Mutua Enginyers was established in 1958 as an instrument of the College of Industrial Engineers of Catalonia, with the purpose of fulfilling one of its statutory mandates: "to organize and develop social security among its members." With over sixty years of experience in the insurance and savings sector, the entity offers comprehensive services to individuals, companies, associations, and technical groups, both in engineering and other disciplines. Its wide range of services includes life insurance, accident insurance, health insurance, and other social security products.
Mutua Enginyers faced the challenge of identifying and activating new policy sales opportunities within its current customer base. Its main objective was to improve its Sales efficiency and increase the average ticket of its existing customers while personalizing its reach and value proposition. Additionally, it emphasized the importance of the Marketing and Sales team understanding the factors influencing a customer's decision to take out a new policy.
Increasing the Average Ticket with Artificial Intelligence
At Shimoku, we developed an Artificial Intelligence solution that helped Mutua Enginyers identify which customers are more likely to take out new policies, as well as which specific policies. This solution included an explainability layer (drivers & barriers) and insights that provided teams with greater context to understand the factors influencing the purchase of new policies, as well as understanding the characteristics of the segments that converted best for different types of policies.
After the AI model produced a ranked list of customers with a high likelihood of purchasing new policies, these results were seamlessly incorporated into a cross-selling module. This module was specifically engineered to pinpoint additional policies that best suited their needs. Every customer was provided with a personalized price for the policy they were highly likely to purchase, with the aim of maximizing conversions.
Embedded within our solution is an actionability layer, serving as the vital link between AI model insights and tangible business results. At Shimoku, we firmly advocate that the essence of AI transcends mere data comprehension; it lies in its ability to instigate actionable change within a company's operations.
Conventional analytics often leave businesses grappling with an overwhelming influx of data, struggling to distill actionable insights. Our approach revolutionizes this norm by not only providing valuable insights but also empowering businesses to swiftly translate them into tangible actions, thus catalyzing monetization and operational efficiency.
Our solution harnesses the power of Generative AI technology to automate the offer creation process. Gone are the days of generic, one-size-fits-all promotions. Our AI solution analyzes vast amounts of customer data and model outcomes to craft automatically hyper-personalized offers tailored to each individual which are then seamlessly delivered to them via email.
At Mutua Enginyers, the actionability layer streamlined the process of automatically generating personalized policy offers tailored to customers exhibiting a higher probability of purchasing new policies. Through this streamlined approach, conversion rates were optimized and commercial efficiency was maximized.
