Solutio Turns Dumped Data Into Virtual Floor Show
Step right up to the trading floor... that is not a trading floor. Yes, trust technology to challenge morphology, writes James Brewer.
Just launched by insurance ecommerce company Solutio, The Trading Floor mops up the information that at first glance is worthless.
In other words, or Solutio’s words, the virtual floor “provides a revolutionary solution for the personal lines insurance market’s problem of increasing costs fuelled by the considerable percentage of failed quotes”. This is bound to have lessons for general insurance, too.
Up to now, the way insurance providers do their marketing has encouraged many people to seek quotations. Naturally, many of these fail to convert to sales, “leading to escalating acquisition costs and decreasing response rates”, says Solutio.
That is where The Trading Floor comes in, as a means of exchanging and enhancing customer and enquirer information through a centrally managed data pool.
Wilsons Insurance Group of Manchester has become one of the first brokers to sign up.
Contributing insurance companies and intermediaries send their unwanted and unconverted data into The Trading Floor’s consolidated database, and earn revenue form data sold to or used by a network of pre-approved partners.
Further revenues can be created from the wider general data market. Receivers use the data to support direct mail, telesales and email campaigns and transfers direct from internet or call centres.
Organisations can use the fund of information to enhance customer records with fresh data from cross-selling.
(Lloyd’s List – 27th October 2005)
Just launched by insurance ecommerce company Solutio, The Trading Floor mops up the information that at first glance is worthless.
In other words, or Solutio’s words, the virtual floor “provides a revolutionary solution for the personal lines insurance market’s problem of increasing costs fuelled by the considerable percentage of failed quotes”. This is bound to have lessons for general insurance, too.
Up to now, the way insurance providers do their marketing has encouraged many people to seek quotations. Naturally, many of these fail to convert to sales, “leading to escalating acquisition costs and decreasing response rates”, says Solutio.
That is where The Trading Floor comes in, as a means of exchanging and enhancing customer and enquirer information through a centrally managed data pool.
Wilsons Insurance Group of Manchester has become one of the first brokers to sign up.
Contributing insurance companies and intermediaries send their unwanted and unconverted data into The Trading Floor’s consolidated database, and earn revenue form data sold to or used by a network of pre-approved partners.
Further revenues can be created from the wider general data market. Receivers use the data to support direct mail, telesales and email campaigns and transfers direct from internet or call centres.
Organisations can use the fund of information to enhance customer records with fresh data from cross-selling.
(Lloyd’s List – 27th October 2005)
0 Comments:
Post a Comment
Links to this post:
Create a Link
<< Home