MDScience - Commercial Insurance Broker

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Commercial Insurance Broker

Optimally Recommend Products for First Sale, and Cross Selling

A major commercial insurance broker was struggling with how to serve it small to mid size business (SMB) customer bases better, during the insurance quoting process and as current policy holders. This segment of the business was relatively underserved compared to larger clients due of course to limitations of the smaller commissions earned. And many customers and prospects, when surveyed, spoke of the difficulty of getting good coverage recommendations and advice either at the time of first coverage or as their needs evolved over time.

MDS was engaged to use its Sales Recommendation Management^TM approach, to develop an automated coverage advisor for use for first time sales during the quoting process on the broker’s web site. At the same time MDS also developed a similar model for identifying cross sell / up sell opportunities to target in the existing customer base for follow up by customer service reps. The cross model was triggered by firmographics and by recent changes in exposure and the occurrence of important company “life stage” events. Quote conversion rates on new business and cross-sell rates for existing customers were significantly improved with the deployment of the coverage recommendation and cross sell system.

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