LV= improves its campaign response rates and volumes by combining a Single Customer View from Blue Sheep with blueANALYZER from BlueVenn.
LV= (Liverpool Victoria), a specialist in a range of insurance, investment and retirement products is the UK’s largest Friendly Society and has over five million customers and members. In 2010, LV= recognised that the business needed to implement a more targeted approach to its direct marketing campaigns.
Stacie Maxey, Analytics Manager at LV=, explains:
“The system that we were using before wasn’t designed to easily answer simple questions about our customers and campaigns. There was a lot of manual intervention needed and we had to use four different marketing tools to get just one campaign out the door, which was hugely frustrating.”
As a result, LV= began to look for a solution that would:
- Eliminate errors from customer communications due to manual processing.
- Allow the marketing team to operate effectively using a single solution.
Having surveyed the market, LV= selected blueANALYZER from software company BlueVenn as the most suitable analytics solution for insurance services. Using blueANALYZER, LV= has eliminated errors from its customer communications, allowing the marketing team to run one solution and provide greater insight from the customer base.
Having successfully implemented blueANALYZER, LV= turned to BlueVenn’s sister company Blue Sheep for a Single Customer View (SCV). This award winning SCV is a purpose built marketing database to handle insurance services needs and consolidates individual’s details into a single record, removing any need for manual intervention, ensuring a greater level of accuracy.
The SCV database sits beneath the blueANALYZER marketing solution providing updated views for accurate segmentation, analysis, modelling, campaigns and reporting. This combination has seen LV= achieve 15% uplift in leads and improved response rates by 39%. LV= is also on track to achieve a 100% return on investment within a three year period.
In October 2014, LV= were awarded the winner of the ‘Innovation in Data Quality Management’ category at the Database Marketing Awards for the design, quality and implementation of their Single Customer View.
To read the full LV= case study and find out how a multi-channel marketing solution combined with an SCV can improve response rates and generate more leads for your business click HERE.