Big financial gains - quickly
CIGNA Insurance (Thailand) uses SAS® Analytics to help business partners generate revenue increases
Gary Denson, CEO and Country Manager for CIGNA Insurance Public Co. Ltd. In Thailand, spoke with SAS about the role of analytics in maintaining competitive edge by meeting the needs of customers and business partners.
In fact, CIGNA helped a leading retail hypermarket increase its revenue by US$600,000 in just three months, thanks to predictive analytics with SAS, says Denson says.
Since all our business partners also use SAS, this makes it is even easier for CIGNA to work with them, because we can fully integrate our processes for database analytics and product and channel strategies.
Q: How does data analysis benefit your business?
CIGNA uses telemarketing to present its personal insurance products to the consumers. Our business model deals mainly with affinity business partners, which are Thailand’s leading banks, financial institutions, large retailers and large telecommunication service providers. We use our partners’ databases to present our basic protection products through telemarketing; therefore, it is vitally important that CIGNA analyze the data well and select the right target to optimize offer relevancy to customer needs and still maximize our sales.
Q: Why did you choose SAS?
SAS has a reputation as the No. 1 software provider to develop data analysis within an organization, so we have used SAS since we first set up. And, since all our business partners also use SAS, this makes it is even easier for CIGNA to work with them, because we can fully integrate our processes for database analytics and product and channel strategies.
Q: How do you use SAS at CIGNA?
We use SAS Analytics to conduct data mining as well as predictive modeling in order to find out which customer segments will produce the best response to our products plus the optimal profile for long-term policy persistency. Also, we then refine our models to ensure that the customer contact guidelines of our business partners are respected to ensure best practice in terms of recency and frequency of offers. Direct response marketing must be personalized and targeted. SAS enables us to aspire and attain such high standards.
Q: What is your ROI with SAS?
SAS helped us increase our revenue and break even in the first month after implementation. For example, in a transaction with one of our business partners, whose business is a leading retail hypermarket in Thailand, we increased revenue by 20 million baht (approximately US$600,000) for our partner within the first three months.
Gain insights from data to boost marketing and partner relationships.
- Increased revenue to break even in first month after implementation.
- A retail partner gains US$600,000 in additional revenue in the first three months.