Why prescreen

1. Why would I choose to do a prescreen campaign? 2. Why should I use credit-based data for my acquisition campaigns? 3. Why would I limit my universe of prospects? 4. What type of results can I expect?

Why would I choose to do a prescreen campaign over an ITA campaign?

If you are looking to fine-tune your acquisition efforts and attract prospects who are more likely to match your criteria, and therefore more likely to convert to a policy, using credit-based prescreen marketing is for you.

Here’s one simple example of why:

our studies have shown that prescreen consumer address information is much cleaner than ITA data.

That’s because ITA data tends to be compiled based on self-reported information. It’s not uncommon for consumers to provide incomplete, or not completely accurate data when requested in return for information.

Prescreen acquisition campaigns provide better response and conversion rates than ITA campaigns―as they are getting to the intended target. By using prescreen solutions, such as LexisNexis® Insurance Prescreen, you can segment your market and focus on prospects who are more likely to convert.

Why should I use credit-based data for my acquisition campaigns?

As carriers seek to balance profitability and growth of their policyholder base, their marketers have to ensure acquisition campaigns hit the mark in terms of attracting prospects who match the organizational risk profile and are more likely to convert to a policy. Credit-based acquisition campaigns have been shown to provide improved response and conversion rates―identifying prospects who match organizational risk criteria and are in the market for insurance.

Because credit-based acquisition campaigns use actual credit data, the accuracy and reliability of the data is much greater than what you may see from other sources, such as self-reported data. At the most basic level, ensuring your offer of insurance is getting into the hands of the exact individual you’re targeting can have a huge impact on return on investment (ROI). This is because with prescreen, a prospect’s address is current and they are likely to be in the market for insurance. These factors are crucial to marketers who are constantly challenged to strike that balance between growth targets and marketing ROI.

Credit-based acquisition campaigns have been shown to provide improved response and conversion rates―identifying prospects who match organizational risk criteria and are in the market for insurance.

Why would I limit my universe of prospects?

If you have not used prescreen campaigns, the recommendation is to continue your existing marketing strategies and augment with prescreen to add more qualified respondents to your quote workflow. The funnel of leads coming to your brand will not be reduced. Instead, it will be enhanced with qualified leads. Over time, you can adjust marketing tactics between ITA and prescreen data to match ROI results, as appropriate.

What type of results can I expect from a prescreen marketing campaign?

On average, we’re seeing response rates in the range of 2% to almost 3% and conversion rates of a little over a quarter to two-fifths of a percentage point. Conversion-to-response rates range from 11% to 14%. However, on very targeted campaigns that are based on when a consumer is actively in the market (trigger-based campaigns―see the following section), those numbers can go as high as a 5% response rate and 1.1% conversion rate, with a conversion-to-response rate of 20%²!

Each carrier’s results will vary based on many circumstances, such as brand recognition, pricing competitiveness and consumer shopping experience.