PET MEDICAL INSURANCE SEES EXPLOSIVE GROWTH FROM TRANSPARENT DATA
Trupanion is the 2nd largest and fastest growing pet insurance company in North America, helping people pay for veterinary bills if their pet gets sick or injured. The company is focused on pricing fairly and accurately to provide value to clients through claims payments. Over the years, with the company’s continued growth and success, the need for accurate, comprehensive, and immediate information regarding sales, customer service, and retention operations grew. Daily reporting requirements were taking an inordinate amount of time so TJ Houk, BI Director, decided to find a dedicated BI tool. His decision to go with Sisense led to significant productivity improvements while maintaining headcount.
The Challenge: Explosive Growth and Inaccurate Reports
As Trupanion was experiencing explosive growth, data analytics and reporting were proving more and more challenging. TJ was seeing increased data problems relating to inaccuracies and delays, and needed to find a tool to meet the real-time performance demands across 20 different departments. Among these demands were actuarial statistics and operational reporting, customer segmentation for marketing optimization, and pricing and customer retention to build out financial reporting and forecasting.
“Sisense was quick and light to deploy; we were able to get proof of concept very easily and quickly.”
The Search Is On
For Trupanion, data transparency is top priority. This meant that the company was looking for a tool that could be used by all company ranks. TJ wanted a tool that gave the ability to manage the data to end users without the technical know-how of a data administrator. The ability to see data per department in real-time was extremely important to keep the data transparency in the forefront.
TJ was looking for a tool that could serve three different audiences: executives who wanted an overview of the entire business, regional/divisional managers who are more focused on management and behaviors, and front line users in need of timely progress updates. He needed something robust that could handle the data and could easily be used by non-technical users. TJ needed quick deployment and wasn’t interested in a long-term evaluation, development, and launch process. The Sisense free proof of concept and quality support fit the bill and helped TJ avoid having consultants on site and a costly implementation process.
Results Drive Success
After implementing Sisense, Trupanion now has actionable data relating to animal breeds, their geographies, referral sources, and many other categories. Since various insurance related services have different price points and churn patterns, they need to monitor their pricing and customer retention by precise segments, which they are now able to do. They are also focusing on marrying acquisition costs with customer lifetime values to make sure they are using their money and time in intelligent ways.
Sisense is also making a difference is in sales, leads and conversions (web, phone, and trials), phone call performance (abandon rate, service level), claims service level, cancels and retention rate segmented by channels, and IT service desk tickets closed. All those metrics are readily available and provide a level of actionable insight that was never before possible.
“We’re a data-driven organization. To satisfy our rapidly increasing need for information, Sisense provides a better ROI than investing in headcount or other tools.”
Hanging from the Trupanion office walls are TV monitors showing department KPI dashboards. Managers sit right in front of the dashboards keeping an eye on their teams’ achievements and overall department performance in real time. Some of TJ’s best moments are when a call-center representative runs up to the TV dashboard to point out their metrics update from a recent call. In the claims department, their dashboard shows their biggest claim of the day and their daily “number of pets helped” to help motivate people and remind them all what they’re there for. They have customer service metrics visible by all departments so they can see how their efforts result in better experiences for their customers.
At the end of the day, Sisense helps TJ’s team serve the company. Executives are happy because they have a clear view of business and company performance, the managers are happy because they can supervise and lead their teams, the IT team is happy because they’re free from reporting requirements, and the reps are happy because they get immediate recognition and feedback on the hard work they put in.
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