iA Financial Group is one of the largest insurance and wealth management conglomerates in North America, publicly traded on the Toronto Stock Exchange. Its core sectors include individual insurance, individual wealth management, group insurance, and group savings and retirement.
For its subsidiary, Industrial Alliance, understanding policyholders is crucial for better risk management, enhancing customer satisfaction, offering tailored products, and maintaining profitability while providing adequate protection. A nuanced understanding of various insured profiles is central to the marketing department’s interventions at Industrial Alliance.
Implementation of segmentation for the “RRSP” marketing campaign.
The primary goal of the project is to leverage both internal and external data to obtain a 360-degree view of the customer, enabling advisors to offer personalized products and messages to specific groups within their clientele.
The organizational structure of iA Financial Group and its associated companies and departments is complex, with a high risk associated with data quality. Data preparation (such as deduplication) is essential for reliable business decision-making. During segmentation, a qualitative analysis of the resulting groups is necessary to ensure that the results are consistent and free from unwanted outliers. It is also important to ensure that business teams fully understand the obtained groups so they can appropriately tailor their messages.
Targeted segmentation enhanced a marketing campaign by identifying the most promising customer segments for personalized engagement.
The integration of internal and external data delivered a complete customer view, improving offer relevance and boosting overall satisfaction.
The development of detailed customer profiles empowered marketing teams to customize their messaging and refine their strategies more effectively.
Understanding a customer base relies on the ability to perform specific groupings, often referred to as “marketing discrimination.” Videns undertook an intervention that included both data consolidation and enrichment.
First, by merging databases from each department (savings and insurance), we gained insight into the current holdings of “insured” customers. Then, using external demographic data on the Canadian population, the team enriched the understanding of the current clientele with information not available in internal systems (number of children, types of employment, home ownership status, etc.). Utilizing statistical methods, segmentation techniques, and business knowledge, Videns was able to create lists of potentially valuable customers for various marketing campaigns. In addition to these lists, marketing teams were able to learn more about these high-potential customers for their campaigns and tailor their messages accordingly.
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