Interpolis, one of the largest property and casualty insurers in the Netherlands, purchased SPSS' predictive analytics software to expand its business through lead generation, Chicago-based SPSS said yesterday.
Interpolis, based in Tilburg in the Netherlands, is the largest single brand consumer property and casualty insurance company in the Dutch market. The company has about 6,000 employees and is also active in Luxembourg and Ireland.
SPSS' PredictiveMarketing will let Interpolis predict which customers are most likely to buy its insurance products. Interpolis aims to boost sales to existing customers and broaden its customer base, which could add millions of euros in revenue.
Interpolis generates 85 percent of its revenue from Rabobank's branch network. The insurer selected SPSS' analytics software to better understand and predict customer needs and feed this information to branch staff, showing opportunities to sell its insurance products.
Interpolis' marketing department also will use SPSS software to identify which customers are most likely to defect once an insurance contract has ended, the reasons for defection and the best actions to minimize it. In some instances, a 50 percent attrition rate is common — hence the potential for improved business results.
“The majority of our product sales stems from Rabobank's branches. However, branch employees do not always have insurances top of mind since they have over 30 different products in their portfolio,” said Maarten van der Aa, head of marketing and business intelligence at Interpolis. “SPSS will help us determine for each particular customer what the best offer is at any time, taking much of the uncertainty out of the sales effort and helping to spot every commercial opportunity.”
Melissa Campanelli covers postal news, CRM and database marketing for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters