Norwalk, United States and London, United Kingdom – February 16, 2012 - Fospha has announced that it is extending its web analytics solution to a multichannel customer intelligence platform for LV=. This will enable LV= to better understand each and every customer journey and gain richer insights into each individual’s behavior, no matter how they choose to interact (web, contact center, mobile etc.).
For five years, Fospha has enabled LV= to collect, store and integrate its detailed online customer data from its various websites within the Fospha Customer Journey Platform. Due to its multichannel capabilities, LV= is now able to incorporate its other sources of online and offline data and for the first time, get a single customer view.
The extended Fospha multichannel solution enables LV= to integrate:
- contact center data – to understand how customers interact between the web and contact center
- aggregator data – to better understand attraction types and influencers
- mobile site data - to map the complete mobile journey for users
- social media sites and campaigns – to understand their role as referrers
- viral videos and games – to track their effectiveness and influence
Fospha’s Real-Time solution has also just been implemented for LV=. This displays key online performance metrics (number of visitors and page impressions) in real-time around the LV= offices on plasma screens. This enables LV= to monitor how the online business is performing in real-time and identify and fix any problems immediately.
LV= is also working with Fospha to query, visualize, report and analyze its multichannel and multi-device data. These insights have enabled LV= to get a detailed understanding of how customers work through options and identify when they reach choke points – both online and at the contact center.
With the ability to track and optimize every element of each customer journey, LV= has achieved a number of performance improvements, including: a 30% increase in quote success, 120% increase in application throughput and 26% increase in sale conversion. This spans the full range of different LV= products and directly relates to an uplift in revenue. LV= has also been able to reduce its paid search acquisition costs by approximately 30% by being able to better target its campaigns.
One of the biggest benefits of the Fospha multichannel customer intelligence solution has been campaign attribution. Previously LV= had been working on assumptions of attraction types and influencers. Now, the organization has a much better knowledge of which channels best support those functions and can make the appropriate corrections in marketing spend to maximize opportunities.
Paul Wishman, e-commerce director, LV= said: “LV= has grown significantly in the past five years to be the UK’s fourth largest car insurer and top twelve general insurer and analytics have played a key part in this. Whether the data originates from traditional computers, mobile devices or our contact center, the solution has been invaluable to our continued development and progress. The success we have seen in our quote rates, application throughput and sales conversion cements the fact that Fospha has tangible benefits.”
Fospha stitches together all your customer data and provides you with an in-depth analysis of each individual’s entire customer journey, enabling us to identify key areas that are losing you customers. Through being able to understand customer intent we can trigger personalised content at the right moment to drive conversions and increase your ROI.
LV= employs 5000 people and serves over five million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.
When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trades unions.
LVFS is authorized and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.