Broad market and triggers

1. What is included in broad market campaigns? 2. What is a financial trigger? 3. What is an insurance trigger? 4. Why use triggers over broad market? 5. Orchestrating prescreen offers on a daily basis

What Can Be Included in Broad Market Campaigns?

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A broad market prescreen acquisition campaign can include vital segmentation attributes such as:

credit behavior and financial attributes

insurance risk scores and

insurance shopping attributes

Driven primarily by risk profile, broad market attributes enable insurance marketers to identify and target the best prospects for their business. Generally, broad market campaigns are not as time sensitive as trigger-based campaigns, so campaign cadence can be more spaced than with a campaign based solely on triggers. The quality of credit data over ITA data makes broad market campaigns an attractive option.

What are Financial Triggers?

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A financial trigger is a specific behavior, such as when a consumer applies for a financial product―including an inquiry into or opening of an auto lease or loan, home mortgage or home equity line of credit. Bank card and student loans are also viable financial products.

There is a positive correlation between these financial products and the need for insurance. Because financial triggers are indicative of a consumer potentially being in the market for insurance, these triggers can be used as attributes for the purposes of prescreen marketing.

However, they require timely and immediate action by the insurance carrier.

What Are Insurance Triggers?

Similar to a financial trigger, an insurance trigger is a behavior directly related to an insurance purchase. It’s activated when a consumer shops or applies for insurance, providing a clear indication that a consumer is in the market for insurance.

Much like financial triggers, insurance triggers require timely and immediate action by the insurance carrier.

Why would I elect to use triggers over broad market?

Financial and insurance triggers are highly indicative that a consumer is actively seeking insurance coverage. They are in the market for insurance and would therefore be more responsive to an immediate offer of insurance.

What if I cannot orchestrate my prescreen offers on a daily basis or at a high cadence?

Financial and insurance triggers require immediate outreach to the consumer, ensuring that the offer of insurance coincides with the consumer’s shopping activity. Third-party processors perform ongoing outreach to consumers and can help facilitate the orchestration of timely prescreen campaigns.

The response and conversion results for prescreen campaigns using triggers can be significantly higher than for other types of campaigns, thus offsetting the potentially higher cost of a campaign using third-party assistance.

Acquisition campaigns that use broad market prescreen segmentation criteria consistently outperform ITA campaigns.

Working with a reliable and authorized third-party processor and adopting a regular cadence of consumer outreach can help ensure success for those carriers who are looking to execute highly targeted acquisition campaigns that zero in on consumers who match the organization’s risk profile and are more likely to convert to a policy.