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Junction drives success through real-time data insight
Immediate release: 02 August 2012
Junction, the UK's largest insurance affinity provider, has announced it is successfully rolling-out a project which sees it tap into valuable consumer knowledge already held by its partner brands.
The partnerships arm of the BGL Group is working across its brand portfolio to drive customer growth and brand loyalty by utilising the customer insight already held by its affinity brand partners. The data is employed at the point of quote, to ensure customers' premiums are based on the most accurate risk profiles. This helps drive more appealing quotes – especially for those customers that have established relationships with the brand.
The approach is the result of significant data analysis activity, working with its Insurer partners to build correlations between data and insight held by the brand partner and the likelihood of that customer making a claim. If the customer seeking a quote is seen to be low-risk, this information is used to reduce the insurance premium they see on a price comparison site or the brand's own website.
Peter Thompson, Managing Director, Junction: "This project is another important technology innovation for us and, to the best of my knowledge, we are the only affinity provider in the UK that is able to drive such valuable insight in real-time on data already held by our partners. Many of our partner brands already have a strong and loyal customer base, and have many different touch-points with them – from store and credit cards to email marketing promotions – so the work we are doing will only strengthen those relationships even further. Importantly, it means we are able to recognise and reward the customers' loyalty to a brand, regardless of the channel they choose to transact through."
Peter continued: "Recently Junction customer research identified that 12 per cent of people appreciated their insurance brand recognising their loyalty in some way, and even cited this as the reason for renewal. Because of the trust placed in the high-profile brands we partner with, their customers have high expectations – so utilising insight to learn more about them is helping to deliver on those expectations, and, vitally, cement loyalty."