Ensuring the right volumes of the right data

Ensuring the right volumes of the right data

There is an increasing need among insurance marketers for fresh customer data. The sector is among the most data reliant. Although nowhere near the stratospheric mailing volumes of the credit card industry, insurance is still the fourth largest user of direct mail. As well as buying data in, some insurers and intermediaries now collect their own data – especially for cross-selling purposes – but it's a method that can have its disadvantages as well as its advantages. Luci Turffrey of Lloyd James Direct Marketing Services considers whether the DIY approach is proving more cost-efficient than buying it in. She also looks at the extent to which companies are shifting away from buying in lists to growing their own, and what data collection methods work best, as well as how insurance product marketers establish that vital first point of contact with consumers.