Client PetPlan (Allianz Insurance) | Partner TAP London | Industry Insurance | Key objective The need to understand and mitigate against the effects of changing legislation

Petplan faced a number of massive challenges after dramatic changes to insurance regulation around vet referrals. There was a need to understand the impact, as well as determining what they could do to mitigate against the potential loss of business.

The performance of current conversions from vet referral was well understood and predicable. But with the new regulations in place, Petplan needed insight around what a new program should look like, and how it might perform. PetPlan needed to fully understand the customer life cycle and create different scenarios of business impact. They also needed to be able to evaluate the performance of the program and to amend any areas of weakness or under performance.

Petplan business impact graphic

The Apteco Solution

When the change was announced, a cross functional task force was assembled and pivotal to this task force was the insight team and the FastStats system. Petplan’s FastStats system is a wealth of information about their customers, their policies, their claims, their behaviour and their engagement, and it was this rich source of data that gave them the confidence to embrace the change and find a new way to engage with vets and their customers.

The insight team was able to demonstrate to the wider business the different types of customers that were coming through this channel and to use the power of FastStats to describe these customers and the technology assisted the task force in understanding the impact of the regulatory changes. This led to the creation of a comprehensive customer journey which included what time to contact prospects, the channel to use and the volume of communications. These insights also assisted in determining the type of cover to promote, the imagery to use and the level of personalisation that could be supported.

A well-trained and passionate insight team, armed with a FastStats system, can help even the biggest of companies successfully transform when faced with external forces that demand a change in how they do business

The impact on the business

Based on the intelligence that the task team and FastStats have provided, PetPlan was able to understand and assess the impact that changing legislation would have on their business. PetPlan have been able to create detailed customer journeys to deliver relevant, timely marketing campaigns and have used the insights gained to shape their marketing approach. The programme that was developed in line with these insights could be monitored, tweaked, and refined and has proven to be a great success. Thanks to the hard work of the Petplan analysts and their FastStats system, the quality of leads and the conversion rates have significantly improved.

Petplan had a major weapon to help deal with this challenge and that was their FastStats system and the expert users who understand it. Using FastStats has helped us transform a major area of Petplan’s business.

Kate Parker, Senior Marketing Campaign Analyst, Allianz

Kate Parker, Senior Marketing Campaign Analyst, Allianz