In the insurance industries, many consumers view offerings as necessary but unengaging, making brand loyalty a challenge. With the rise of digital-first experiences in other sectors, consumers now expect the same level of convenience, speed and customer service when dealing with their insurance needs. Moreover, given the long decision-making cycles and cross-selling complexities of insurance products (e.g., health, life, home), understanding how marketing efforts on one product can drive sales of another is essential.
In a highly competitive and often saturated market, consumers are increasingly price-sensitive, particularly when it comes to commoditised offerings. Differentiating a brand or product is no easy task. Marketers must identify unique value propositions, optimise pricing strategies and track how pricing changes affect market share. Additionally, retaining existing customers while acquiring new ones adds another layer of complexity, particularly in industries with low customer loyalty. Marketing Mix Modelling (MMM) helps brands measure both acquisition and retention efforts, driving long-term value.
Brand perception, especially in relation to sustainability, is becoming an increasingly important non-financial KPI. Consumers are looking beyond price and service, evaluating brands based on their environmental impact and ethical practices. Objective Platform helps insurance brands monitor and enhance these non-financial aspects, providing insights into how perceptions of sustainability and corporate responsibility can influence customer behaviour and drive brand equity.
Objective Platform’s MMM solution helps insurance brands navigate these challenges by showing how various sales drivers contribute to business performance. Our platform also addresses seasonality by optimising marketing strategies for high-value periods, such as the notice periods at the end of the year. Importantly, our solution ensures compliance with privacy and regulatory guidelines by working with aggregated data, enabling companies to optimise their marketing efforts across both online and offline channels.
