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Leveraging predictive data models for an enhanced CRM strategy

Legal & General

Rain boots

Legal & General, is a British multinational financial services company headquartered in London. Its products and services include life insurance, general insurance, pensions and investment management. It has operations in the UK, US, Europe and Asia.

Legal & General work in the cluttered and highly competitive over-50s market, in which it is imperative to achieve a strong level of predictive capability. They tasked Kin + Carta with enhancing the CRM strategy to improve the ROI of their direct email campaigns. To achieve this, we needed to reach those people most likely to respond positively – but could we go even further?

To map the optimal individual customer journey aligned to the optimal product choice, the application of better predictive analytics to improve marketing performance was critical. To land on the cost of both digital and direct marketing, and the power of better targeting, to improve yield and minimise spend, it was important to leverage in-house and external data to build predictive models to identify the customers most likely to respond. It was also important to identify previously unknown data quality issues and to help revise the existing governance approach to improve data management.

We focused on making the predictive model for the CRM strategy actionable, working across the marketing line of business to integrate the model into execution of digital and direct marketing communications, from tailoring data selections to dictating communications and personalisation strategies to developing new product (& cross-sell) promotional activity.

Legal & General’s response rate for their next campaign increased by 56%, saving an estimated £800,000 on direct mail campaigns over the course of the first year. For the work, Kin + Carta also won an award from the Chartered Institute of Marketing.

Successful implementation of a predictive CRM strategy can also help to spearhead further initiatives to embrace wider automation and to take more steps to embed analytical outputs into the decision making points of the organisation.

£800,000

saved on direct mail campaigns

56%

increase in response rate

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