Motor insurance retention rates were falling. Tesco Bank worked with Marketing Metrix to improve the effectiveness of their retention programme whilst by optimising their marketing spend.
What We Did
Marketing Metrix developed a retention programme that redefined the way Tesco Bank were targeting their existing policy holders. By integrating complex statistical modelling and expert marketing knowledge Marketing Metrix were able to develop a sophisticated CRM strategy. Several different communication streams were generated based on policy holders’ likelihood to renew their contract and their responsiveness to specific types of marketing and offers.
The results were stunning, an additional 11,000 plus policy holders were saved resulting in over £5 million worth of premium.