Farmers Insurance Group Analytics 50 Submission
Farmers Insurance Group
Woodland Hills, CA
As part of the company’s marketing strategy, one of Farmers Insurance Group’s goals is to focus on understanding how long it will retain specific customers and how its business can grow with them. Personalization has become a major initiative for the company, with the aim of better knowing its customers in order to target them with effective, tailored messaging.
Farmers uses historical data to determine what appeals to customers and predictive analytics to project that into the future and determine the right products and messages for them. It helps to ensure appropriate spending and optimize what the company offers in the market. Experimentation is a key part of advancing the company’s knowledge, whether that’s a change in ad spend or more personalized messaging. Technology is also critical.
The company’s approach introduces a more in-depth understanding of customer needs, from buyer hesitancies to breadth of offerings. Predictive tools have enabled Farmers to improve personalization for overall strengthened communication and more informed marketing decisions.