Confessions of an Insurance Marketer: How I Make New Customer Acquisition Incredibly Efficient

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This is the second in a series of posts on the journey of an insurance marketing professional. Click here for blog one.

Marketing is hard work…and often an equal measure of luck—which is largely based on timing. I’ve learned to never underestimate the power of either. Every successful customer acquisition campaign includes painstaking research and flawless deployment, but more often than not, victories can be attributed to stumbling upon a new twist or angle.

Hard work is commonplace. Tips and tricks are a little harder to come by. Although the Internet is filled with metric tons of electronic ink on all things marketing, discerning the actions that can make a real difference is often the biggest difficulty.

As a seasoned auto insurance marketer determined to help others become better—faster, I’m willing to reveal one of my most valuable secrets that helps with acquisition: Aggregated Credit Data (ACD). If I had ACD “back in the day,” perhaps I’d be closer to that island I’ve imagined buying. (Read my earlier blog to get the context on that reference.)

ACD is a powerful data set that provides an anonymized summary of credit information associated with consumers in a specific ZIP+4 geography. It provides information on quantity of credit, credit usage, behavioral information and close to 1,000 other credit characteristics, summarized at an aggregated level.

What a difference the right tool can make

Using ACD can make mailing offers to prospects more efficient. Understanding credit behavior provides the ability to create models and add volume to mail files without sacrificing efficiency when layering on ACD. ACD is also powerful for lead evaluation—in conjunction with consumer, self-provided characteristics—which provides better insight into a lead before I buy it.

Four advantages of ACD:

  • Make an individual offer based on the way an aggregated group of consumers manages their personal budgets
  • Personalize marketing messages based on a summarized credit profile of a particular geographical level
  • Improved understanding of consumers within a specific geographic area
  • Improve performance of marketing campaigns that don’t have insight into the aggregated credit behaviors of the geographic area

Aggregated Credit Data is a unique enabler that gives me what I like to call “marketing X-ray vision,” allowing me to gather more insight from the same piece of information another marketer may also be reviewing. It’s my secret weapon to scale my marketing universe with more information and less risk.

ACD is one of my favorite tools, and I’m happy to share this knowledge with you. In turn, I encourage you to share one of your “secrets” with someone. At one time or another, we can all benefit from the help of a new idea or way of looking at the same old data. Not everything can be solved with hard work alone.

For more articles about the insurance industry click here, or to contact me directly, please fill out the form below.

This is the second in a series of posts about my journey as an insurance marketer. Please come back as I’ll continue to share tips and tools to shorten the curve of solving problems and adding value to your career.

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