Transforming Insurance Marketing with Predictive Analytics and Employment Data

Challenges

Averisana wanted to predict a particular type of outcome within insurance distribution that partly relied on some of their domain specific attributes, but had elements of other income or financial economic related attributes that they really didn't have any good way to acquire.

They required a solution that could accurately model insurance demand using income and employment  data to leverage in targeting healthcare shoppers more effectively, which they lacked.

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Solution

Livesight partnered with Averisana to provide unique data for verification of employment to show loss of income and employment intelligence that were essential for developing a first-of-its-kind predictive analytics model in insurance demand. The collaboration involved the following key steps:

1. Data Integration:

• Livesight provided a comprehensive set of income and employment-related data attributes.
• These data attributes were used to develop a predictive analytics model tailored to Averisana's client needs.

2. Model Development:

• Livesight's data science team worked closely with Averisana to create an initial model.
• The model was refined through iterative testing and validation, ultimately resulting in a robust predictive tool.

3. Implementation:

• The predictive model was implemented within Averisana’s existing systems.
• An AB testing setup was used to measure the effectiveness of the new model against the baseline.

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Results

The implementation of Livesight’s data solutions led to significant improvements for Averisana:

Immediate Impact:

• The new model was deployed in mid-December and showed immediate improvements in key performance metrics.
• Averisana experienced a 25-30% lift in results relative to their baseline.

Return on Investment:

• The enhanced targeting capabilities resulted in a 25% higher return on ad spend (ROAS).
• Averisana was able to optimize their targeting strategies, reducing customer acquisition costs.

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Client Testimonial

Sudhama Gopalan, CEO of Averisana, praised the collaboration with Livesight:

"Livesight has unique income-related data elements that, in conjunction with our domain-specific elements, were used to develop a first-of-its-kind predictive model in insurance distribution. The Livesight team worked collaboratively with us throughout the model development and testing process; and crafted ingenious and flexible commercial terms geared towards growth and customer value. We rely on Livesight and their data science and product team’s enormous knowledge and resourcefulness in all our new use cases as they surface."

- Sudhama Gopalan, CEO

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Future Plans

Averisana plans to continue working with Livesight on their current project and is looking to expand the partnership for an upcoming project with a new client. The collaborative and growth-oriented approach taken by Livesight has enabled Averisana to not only address their immediate needs but also support future use cases.