Vitality is the first insurance company to reward people for healthy living.
Owned by Discovery Holdings, a leading global insurer with over 4.4 million clients, the business has a value equivalent to a FTSE 100 company and sells health and life insurance plans to both businesses and consumers.
new in-market companies
call to appointment ratio
vs. existing data source
cost of acquisition
Vitality’s business development team has operated large-scale B2B outbound calling campaigns for a number of years, and was beginning to suffer from data exhaustion. Mass dialing to a limited market over an extended period had led to overexposure, opt-outs and diminishing returns.
A few thousand new companies were identified and added to the database each month, but these mostly consisted of startup businesses that were not yet ready to purchase insurance plans for their employees.
To revitalise this key marketing channel, Vitality needed to find a fresh source of companies they had not previously targeted, that had a high likelihood of being ‘in-market’ for health and life insurance products.
HOW GROWTH INTELLIGENCE SOLVED IT
Growth Intelligence examined Vitality’s historical prospecting data and used it to identify the traits common to the prospects who had gone on to become their best customers. This information was used to build a predictive model, which identified more than 130,000 brand new prospects that shared those traits.
This provided immediate access to a wider universe of companies. Importantly, it also identified companies in Vitality’s existing database that were highly unlikely to convert and could therefore be safely removed.
During an initial head-to-head pilot campaign, calls to companies recommended by Growth Intelligence generated twice as many appointments as calls to Vitality’s own records.
Vitality is currently experiencing a 24% reduction in cost of acquisition, and is on target to achieve a 10x return on investment in Growth Intelligence by the end of year one. And because Growth Intelligence’s models use machine learning, the quality of Vitality’s recommendations is improving month-on-month.
“Our agents love calling Growth Intelligence recommendations. Our data strategy was already sophisticated with a number of different propensity models running, but none had access to the data points available via Growth Intelligence. We have been able to increase conversion and reduce costs and we expect to see continual improvement.”
Ross Dowson, Director of Direct Sales, Vitality