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Revenue Optimization through Effective Cross-Sell and Up-Sell Strategies for a European Specialty Insurance Provider .

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Overview.

A European specialty insurance provider sought to enhance revenue growth through effective cross-selling and up-selling strategies. Coforge implemented advanced customer profiling and propensity modeling to target policyholders more accurately. The solution included campaign design based on probability scores and a framework to measure campaign effectiveness, significantly reducing the offer rejection rate.

Challenges.

The client faced significant challenges in optimizing revenue growth: 

  • Revenue Growth Opportunities: Needed to enhance revenue through effective cross-selling and up-selling strategies. 
  • Superior Targeting: Required improved targeting of policyholders to increase sales success. 

Solution.

Coforge implemented a comprehensive revenue optimization solution: 

  • Customer Profiling: Analyzed customer data based on age, marital status, average ticket per transaction, mode of payment, etc. 
  • Propensity Modeling: Determined the probability of cross-selling a product to policyholders using propensity modeling. 
  • Campaign Design: Designed targeted campaigns based on probability scores and recommended cross-sell strategies. 
  • Effectiveness Measurement: Developed a framework to measure campaign effectiveness by capturing prospect responses. 

Key Highlights: 

Coforge's solution delivered significant value to the client's operations: 

Offer Rejection Rate Reduction: Achieved up to an 80% reduction in offer rejection rates within one year of implementation. 

The Impact.

Offer Rejection Rate 

Up to 80% reduction 

Revenue Growth 

Enhanced through targeted strategies 

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Let’s Coforge your next success story.

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