The Impact

• Achieved up to 80% reduction in offer rejection rates.
• Enhanced revenue growth through improved cross-sell and up-sell conversion.
• Enabled data-driven campaign design, improving marketing efficiency and customer response rates.