Folksam is the leading Swedish financial company insuring every second person, every second family home and every fourth car.
Today Folksam employs 3,700 people and provides a range of financial products in the areas of insurance, savings and loans.
In 2004 Folksam Group managed SEK 134 billion in investment assets and had a premium income of SEK 23.2 billion.
To reap maximum benefits from its advanced customer analysis, including studies of customer demographics, buying habits and the impact of different life events on buyer behaviour, Folksam planned to accelerate its marketing activities by employing the use of the complete enterprise marketing management platform from Aprimo.
ExecVice President, Director of Marketing for Folksam, Lars Burman, said, “We wanted a more streamlined system, which would simplify the process for defining and selecting data segments for marketing campaigns, improve cycle times for planning and execution and provide an all-round view of customers as they came into contact with different marketing channels.ExecVice President, Director of Marketing for Folksam, Lars Burman, said, “We wanted a more streamlined system, which would simplify the process for defining and selecting data segments for marketing campaigns, improve cycle times for planning and execution and provide an all-round view of customers as they came into contact with different marketing channels.
"More automation was essential to increase speed and efficiency.”
Folksam implemented the Aprimo Marketing Enterprise Marketing Management (EMM) suite to enable the significant step-change in marketing activities that Folksam was seeking.
This included Aprimo campaign management features, which incorporate an easy-to-use graphical tool to define and select data segments.
Budgeting and financial planning elements of the system also helped to reduce campaign cycle times and ensure that activities run to plan and budget.
This incorporates a workflow ‘engine’ that enables Folksam to define the series of steps that make up a campaign. This incorporates a workflow ‘engine’ that enables Folksam to define the series of steps that make up a campaign.
Based on this workflow plan, the software automatically allocates tasks, deadlines and budgets to specific team members.
A key aspect of the solution is the way the system helps automate the management of intricate multi-channel conversations with the customer.
Customer dialogue is effectively allocated to the appropriate channel at the right time based on Folksam’s experience and customer models.
This helps to ensure that opportunities do not slip through the net.
CRM Manager for Folksam, Staffan Magnehed, said, “With our increased focus on the customer, and enhanced targeting and processes we have found that we have significantly improved our response rates for marketing campaigns.
“For direct mail we can achieve the same response as before with only 60 per cent of the mailings. In some campaigns we have increased response rates from standard industry levels to greater than 1per cent. Aprimo’s EMM technology has been a major factor in helping us to achieve such significant improvements.”
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