Case Study
Cross-Industry Collaboration: Health & Wellness and Insurance
Evaluate the potential of collective data between the pharmacy chain and the health insurer to enhance the insurer’s demographic understanding, target potential policyholders within the pharmacy’s customer base, and foster mutual growth.
Using the Omnisient platform, the partners performed a data overlap analysis. This helped the insurer identify potential customers from the pharmacy’s loyalty and rewards base. With the incorporation of 3rd party demographic and lifestyle data, the insurer was able to enrich their demographic profiles.
Subsequently, the platform’s machine learning capabilities were employed to detect similar profiles in the pharmacy’s database to those of the insurer’s existing customers.
When overlapped, these datasets helped the health insurer view the number of the pharmacy’s loyalty and rewards customers who were neither policyholders nor had medical aid to show them the size of the partnership opportunity for both clients, i.e., this showed the number of prospective new policy holders the pharmacy could reach out to in their database on behalf of the partnering health insurance provider.
Using 3rd party data, the health insurance company was able to enrich their customer profiles with more demographic information to understand their policyholders better and as well as identify customers in the pharmacy’s customer database that looked most like their existing policyholders using built-in Machine Learning functionality.
This not only ensured targeting of pharmacy customers who would most likely find the offer relevant and would improve uptake, but it also enabled the insurance company to design a health insurance offering that would resonate within the largest demographic identified in the pharmacy’s customer database.
The potential size of untapped policyholders.
An in-depth demographic understanding of the insurer’s current customers.
Precision marketing was achieved by zeroing in on pharmacy customers who were closely aligned with the insurer’s existing customer demographic.
The pharmacy chain gained a strategic partner in the insurance company, potentially leading to mutual promotional opportunities and enhanced customer engagement.
Enabled the insurer to develop personalized offerings resonating with a significant segment of the pharmacy’s customer base, leading to improved policy uptake rates.
Customers benefited from more personalized and relevant insurance offerings, improving their overall experience with both brands.
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