Policy Owner Marketing
Unlocking the Value in your Client Base
What is your Greatest Asset?
Is it :
Your Brand?
Your Staff ?
Your Balance Sheet?
Your Customers?
​
We believe there’s a strong case to be made that your Customers are your greatest asset.
​
The purpose of Policy Owner Marketing then is to maximise the return from your greatest asset through increased revenue and improved customer satisfaction leading to higher retention.
​
A question we often pose to our Bancassurance clients is: "is a ‘face to face’ insurance distribution strategy sensible, affordable or even appropriate for a large segment of your client base"?
​
And, will client base segments that are not necessarily financially literate actively involve themselves in purchasing life insurance and in particular from an app?
Done correctly, Policy Owner Marketing provides a cost effective methodology for increasing insurance penetration across the mass client base in particular.
How it Works
At heart, Policy Owner Marketing is offering targeted insurance propositions as an add-on to existing cover.
​
It is successful largely because your customers see it as a service extension rather than 'intrusive' direct marketing and it can be done via any combination of Mail, Insert, Telemarketing, SMS, Messenger App etc.
​
The key is that it is a simple purchase decision for the recipient.
In order to provide you with the best possible experience, we have partnered with Riverside NL who have a global reputation in Policy Owner Marketing.
​
About Riverside:
•Established in 2005, Amsterdam
•Worked with over 130 companies in 39 different countries
•Insurance marketing, data science and actuarial professionals over 5 continents
•Analysed data from over 40 million insurance policies
To start the process you supply us with an an anonymised data extract to enable us to identify target customer segments, recommend product offers and provide you with projected programme results.
​
From there we provide you with a detailed implementation plan including agent communication if required.
​
Once approved, we follow the plan, launch the program and of course carefully track and report on progress through detailed weekly updates.
Financial Terms
We always share in the costs of the program and we make our return through a reinsurance quota share agreement.
In effect, this means that your only cost is your agreed share of the marketing costs.
Allow us to explain using the following diagram
We do the work for you
Requirements from Us
Results Example
Market & Target Audience
•Asia
•Life Insurer
•Protection Policyholders
Product & Offer
-
Personal Accident
-
Add - on to existing Endowment Policy
-
Mail drop with telephone call follow-up
Results
Direct Mail response rate – 0.9%
Outbound Telemarketing:
-
Contact rate – 41%
-
Response rate – 9%
Annualised Premium: EUR 150
​
Download the Brochure
Security of Your Data
•Our business depends 100% on data. We have legal and moral obligations to treat data with the highest degree of care and confidentiality.
•We are fully compliant with GDPR and all staff receive full GDPR training.
•All staff are required to report on any data security issues and changes. Comprehensive data breach protocol in place.
•Wherever possible, we use data in a fully anonymised format.
•After your acceptance of a proposal, all matters related to customer data are subject to a comprehensive Processor Agreement.
•We do not retain any client data for longer than necessary.
•We do not provide client data to third parties (eg production suppliers) without your consent. Sub-processor agreements govern all such actions.
•Our Data Protection Officer holds and manages a Register of Processing for all personal data.
•Data transfer between insurer and Riverside is via SFTP, encrypted and password protected.
•Only designated Riverside staff have access to client data, via 2-step authentication.
•All data kept on Riverside’s own servers hosted in professional data centres certified ISO27001. ISP9001, NEN7510
Would you like to know more ?
If you'd like to more about how to how to maximise the value of your most important asset through increased sales and customer retention we'd be delighted to arrange a no-obligation presentation and discussion on how Policy Owner Marketing can benefit your business.