(Image credit: Adobe Stock.)
Taking aim at the problem of customer acquisition costs in the P&C insurance industry, that Direct to Policyholder (DTPH, Ponte Vedra Beach, Fla.) has launched as a company and provider of the DTPH suite. The new vendor describes itself as providing insurers a modular suite of customer acquisition, conversion, retention, and management solutions. By leveraging integrated direct response marketing protocols with advanced analytics and attribution modeling, DTPH says it enables its insurer partners to profitably acquire policyholders, while delivering significant operational efficiencies and sub-25 percent loss ratios.
“DTPH has developed a dynamic platform which has the potential to enable carriers and their distribution partners to generate new business at significantly lower acquisition expense,” comments Brian Tucker, SVP, Medical Professional Liability, Aspen Insurance (San Francisco).
Nick Doyle, CEO, DTPH.
DTPH says its new offerings come at a time when the insurance industry faces many significant challenges, including changes in customer behavior and preferences, strong competition from new market entrants, and near overwhelming catch-up work to do in the areas of technology modernization, adoption, and utilization. This makes it difficult for P&C insurers to prioritize changes which may positively impact CAC, a vendor statement says.
Acquire, Convert and Retain Profitably
“Many insurers underestimate the time and effort it takes to close just one net new customer,” comments Nick Doyle, CEO, DTPH. “And, that doesn’t even get as far as considering whether the customer that is acquired is actually profitable or can be made profitable in a reasonable timeframe. DTPH has developed a proprietary technology solution which enables insurers to acquire, convert, and retain new policyholders profitably, while potential policyholders gain the ability to get coverage in three minutes or less with 24x7x365 availability.”
DTPH reports that it has logged 250,000 policy sales for insurance company customers to date, and that the DTPH suite has proven successful by coupling top-of-the-funnel brand building, direct response marketing protocols, and a cloud-based technology platform to significantly streamline the insurance purchasing process. For the types of P&C insurance coverages which are not well-suited to the agent/broker sales channel, DTPH says it offers an alternative distribution channel.
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