Increase Lead Conversion

The Challenge

Leads are the lifeblood of many businesses. Leads represent a starting point for reaching out to potential customers. However, a major challenge for organizations today is reacting and reaching out to the right customers at the right time using various touch points to improve lead conversion and customer experience. The ability to identify the right target segment and right offerings for promotion campaign is a common business objective in every industry, be it banking, insurance, or retail.

About the Company

Leading Insurance and Credit Card Aggregator in the Middle East
200,000+ customers
4th Largest motor insurance acquirer in UAE
MasterCard Technology Start Up of the Year
Partners with 90% of Banks & Insurers in UAE

The Solution

With iTuring, you can build extremely accurate predictive models in a couple of hours. These models can predict the likelihood of a lead becoming a customer. This information can be used to reach out to those customers who are more likely to buy your product, thereby improving results of marketing campaigns. Additionally, iTuring’s models can also predict the customers sensitivity to price, thereby ensuring that you offer customers the right price at which they are willing to buy. The explanations from the models can not only help you plan marketing campaigns effectively but also adapt your lead procurement strategy.

For the Insurance Aggregator, iTuring.ai used iTuring to build a “Lead Conversion Model” and identified leads with the highest likelihood to convert. Business used the results of their model and increased their lead conversion rate by 1.92x. As a next step, they will be using the results of the model to increase their tele calling efforts by 50% to achieve a 300% increase in conversions by focusing on customers with high likelihood to convert.

Highlights

4 weeks from start to deployment, real time scoring in production
AI Model built in 50 minutes with iTuring AutoML+
3 years data used for training the model
1.92x lift in lead conversion rates
Lead conversion increased from 16% to 31%
Only 50% incremental effort for 300% increase in sales

Impact

Lead Conversion

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Data to Value

0 Weeks

Sales

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Why iTuring.ai

Not only does iTuring provide highly accurate predictions of which customers are likely to defect, it also provides explanations for why each customer is likely to churn. This allows business users to better understand their clients churn behaviour and implement actionable and impactful retention strategies.

Increase Lead Conversion