Struggling to retain users, CDP can help!

4 min readDec 30, 2020

Retaining the existing customers in the insurance industry is a major problem with the rise of price comparison sites and the increasing likelihood of customers shopping around before renewing their car, house or contents insurance. The tendency to shop around is also a direct result of the increasing options for customers in the form of the insurtechs that are providing a myriad of offers by being digitally customer-centric, agile, intelligently deploying automation and leveraging the ecosystem by open architecture.

Research from CallMiner revealed that avoidable churn costs businesses $136 billion in the U.S. alone.

CDP is a packaged software solution that employs a unified, persistent and analytically driven view of individual customers based on data from interactions across multiple data sources (CRM, clickstream, transactions, third-party, etc.), and is already benefitting firms around the FS industry.

Let’s see what a typical customer journey would look like for someone who has an existing relationship with a financial services organization.

User Persona

Jennifer is a teacher from Texas.

She has a Home Loan and an IRA account with the financial organization.

She has been paying the Home Loan payments on time for the last 5 years and is looking to refinance her home loan. She is also open to take some more credit based on Home Equity she has built.

Step 1: Awareness & Discovery

Customer Perspective

1 | Jennifer is searching for refinancing home loan options on online lending websites and provides her email address

CDP Perspective

1 | CDP receives data from 3rd party as a batch file ingestion and maps the email addresses with existing customers. Detects Jennifer is looking to refinance her home loan. CDP also detects signs of attrition based on her behaviour using look alike modelling. CDP triggers an email

Step 2: Research

Customer Perspective

2 | Jennifer receives an email with information about other products from the organization, such as HELOC. She clicks on HELOC and spends time on information related to HELOC and related financial tools

CDP Perspective

2 | CDP captures the browsing activity. Based on time spent on each page and other profile information, CDP calculates Jennifer’s propensity to buy HELOC products, which is very high, activates via telesales channel

Step 3: Seeking Advice or Consultation

Customer Perspective

3 | Jennifer receives a call from HELOC expert offering attractive rates for HELOC. Also offers her advice on other investment opportunities.

CDP Perspective

3 | CDP provides profile and past activities information to the HELOC Expert based on which He is able to discuss Jennifer’s needs and extends Offers assigned to her by CDP

Step 4: Personalized Offers

Customer Perspective

4 | Jennifer logs in her account to check on her home loan. She sees a personalized message offering a HELOC account with special discount due to her being an existing user of the financial organization

CDP Perspective

4 | CDP unifies all of Jennifer’s customer profile and behaviour data and is able to calculate her propensity to buy HELOC. Assigns attractive offer to her to retain her as a customer.

Step 5: Customer Retention

Customer Perspective

5 | Jennifer clicks on the personalized offer to see more details. Makes a call to HELOC expert to enquire about the new offer

CDP Perspective

5 | CDP provides Jennifer’s profile and assigned offers to the HELOC expert who is able to provide personalized experience to Jennifer and converts her for a new HELOC account. Thus retaining her as a customer of the financial organization

Step 6: Cross Sell Opportunities

Customer Perspective

6 | Browse Cross Sell Offers

CDP Perspective

6 | CDP receives summarized activities in Jennifer’s accounts as well as data from 3rd parties using which additional cross-sell opportunities are found and activated.

How CDP can help brands retain the customers

Customer retention is a continuous process that requires skilled execution, over time, across many touch points. Micro-segmentation, personalized meaningful product recommendations across app, website, and email, and omni-channel campaigns are few such techniques that are deployed to retain customers. Without unified customer views, effective personalization is impossible.

A CDP has following capabilities to enable brands to access and act upon their customer data:

· build, monitor, and maintain data collection pipes for the centralized system from all a brand’s otherwise disconnected customer data sources;

· resolve identities to build complete customer profiles;

· give marketers direct access to explore and use their data; and

· build, monitor, and maintain data pipes out to all a brand’s external systems of action.

With a completely connected customer data foundation, marketers are empowered to work upon incorporating the actionable insights into the various customer retention programs and grow a loyal customer base, a stronger business, and a better bottom line.