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Marketers in highly competitive industries such as insurance must balance the need to retain policyholders and increase product depth while dealing with shrinking budgets.
Chordiant Marketing assists by providing marketers with sophisticated applications for intelligent marketing decisions, operational campaign management and real-time inbound offer recommendation during servicing. The comprehensive solution features an intuitive, unified environment for planning, defining, executing and monitoring multi-channel, multi-wave inbound and outbound campaigns.
Chordiant Marketing is fully integrated with Chordiant Servicing applications to provide real-time execution of customer-relevant offers during servicing interactions. Operational constraints (such as call volume), information collected during the current servicing interaction, historic policyholder data and decision management technologies are leveraged to ensure that optimal offers are delivered. Both the delivered campaign content and any subsequent customer response across multiple channels are recorded in real-time in the unified policyholder profile.
Chordiant Marketing provides universal data access to assist marketers in building their operational marketing and analytical marketing databases. This means existing data sources can be consolidated without the need for a proprietary data-mart, marketers can quickly add new data to their database (e.g. upload a suppression list from Excel) without relying on support from IT. Chordiant also provides full support for monitoring campaign and decision performance, allowing marketing managers to optimize their strategy and make changes quickly and easily.
Marketers may also choose to further optimize the campaign marketing mix and policyholder contact strategy, by utilizing the capabilities of Chordiant Decision Management to increase policyholder recruitment, improve retention strategies, increase up-sell and cross-sell success and reduce business risk during any policyholder interaction. For each policyholder contact, there is a decision to be made in the light of four important dimensions: whether the customer will respond or buy, defect to a competitor, cause a loss to the company, or recommend the company to others. We refer to these dimensions as The Four Rs: Recruitment, Retention, Risk and Recommendation.
The sophisticated decisioning and segmentation functionality provides powerful functionality to allow marketers to segment and profile their policyholders. This combines both powerful operational business rules to manage complex contact strategies and predictive algorithms to calculate customer propensities to respond or defect. Regional agencies and brokerage marketing personnel are able to contribute to the targeting and messaging processes for their local policyholder portfolios and thus improve overall campaign effectiveness.
Chordiant Marketing reduces marketing costs enabling higher levels of productivity by automating complex recurring, multi-channel, multi-wave campaign execution. The campaign scheduler capability coordinates and monitors the execution of complex campaigns including those that rely on interdependent tasks and external processes (e.g. FTP output file to mailing house). Event-driven campaigns can be developed and 'triggered' based on policy expiration dates, customer behavior and life events.
Multi-stage, phased campaigns can be quickly developed and then executed automatically across traditional outbound (e.g. direct mail, telesales, etc), indirect (e.g. print, broadcast advertising, etc) online new media direct and mobile channels, new media direct (e.g. permission-based Email, wireless SMS messaging, personalized web pages, etc) and inbound customer service channels including contact centers, agent offices and web self-service.
The solution also provides a comprehensive campaign meta data. The 'heart' of this is an outbound communication and inbound customer response history, which is produced as a by product of executing campaigns.
The Chordiant Marketing open architecture enables seamless integration with existing databases, thereby leveraging existing assets, while its proven scalability can handle a 100 million customer records within a single database.
Chordiant customers typically report recouping their investment within Chordiant Marketing after the first few campaigns.
If you require additional information on the Chordiant Marketing Solution, please download our brochure, call 1-888-CHORDIANT or contact your local Chordiant Office.
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