Data analytics is the cornerstone of a successful direct marketing campaign. Without correctly sourced and profiled data, there’s almost no point in contacting your potential customers. That would be like trying to hit a target in a completely dark room – totally pointless and probably costly.
Quality data is necessary for determining your target market, the most effective method of communication, and the most opportune time to offer them your services, as well as determining their likelihood to sign up for your product and remain enrolled for months to come.
But when you’re working with large amounts of data covering a range of complex metrics, having a robust data analytics tool is an absolute necessity. Some companies use a combination of tools that they may have licensed or bought from other suppliers, and these tools, for the most part, offer users a range of benefits. But at the same time, buying these tools and renewing the licenses for them can be an expensive exercise.
That’s why we developed our own data analytics tool, based on over a decade of collected information, machine cognitive algorithms, and advanced actuarial calculations. We call it the Optimum Dynamic Data Scoring model, or ODDS for short. Based on a unique combination of variables, it allows us to score each customer without infringing on their right to protection of personal information.
What are the ODDS?
ODDS allocates a score to each potential customer, indicating the following:
- Likelihood of a client purchasing a product (response ratio)
- Likelihood of a client paying the first premium
- Expected number of months a client would pay premiums
Most importantly, ODDS enables us to help our clients maximise the data they have already available, and drive the best possible return on investment for each marketing endeavour.
The Optimum Dynamic Data Scoring model has now been tried and tested over a period of 2 years and we are exceptionally excited about the results it has delivered for our insurers and database owners.
But a great data analytics tool can only take you so far. You may be able to get all the relevant information and insights, but unless they are used smartly and effectively, there’s almost no value to the data. That’s why we believe that the best thing to compliment a great data analytics tool is a great team with solid experience.