The Travelers Companies is an American insurance company. It is the second largest writer of U.S. commercial property casualty insurance and the third largest writer of U.S. personal insurance through independent agents. In 2014, the company reported revenues of US $27 billion and total assets of US $103 billion.
Travelers, through its subsidiaries and approximately 14,000 independent agents and brokers, provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.
The Barraza Group was recruited by The Travelers Florida Regional office to support its efforts in targeting high-growth market segments and improving customer retention. We successfully supported these efforts between 2004 and 2007.
Creating a stronger brand.
The business challenge - increased diversity in one of the largest states in the Union, and increased competition from other carriers. The solve – target one of the fastest and largest consumer segments, the U.S. Hispanic market. On behalf of Travelers of Florida, The Barraza Group completed a comprehensive discovery, design, and delivery process to help them capture market share and increase customer satisfaction and retention among the U.S. Hispanic market. We conducted an organizational assessment, market sizing, SWOT analysis, and delivered a detailed marketing plan that included key strategies, over 70 tactics to support the strategies, and on average, ten specific tasks that supported each tactic.
We trained the regional staff, sales management, and in cases, the sales force about the U.S. Hispanic market – its aspirations, its cultural nuances, its demographics, and how to tap into them in order to drive acquisition and retention.
In addition, we designed a micro-market database consisting of nearly 3 million geographies with detailed information about ethnicity, language, tenure of residency and other demographic data. This database was used to acquire new customers and measure business performance.
Cultivating customer loyalty.
We developed a statistical model which scored the Company’s customer database based on each individual's propensity to defect and their profitability. The model was used to pro-actively contact targeted customers to minimize defection rates. Due to its outstanding success, this scoring process was repeated multiple times.