AEGON Hungary Composite Insurance Co. Ltd.

Analyzes thousands of data points to predict the needs of existing customers, increasing new policies by 3 percent

Published on 18-Mar-2013

"We knew we had a lot of customer data, but it wasn’t until we began using the advanced analytics solution that we truly realized how much valuable contributory information we had to identify cross-selling opportunities." - Zoltan Hans, director of service, development and online management

Customer:
AEGON Hungary Composite Insurance Co. Ltd.

Industry:
Insurance

Deployment country:
Hungary

Solution:
Big Data & Analytics, Big Data & Analytics: Customers, Big Data & Analytics: Risk, Smarter Planet

Smarter Planet:
Smarter Insurance

IBM Business Partner:
Clementine Consulting

Overview

With more than two million customers and employing approximately 1,200 people, AEGON Hungary Composite Insurance Co. Ltd., is a subsidiary of the AEGON Group and one of the largest insurance providers of life insurance, asset insurance and pension products for individuals and businesses in Hungary. The company’s insurance products range from healthcare, life and home insurance to business, car and fleet insurance.

Business need:
As a major player in the Hungarian life and asset insurance markets, AEGON has more than two million customers but didn’t have the capability to turn the existing volumes of raw customer data into valuable insight and cross-selling opportunities.

Solution:
To ensure that its customers are protected in the areas that they may have overlooked, AEGON dives deep into customer data to appraise their circumstances and exposure to potential asset or personal loss. To support cross-selling efforts, the company uses an innovative methodology based on a powerful statistical analysis and modeling solution that gathers volumes of customer data and makes connections between life events or situations and insurance needs.

Benefits:
With the IBM solution AEGON improved customer response by 78 percent, increased policy purchases by 3 percent and eexpects to boost cross-sell opportunities.

Case Study

With more than two million customers and employing approximately 1,200 people, AEGON Hungary Composite Insurance Co. Ltd., is a subsidiary of the AEGON Group and one of the largest insurance providers of life insurance, asset insurance and pension products for individuals and businesses in Hungary. The company’s insurance products range from healthcare, life and home insurance to business, car and fleet insurance.

The Opportunity
As a major player in the Hungarian life and asset insurance markets, AEGON has more than two million customers but didn’t have the capability to turn the existing volumes of raw customer data into valuable insight and cross-selling opportunities. The company’s existing combination of analytics applications that it used to perform customer data analysis was limited and could not provide the visibility and foresight it needed to understand customer needs and create relevant insurance offerings.

What Makes It Smarter
Many consumers opt for the most immediate risk protection, such as car insurance. However, they may not realize critical exposures to risks in other areas of their lives. To ensure that its customers are protected in the areas that they may have overlooked, AEGON dives deep into customer data to appraise their circumstances and exposure to potential asset or personal loss. To support cross-selling efforts, the company uses an innovative methodology based on a powerful statistical analysis and modeling solution that gathers volumes of customer data and makes connections between life events or situations and insurance needs. Based on aggregated customer profiles and predictive behavioral models, the business can understand who each customer is and craft insurance offerings that meet individual requirements. As a result, when the insurer targeted car insurance customers in a direct marketing campaign with tailored insurance offerings, most responded, and many purchased the personalized cross-sale offers.

Real Business Results

  • Improved customer response by 78 percent through a targeted direct marketing campaign that precisely reflects customer needs
  • Increased policy purchases by 3 percent, from 5 percent to 8 percent
  • Expected to boost cross-sell opportunities by selecting qualified customers and predicting type of insurance offerings needed
For More Information
Please contact your IBM representative or IBM Business Partner. Visit us at ibm.com/spss

To learn more about AEGON Hungary Composite Insurance Co. Ltd., visit http://www.aegon.hu/

Products and services used

IBM products and services that were used in this case study.

Software:
SPSS Statistics Base, SPSS Modeler

Service:
Software Services for Information Management

Legal Information

© Copyright IBM Corporation 2013 IBM Corporation Software Group Route 100 Somers, NY 10589 Produced in the United States of America February 2013 IBM, the IBM logo, ibm.com and SPSS are trademarks of International Business Machines Corp., registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the Web at “Copyright and trademark information” at www.ibm.com/legal/copytrade.shtml This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates. The performance data discussed herein is presented as derived under specific operating conditions. Actual results may vary. THE INFORMATION IN THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTY OR CONDITION OF NON-INFRINGEMENT. IBM products are warranted according to the terms and conditions of the agreements under which they are provided.


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