CIGNA Campaign Management - SOC it to them!

The challenge

When it comes to making large-scale sales strategy changes in a multinational corporation, things get tough!  Add to that the complexity of achieving this in a foreign market – and things can be even more of a challenge.

CIGNA International is a leading US based life insurance company.  Its local branch in Korea is the Life Insurance Company of North America (LINA).  In response to the growing demand for insurance products, LINA Korea have been partnering with leading organisations rich in consumer information.  Partner organisations include credit card companies, banks, and loyalty programmes.  These collaborations allow LINA Korea to cross-sell financial services to their customers.

One such partner is SOC, the holding company for a leading Korean loyalty programme called ‘OK Cashbag’.  The OK Cashbag programme works in a similar way to Fly Buys here in New Zealand.  The programme has been very successful in the Korean market, with 20 million members.

As it is not feasible to call each SOC customer and offer them several products at the one time, the challenge was to offer the best product, first time round, to the right customer, thereby reducing unwanted contacts while maximising sales rates. 

The solution

Datamine devised an innovative solution that gave LINA Korea and SOC the ability to determine not just the propensity for an individual to purchase a product but also to determine from a suite of products which one ought to be offered.  

As a result, it was possible to reduce the number of products offered to each prospect, and the number of prospects targeted.  This contrasts the traditional approach of attempting to sell each-and-every product to each-and-every prospect.

The solution was special because it:

• introduced a totally new targeting method; and
• was achieved against cultural and organisational odds

The result

The model built by Datamine provided significant improvement from mass offerings. By adopting the new customer-centric approach, future campaigns will be increasingly successful, as the number of ineffective contacts with customers is reduced.

In addition, this approach yields the further benefit of reducing customer base wear-out, while still gaining a higher sales rate.  A win-win for everyone! The data analytics provided by Datamine ensured that offer optimisation, (which had never been attempted by LINA Korea or SOC), was successfully completed.