Bangkok--29 Dec--CIGNA Insurance
CIGNA Insurance has already commenced the implementation of its three-year-business plan by focusing on harnessing the Customer Value Management (CVM) tool to boost its sales growth. The CVM employment has yielded a rewarding result, represented by the 50 per cent increase of the customer response rate of buying its insurance plans through the telemarketing channel, which brings great satisfaction to all of its business partners accordingly.
Mr. Gary Wayne Denson, Chief Executive Officer & Country Manager of CIGNA International Marketing (Thailand) Limited (CIMT), an expert of alternative distribution focusing on call center management and telemarketing, said that since its recent debut in Thailand, CIGNA has continued to aggressively implement business strategies, according to its three-year business plan. CIGNA is subsidiary of CIGNA Corporation and CIGNA International USA. One of its key strategies is the employment of the CVM tool to manage the customer database in order to differentiate the company from competitors in the market. He added that the CIGNA subsidiaries worldwide have adopted the CVM as one key strategy to increase the response rate of buying their insurance plans through the telemarketing channel, in line with their strategy of boosting the sales growth.
CIGNA Thailand has deployed the CVM tool to support its marketing of its business partners’ insurance plans. As a result, the tool enables the company to achieve the average response rate growth of 50 per cent during the past six months.
In addition, the response rate of its Accidence Insurance Policy for individual customers surged to 45 per cent, while that of the Terminal Illness Policy rose sharply to 30 per cent. The response rate of Hospital Income Plan also climbed up to 40 per cent, while that of the exclusive Dental Protection Plan skyrocketed to 80 per cent.
The impressive growth has satisfied CIGNA’s business partners, which are among the Thailand’s leading insurance firms and top financial institutions because the above-mentioned surging response rate implies their foreseeable revenue growth through the partnership with CIGNA.
Ms. Anisa Choocharn, Chief Information Officer of CIGNA International Marketing (Thailand), who is the CVM expert, said that the CVM is the application of the statistic technique to formulate the data modeling and the effective data mining system.
It is also the effective tool to gain deep insight of the data of the customer targets, which would bring common benefit to all involved parties, including the customers, an insurance firm that deploys the CVM tool, and its business partners, which own the customer database.
The insurance firm will enjoy the CVM benefit by being able to accurately identify potential customers, who are inclined to show an enthusiastic response to the offered insurance plans. By this way, the company can greatly save marketing cost and spend the marketing budget on the most efficient basis.
More than that, the CVM tool will enable the company to devise the most appropriate strategies to communicate with those potential customer groups.
The insurance firm’s surging customer response rate will lead to continuous revenue growth of its partners accordingly as well as their declining marketing expense, while the targeted potential customers will be offered with the insurance plans that fit best with their desire and lifestyles. In Thailand only a few companies have fully embraced the CIGNA CVM - most of them are the companies with large database, such as those in the entertainment and financial sectors. In the Thailand’s insurance sector, CIGNA is the first company investing on the CVM and has continued to utilize its power to enhance its business operation.
“The CVM deployment reflects CIGNA’s belief that the best way to boost the sale growth is to sell the right product, at the right time, to the right consumer through the right channel. That explains why CIGNA’s subsidiaries worldwide have harnessed the CVM power to sharpen their competitive edge and to keep them ahead of the competitors.” said Mr. Denson.
Mr. Denson concluded that the above-mentioned surging response rate is the ultimate and concrete proof of the CVM direct benefit. CIGNA will continue to use the CVM as one key tool to expand its partner numbers and to achieve its revenue growth target.
For more Information, please contact :
Pimpaporn Somkiatweera (PIM)
Marketing Communication Manager
CIGNA Insurance Public Company Limited
Tel : 02 651 5995 ext. 205 , 081 847 4657
Fax : 02 6273037 E-Mail : [email protected]
Website : www.cigna.co.th