Life Insurance Case Study

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INDUSTRY

Insurance

BUSINESS OBJECTIVE

Boost the number of interested clients

LOCATION

Mumbai

Explore how Value Direct helped ICICI Prudential, one of the leading life insurance players in India, to boost the number of interested clients through Mobile Marketing

ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with a wide range of flexible products.

CHALLENGES

IPru spent valuable time searching for interested clients and creating time-consuming processes to tap the right customer. IPru needed a more engaging way to solicit customer interest in conjunction with their traditional insurance selling effort. The bigger challenge was to promote retirement and wealth plans offered by IPru to increase the number of interested clients and uncomplicate the picture of insurance for them. IPru wanted to target a very specific audience defined in terms of demographics and geographies within the given quarter’s time.

SOLUTION

Value Direct found numerous demographic variables that were more responsive and profitable than others. We also created an additional layer of selection criteria that separated unresponsive constituents from those that had a higher likelihood to respond. By targeting constituents more likely to respond, the organization improved campaign returns by a very high percentage.

IPru collaborated with clients to quickly develop high priority business value through an iterative development process.

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