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Utilities

Transform Utility Sector Performance With AI-Driven Predictive Data Insights

Modernise your utility organisation’s performance across the customer life cycle with Outra's potent data insights, tailored for the energy, gas, water and telecommunication sectors. By harnessing actionable intelligence from millions of UK household behaviours, Outra empowers you to modernise customer experience. This includes acquisition strategies, elevated account engagement, retention frameworks, and refine risk assessment processes. Stay at the forefront of the rapidly evolving utility industry with AI-informed decisions, made swiftly and confidently through Outra's cutting-edge data solutions.

Navigate the Future of Utility Innovation with Next-Gen AI Data Insights

Advanced predictive data analytics to actively engage high-value prospects and tailor utility product offerings to household-specific needs. Outra serves as the catalyst for data-driven transformation, enhancing efficiency, ensuring compliance, and driving profitability in utility operations across the energy, water, gas and telecommunication sectors.

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Advanced Market Insight

Stay ahead of the home mover lifecycle using AI in order to identify signs of significant life-stage events and financial indicators before they happen. Gain the upper hand in market positioning and product offerings.

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Engagement Precision

Access market-ready, high-intent leads across a variety of household insights tailored to the energy, water, gas, and telecommunications sectors that are ideal for your product solutions and offers.

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Enhanced Product Offerings

Leverage AI to forecast consumer purchasing patterns across a spectrum of utility services including energy, water, gas, and telecommunications, enabling tailored and optimized product offerings.

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Customer Risk Insight

Augment new and current client data to evaluate potential arrears and credit preferences for risk tolerance across the energy, water, gas, and telecommunications sectors.

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Protect Consumer Duty

Equip your organisation with the Vulnerability Index, offering a holistic method to identify vulnerable, elevated or at-risk households before they fall into arrears or require alternative payment options and products that don’t meet their needs.

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Fuel Poverty Support

Anticipate trends in fuel poverty to proactively tailor financial assistance programs for utility services optimising support for vulnerable households.

Targeted Benefits

AI-Driven Utility Revenue Protection & Elevated Customer Experience

Revenue Protection

Retain high-value customers while fortifying revenue protection streams through advanced AI combined with customer life cycle, engagement and revenue strategies.

Audience Segmentation

Harness AI-powered advanced data insights to segment your customer base and facilitate more precise acquisition and lifecycle marketing strategies.

Customer Retention

Experience significant improvements in customer retention rates with our advanced customer segmentation algorithms increase your Customer Lifetime Value.

Regulatory Compliance

Seamless compliance with financial regulations across the utility sector created through robust data insights, bolstering ethical reputation and operational inclusivity.

Streamlined Resource Allocation

Enhance resource allocation efficiencies by prioritising clients for engagement through AI-powered propensity and products based on financial qualification.

Advanced Strategic Planning

Utilise AI-driven market foresight to enhance strategic planning and risk mitigation, critical for success within the utility sector.

Maximise Sales Effectiveness

Target high-engagement prospects strategically to optimise utility product solutions based on their household needs, both now and in the future.

Customer Lifetime Value

Prolong customer retention with seamless experiences to anticipate life cycle stage changes, specifically tailored for cross-sell and upsell opportunities.

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News & Insights

The latest industry news, interviews, technologies, and resources.
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Data
8 read

Upstix Case Study for Pre Mover

Upstix Case Study for Pre Mover‍: “Moving house is such a fundamental trigger point for so many suppliers. Pre Mover gives us an edge that others don’t have”

Read More
March 15, 2024
“Moving house is such a fundamental trigger point for so many suppliers. Pre Mover gives us an edge that others don’t have”

Upstix, a leading house iBuyer in the UK, provides people with a new way to sell their home. But as a disruptive start-up, the biggest challenge for COO Frederick Jones is identifying and marketing to people who are actively planning to sell their house.

Using the Pre Mover AI tool from Outra enables Upstix to not only target who is about to put their house on the market, but also to focus on the segment of those most likely to use an iBuyer. 

The challenge: Identifying and engaging people actively planning to sell their houses

The most valuable consumer group in the UK are home-movers. They spend more before, during and after their move than any other consumer segment. 

For Upstix to survive in a very competitive market, Frederick has to be able to maximise the return on his marketing investment by successfully targeting people who are actively planning to sell their house. “My challenge is to originate actionable leads in a very cost-effective way. We just can’t afford to spray and pray.”

On average homeowners spend £13,000 within a year of moving on expenses like renovations, furniture and electronics. 

The solution: Pre Mover has a proven 1 in 4 success rate of identifying people selling their house in the next 6 months. 

Precise Segmentation

Outra have trained Pre Mover to not only identify the people in the UK planning to sell their house, but also to focus on the people most likely to use an iBuyer. Pre Mover uses 2,300 data points and 130 signals to identify people who are looking for a quick sale, potentially due to probate or financial distress, and that have the type of property Upstix can sell on quickly. “Pre Mover gives us the base level of home-movers, and then we can apply various other layers on top of that around individuals in the household and the type of property, so we're able to precisely segment the type of person and specific location of houses on streets.”

No matter what segment of the home-movers your company targets, Pre Mover can be configured to find them. 

Continual optimisation

A key part of the partnership between Outra and Upstix is the continual optimisation of the tool. “We do a 360 degree refresh every three months and we evaluate the success of every campaign to improve the machine learning. This segmentation analysis feeds into where we target our social media and direct mail spend, and the look-alike audience for email campaigns. It is an iterative process so we can constantly improve and retarget our marketing with Pre Mover.”

Machine learning within Pre Mover means that the longer it focuses on a segment, the more precise it gets, and so results continually improve. 

Sales and marketing integration

Frederick also sees the benefits along the whole sales funnel. “It’s not just about targeting people initially, but also about how they go through sales and actually become clients. The whole sales funnel is continually fine tuned from top to bottom.”

90% of Upstix’s leads come from targeted advertising. This means that Frederick’s team isn't waiting for people to find them by chance as they search online. Upstix are proactively approaching the right people at the right time. What is more, the successful conversion rate on these leads is 12% which is four times the industry average.

“When leads come in, our sales team is spending time speaking to people who understand our service, and are in a position to sell. So we are having much more impactful conversations”.

The benefits: Evidence that your marketing is delivering return on investment 

“A lot of companies promise better data analytics and more leads, but most don’t deliver”

Real estate DNA

A big factor that gives Frederick confidence in Pre Mover is that real estate is in Outra’s DNA. Outra’s founders have decades of real estate experience and a deep understanding of what data is meaningful and informative. 

Fail-safe accuracy

The other big reason why Frederick believes in Pre Mover, is that there is a fail-safe way to check its accuracy. “If Pre Mover predicts a house move, say 98 Elscott Road, we can check on The Land Registry six months later, and see if that property actually has changed ownership”. This gives us a definitive score-card for Pre Mover, and a sure-fire way of optimising checking its accuracy.” 

“To see the success of the model makes me feel really confident. It gives us an edge, and makes me believe the business will be a success”

Case study
Marketing
8 read

The Art of Targeted Advertising with Home Mover AI

Maximise ROI with Home Mover AI's Precision Timing in Advertising

Tait Lawson
Marketing Director
Read More
April 1, 2024

In the intricate dance of advertising, timing is not just a factor—it's the central stage. Home Mover AI has revolutionised this aspect, bringing an unprecedented level of precision to targeted advertising. By tapping into the predictive power of Home Mover data, advertisers can now reach potential customers exactly when they are most likely to make key decisions; significantly boosting the effectiveness of marketing campaigns.

Section 1: Applying Home Mover Insights Across Industries to Reinvent Marketing ROI

Elevating Marketing Strategies with Predictive Accuracy

The Home Mover product from Outra, with its advanced AI and predictive analytics, offers an innovative approach to enhancing marketing ROI. By accurately predicting when individuals are planning to move homes, this tool enables advertisers across various industries to time their campaigns to this critical decision-making phase. This precise targeting ensures that marketing messages are not just relevant, but also delivered at the most opportune moment.

Real-World Impact Across Diverse Sectors

For instance, a furniture retailer can utilise Home Mover data to identify prospective customers who are in the process of moving, offering them timely deals on home furnishings. Similarly, a telecom provider can target households moving to new areas with special broadband and TV package offers. These targeted approaches ensure higher engagement rates, thereby leading to improved conversion rates and maximised sales efficiency.

Section 2: Innovative Use Cases Across Industries that Benefit from Home Mover Insights

Versatility of Home Mover Data in Targeted Advertising

The application of Home Mover data is not limited to a single industry; its benefits span across numerous sectors. This predictive tool can be used by companies in fields ranging from home entertainment to personal finance, each leveraging data to meet their specific advertising needs.

Precision in Campaign Execution

The strength of Home Mover lies in its ability to offer high-intent consumer targeting. For instance, an insurance company can utilise this data to identify households that are relocating to new home, and might be in need of home insurance products. This level of precise targeting enables businesses to not only reach the right audience but also to do so at a time when their products are most needed, thereby significantly enhancing campaign success and ROI.

Section 3: How Home Mover Data Has Become King of Targeted Success with Predictive Marketing in the Digital Age

The Evolution of Digital Advertising

Amidst the rapidly evolving digital advertising landscape, predictive marketing has taken centre stage. The ability to forecast consumer behaviour and preferences has become increasingly vital for marketing success. Home Mover data, with its rich predictive insights, emerges as a critical asset in this new era, enabling advertisers to craft campaigns that are not just reactive, but proactively aligned with consumer needs.

Home Mover as a Cornerstone in Predictive Marketing

Home Mover's data stands out as a key player within this transformative period. It provides advertisers with a powerful lens in which to view potential customer transitions, particularly in the context of moving homes. This insight proves crucial, as a home move often triggers a series of purchasing decisions. By tapping into this data, marketers can anticipate needs and offer solutions before the consumer actively seeks them out, thereby positioning their brands strategically in the customer's journey.

Shaping the Future of Marketing Strategies

The predictive power of Home Mover data is reshaping how marketing strategies are formulated. Instead of a scattergun approach, advertisers can now employ precise, data-driven strategies to target consumers. This shift not only improves the relevance and effectiveness of advertising campaigns but also enhances the overall consumer experience, as messages and offers are more likely to align with the consumer’s current life stage and needs.

Section 4: Anticipating Consumer Behaviour By Leveraging Data for Effective Campaigns

Harnessing Predictive Insights for Timely Engagement

The core strength of Home Mover data resides in its ability to anticipate consumer behaviour with remarkable accuracy. This predictive insight is invaluable for advertisers aiming to engage with their audience at the most opportune moments. Understanding when consumers are likely to make significant life changes, such as moving homes, allows for the crafting of campaigns that are not only relevant but also exceptionally timely.

Strategic Campaign Planning with Home Mover Data

By leveraging Home Mover insights, advertisers can strategically plan their campaigns to coincide with these key decision-making periods in consumers’ lives. This could involve targeting individuals with offers for home-related services and products, or providing timely information that assists them during the moving process. Such targeted and well-timed advertising not only improves campaign performance, but also enhances customer experience, leading to stronger brand loyalty and long-term engagement.

Section 5: Future-Proofing Marketing Strategies with Home Mover AI

Adapting to a Changing Marketing Landscape

As the marketing world continues to evolve, staying ahead of the curve becomes increasingly important. Home Mover AI is an essential tool in this respect, offering a forward-looking approach to predictive marketing. By understanding and anticipating the shifts in consumer lifestyle and behaviour, advertisers can future-proof their strategies, ensuring relevance and impact in a consistently evolving market.

The Continuous Evolution of Targeted Advertising

The integration of AI and data analytics in marketing is not a fleeting trend but a fundamental shift. Home Mover data is at the forefront of this shift, continually refining the way advertisers approach campaign planning and execution. Its role in the future of marketing is not merely about targeting the right audience but also about fostering a more intuitive and responsive advertising ecosystem.

Conclusion

The art of targeted advertising in the digital age has been significantly enhanced by the advent of predictive tools like Home Mover AI. This innovative approach has revolutionised the way advertisers plan and execute their campaigns, ensuring that they reach consumers precisely when they are most receptive. The predictive power of Home Mover data has not only redefined marketing ROI but also established a new standard for customer engagement and satisfaction. As the marketing landscape continues to evolve,the strategic use of such AI-driven insights will undoubtedly play a pivotal role in shaping the future of targeted advertising, making timing not just a factor, but the essence of successful marketing strategies.

Insights
Marketing
8 read

Predictive Home Mover Marketing How Any Industry Can Benefit

Discover the power of predictive Home Mover marketing to boost ROI across diverse sectors

Tait Lawson
Marketing Director
Read More
March 25, 2024

In the fast-evolving world of marketing, the ability to anticipate consumer needs and behaviours is a coveted advantage. Enter the realm of predictive marketing, a technique that leverages data to foresee consumer actions. At the forefront of this revolution is Home Mover data, a tool that, while closely associated with real estate, holds untapped potential for a myriad of industries. This article delves into the versatility of Home Mover data, exploring how it can serve as a linchpin in understanding consumer intentions and reshaping marketing strategies across various sectors.

Section 1: Anticipating Consumer Behaviour by Leveraging Data for Effective Campaigns

The Importance of Consumer Insights

In today’s data-driven marketing landscape, understanding consumer behaviour is not just beneficial; it's essential. Home Mover data provides a window into the minds of consumers before they make significant life changes. This home mover information is invaluable, as it gives marketers in any industry a head start in tailoring their strategies to meet the evolving needs of their audience.

Shaping Advertising Strategies

The ability to anticipate when a consumer is planning to move can revolutionise advertising campaigns. For instance, retailers can target pre-movers with promotions on home furnishings, while automotive companies might highlight family-friendly vehicles. This foresight allows for a more strategic, targeted approach, ensuring that marketing efforts are not only seen, but are also relevant and compelling.

Section 2: Personalised Marketing for Any Business by Crafting Tailored Ads with Home Mover Data

The Era of Personalisation in Advertising

Personalised marketing has become the cornerstone of successful advertising campaigns. In an age where consumers are bombarded with generic advertisements, the ability to stand out with tailored messaging is invaluable. Home Mover presents a unique opportunity to personalise advertising efforts based on imminent life changes.

Creating Customised Ad Experiences

By leveraging Home Mover's predictive data, businesses across various industries can craft ads that directly address the needs and preferences of home movers. For example, a telecommunications company can offer special broadband packages to individuals moving to a new area, or a pet supply company can target pet owners moving to a property with more outdoor space. Such customisation not only enhances the relevance of the ads but also significantly boosts consumer engagement.

Section 3: Applying Home Mover Insights Across Industries To Reinvent Marketing ROI

Transformative Impact on Marketing Returns

The utilisation of Home Mover data has been shown to revolutionise the return on investment (ROI) in marketing campaigns across diverse sectors. By targeting consumers at a time when they are most receptive to certain products and services, businesses can achieve higher conversion rates and better returns on their marketing spend.

Case Studies and Examples

Consider the case of a home improvement retailer that utilised Home Mover data to target individuals planning to move. By offering tailored promotions and services, the retailer witnessed a significant uptick in sales and customer engagement. Similarly, a financial services company leveraged this data to offer home insurance and mortgage products to potential movers, resulting in a higher uptick of their services and an improved ROI.

Conclusion

Home Mover data transcends its traditional real estate confines, proving to be a versatile and powerful tool in the realm of predictive marketing. Its ability to provide insights into consumer behaviour and intentions before a major life event like moving house, is invaluable for marketers across various industries. By enabling personalised advertising and enhancing marketing ROI, this data not only meets the current demands of a data-driven advertising world but also sets the stage for future innovation. As businesses continue to seek more targeted and effective marketing strategies, the role of predictive analytics, especially in the form of tools like Home Mover, is set to become increasingly pivotal.

Insights
Finance
8 read

The Home Mover Shield To Safeguard Revenue in Insurance

Home Mover lifecycle insights and AI is crucial to the insurtech stack to safeguard revenue and customer value

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March 18, 2024

In the fiercely competitive landscape of the insurance industry, the ability to protect and grow revenue streams is paramount. Senior decision-makers and C-suite executives are constantly on the lookout for innovative strategies that align with this objective. Understanding the Home Mover lifecycle through the power of data and AI offer a unique advantage by predicting customer household moves, thereby enabling insurers to make timely strategic adjustments. This foresight not only retains revenue but also minimises potential disruptions in the customer journey.

The Home Mover Strategy for Insurers To Maximise Customer Lifetime Value

The Essence of Customer Lifetime Value
In the realm of insurance, understanding and maximising customer lifetime value (CLV) is crucial for sustained success. CLV represents the total worth of a customer to a business over the entirety of their relationship. For insurers, this means not just selling a policy, but nurturing a long-term relationship that evolves with the customer’s changing needs.

Leveraging Home Mover Insights
Gaining deep insights through data and technology into when and why customers are likely to move homes, insurers can tailor their services to accompany customers through different life stages. Whether it’s adjusting coverage when a customer moves to a bigger home or offering additional policies relevant to new life circumstances, these targeted services significantly enhance CLV.

Unleashing Home Mover Data for Diverse Insurance Product Cross-Selling Power

The Strategic Advantage of Cross-Selling
In insurance, cross-selling is not merely a sales tactic; it's a strategic approach to deepen customer relationships and enhance revenue. By offering customers additional, relevant products, insurers can address a broader range of customer needs, reinforcing their role as comprehensive service providers.

Utilising Home Mover Insights for Effective Cross-Selling
Predicting when a customer is about to move through home mover lifecycle data and AI plays a crucial role here. When a customer is in the process of moving homes, their insurance needs invariably change. This transitional phase presents an opportune moment for insurers to cross-sell various insurance products - from property insurance to contents insurance. By aligning these offerings with the specific circumstances of the home move, insurers ensure relevance, which is key to successful cross-selling.

Tailoring Upsell Strategies Using Home Mover Predictive Insights

Upselling as a Revenue Growth Lever
Upselling, the practice of encouraging customers to purchase more coverage adding products, upgrades, or other add-ons, is a powerful tool for revenue growth in insurance. It goes beyond mere transactional sales; it's about providing customers with value-added services that genuinely enhance their coverage.

The Role of Predictive Insights in Upselling
Home Mover lifecycle data insights and the power of AI is becoming invaluable within the insurtech stack. These insights enable insurers to identify moments when customers might be most receptive to upselling. For instance, if the data indicates a customer is moving to a high-value property, it’s an opportune time to suggest premium insurance packages or additional coverage options. Tailoring upselling strategies in this manner ensures that offerings are not only timely but also highly relevant to the customer's current needs and lifestyle changes.

Retention Reinvented With Home Mover Insights To Secure Insurance Customer Loyalty

Enhancing Retention through Personalised Interactions
In insurance, retaining a customer is often more cost-effective than acquiring a new one. Home Mover insights offer a robust solution to the retention challenge by enabling highly personalised customer interactions. By understanding when customers are likely to move, insurers can proactively offer relevant services and support, demonstrating attentiveness to the customer's life changes.

Building Loyalty with Continuous Value Delivery
Loyalty in the insurance sector is fostered not just through competitive pricing but, more importantly, through continuous value delivery. Home Mover insights enable insurers to stay one step ahead, anticipating customer needs and offering solutions before the customer even recognises the need themselves. This proactive approach builds a strong sense of trust and reliability, essential components of customer loyalty.

Future-Proofing Insurance Revenue with AI

Anticipating Customer Behaviour Shifts with AI
The future of insurance revenue lies in the ability to anticipate and adapt to customer behaviour shifts. AI and predictive analytics, as exemplified by Home Mover, are key to this adaptability. By harnessing these insights, insurers can not only protect existing revenue streams but also identify new growth opportunities.

Adapting Strategies for Sustained Growth
The dynamic nature of AI-driven insights allows insurance companies to continuously refine their strategies in line with evolving customer preferences and market conditions. This agility is crucial for not just surviving but thriving in the rapidly changing insurance landscape. Home Mover lifecycle insights combined with AI and technology represents a significant step in this direction, offering a tangible way for insurers to future-proof their revenue streams.

Empowering Modern Insurers to Safeguard Revenue and Customer Value

Outra's Home Mover emerges as a pivotal tool in the strategic arsenal of modern insurance companies, particularly in the quest to safeguard and grow revenue. By maximising customer lifetime value, enabling effective cross-selling and upselling, and enhancing customer retention, this tool represents a comprehensive solution to several key challenges facing insurers today. Moreover, the integration of AI and predictive analytics signals a broader shift in the industry towards more adaptive, customer-centric models. As senior decision-makers and C-suite executives navigate this evolving landscape, tools like Home Mover are not just advantageous; they are essential for future-proofing revenue in a world where understanding and anticipating customer needs is paramount.

Insights
Finance
8 read

Elevating Customer Experience for Insurance in 2024

The journey towards an AI-driven insurance future, led by innovations like the Home Mover, is not just imminent; it is already underway.

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March 11, 2024

In an era where customer experience (CX) dictates the rise or fall of companies, the insurance sector is not immune to these winds of change. Traditionally viewed as a necessity rather than a choice, insurance services are now undergoing a radical transformation, primarily driven by personalisation and predictive analytics to redefine customer engagement through cutting-edge AI capabilities.

Section 1: Customer-Centric Insurance With Home Mover Personalisation

The Importance of Personalisation

In today's digital age, personalisation is not just a buzzword but a business imperative. Customers expect services that are not only efficient but also tailored to their unique needs and life situations. By leveraging deep insights into household moves, innovative technology and AI enables insurance companies to craft highly personalised experiences that resonate with each individual customer.

Facilitating Personalisation with Insights

Harnessing the power of big data and AI to predict when individuals are likely to move home allows elevated customer experiences within the insurance sector. This predictive capability allows insurance providers to offer tailored insurance solutions at just the right moment. Whether it’s updating a homeowner's policy or suggesting new coverage options, these timely interventions foster a sense of understanding and care, crucial for building long-term customer relationships.

Section 2: Insurance Evolution: Home Mover Insights and the Life Insurance Revolution

Transforming Traditional Life Insurance Offerings

Life insurance, a cornerstone of long-term financial planning, has traditionally been a static offering, often disconnected from the dynamic nature of customers' lives. By integrating predictive insights into customer movements, life insurance providers can now adapt their offerings to align seamlessly with the evolving life stages and needs of their clientele. A seismic shift to the insurtech landscape to better understand consumer needs with a more dynamic product offering.

The Power of Predictive Personalisation

Imagine a scenario where an insurance provider can anticipate a customer's move to a larger home, possibly indicating a growing family. Armed with this insight, the provider can proactively offer enhanced life insurance coverage or family plans, resonating perfectly with the customer’s current life situation. This level of personalisation, powered by predictive analytics, not only delights customers but also positions the insurance provider as a proactive, caring partner in the customer's life journey.

Benefits of Timely and Tailored Solutions

The benefits of this approach are manifold. Customers receive life insurance solutions that feel personalised, timely, and relevant, significantly enhancing their satisfaction and trust in the provider. For insurance companies, this translates into deeper customer engagement, increased policy uptake, and a competitive edge in a market that is increasingly customer centric.

Section 3: Retention Reinvented: How Home Mover Insights Secure Insurance Customer Loyalty

Addressing Customer Retention Challenges

In the competitive landscape of the insurance industry, retaining customers is as crucial as acquiring new ones. Traditional retention strategies often fall short in understanding and addressing the evolving needs of customers. This is where Home Mover insights become a game-changer.

Personalised Interactions and Continuous Value Delivery

By leveraging data on imminent household moves, insurance providers can tailor their communications and offerings to meet the changing needs of their customers. Such personalised interactions are not just about selling more; they're about delivering continuous value, showing customers that their insurance provider understands and adapts to their life changes. This approach cultivates a sense of loyalty and trust, making customers more likely to stay with their provider for the long haul.

Impact on Customer Loyalty

The impact of using Home Mover insights can be significant. Customers who experience this level of personalisation and attentiveness are more likely to view their insurance provider as a trusted advisor, not just a service provider. This shift in perception is critical for long-term loyalty, as satisfied customers are not only more likely to renew their policies but also to recommend the provider to others, thus driving both retention and new customer acquisition.

Section 4: Redefining Insurance Revenue With Home Mover AI

Revolutionising Traditional Revenue Models

The introduction of predictive analytics through tools like Outra's Home Mover is not just transforming customer experience; it's also redefining how revenue is generated and protected in the insurance sector. Traditional models often rely on static customer profiles, leading to missed opportunities and a reactive approach to customer life changes. With predictive insights, insurance companies can shift to a more dynamic, proactive model.

Optimising Offerings for Revenue Protection and Growth

The predictive capabilities of the Home Mover product allow insurance companies to anticipate and respond to key life events of customers, such as moving to a new home. This foresight enables the optimisation of insurance offerings to suit these new circumstances, thereby not only retaining existing customers but also increasing the potential for upselling and cross-selling relevant insurance products. Such tailored solutions are more likely to be embraced by customers, leading to enhanced satisfaction and, consequently, revenue growth.

The Future of Insurance Revenue with AI

As the insurance industry continues to evolve, the integration of AI and predictive analytics heralds a new era of revenue models. These models are customer-centric, responsive, and agile, aligning closely with customers' real-time needs and preferences. The Home Mover product exemplifies this shift, presenting a promising future where insurance revenue is not just about policy sales, but about building and maintaining enduring, value-driven customer relationships.

Conclusion - Home Mover Lifecycle AI is a beacon of innovation for insurance

Understanding the predictive Home Mover lifecycle with AI is a beacon of innovation in the insurance sector, significantly elevating the customer experience. From personalising insurance offerings to revolutionising life insurance and reinventing customer retention strategies, the predictive insights provided by this tool are reshaping the industry. Moreover, the impact of these insights extends beyond customer satisfaction, playing a pivotal role in transforming revenue models and securing long-term financial success for insurance companies.

As we look to the future, the integration of AI and predictive analytics in insurance promises not just enhanced business outcomes but also a more intuitive, responsive, and customer-centric industry. The question now is not whether insurance companies will adopt such technologies, but how quickly they can adapt to leverage these advancements to their fullest potential. The journey towards an AI-driven insurance future, led by innovations like the Home Mover, is not just imminent; it is already underway.

Insights
Real Estate
8 read

2024 Real Estate Goals - Proptech and Data at Your Service

Keeping ahead of proptech advances is essential for any early-career exec in establishing themself as a contemporary property professional

Read More
March 4, 2024

Residential property moves into 2024 with determination, yet still not without some measure of nerves. The uncertainties the market has shown through 2023 are certainly not yet resolved, and it’s against this backdrop that professionals across the sector must shape their strategies for achieving meaningful goals in 2024.

Today, proptech is the most ubiquitous of industry terms, raising its head in almost every conversation. As the power of proptech tools offers all property professionals so much potential for achieving their targets and objectives, it’s worth taking a moment to recount where, precisely, we are on the proptech journey.

First appearing well over thirty years ago, proptech – property technology –  refers to the application of technology within the real estate business. In its first iteration, up until around 2000, this involved little more than the use of spreadsheets for managing listings and client and financial data.  

The second stage of the proptech revolution started in the dotcom boom of the late nineties, and transformed the sector by providing customers, by then all with high speed internet connections, with tools for searching listings online.  

The third stage, in which we now find ourselves, is the most exciting of all. With the aid of innovative tools, software and platforms it is revolutionising traditional agency methodologies and practices at both a strategic and executive level, through the analysis of high volumes of consumer and market data, and the implementation of strategies built around insights obtained from that data. This isn’t merely a further incremental addition to the business of estate agency. It's a fundamental shift that redefines the way professionals engage with the sector.

So what does this mean for the rising stars and junior professionals now navigating the complexities of the industry? The answer lies in its transformative potential. Proptech offers today’s generation of property professionals tools and insights which are essential for elevating their performance by providing a lens through which to analyse market trends, consumer behaviours and property data with unprecedented clarity.  

This, in turn, enables them to make informed decisions, forecast market movements, and steal a march on competitors (as well as on colleagues) by drawing inferences others may not have made, and responding swiftly to evolving demands. For anyone in the early years of their career, this kind of technology, which younger professionals reared on the use of data in all kinds of contexts may find far easier to integrate into their work than their seniors, offers a launchpad from which to succeed and thrive amidst the changing tide. Using theses kinds of advanced analytics, automation tools and collaborative platforms, younger professionals should be able to leapfrog traditional career barriers, and supercharge their trajectory within the industry.

The power of leveraging data in real estate

It would be a grave misjudgement at this point to view property insights driven by analytics as a ‘coming’ wave. While the applications and impacts seem certain to proliferate in the next few years, practical use of the tools is very much ‘here and now’.  

Fred Jones, formerly Managing Director of Uber, is COO at ‘instant’ home offer platform, Upstix.  The company uses proptech data analytics innovator Outra’s Pre-Mover platform to identify the specific properties and buyers it wishes to target.  

“We get an amazing amount of data through Pre-Mover”, Jones explains. “This includes demographic type, propensity to sell and property type, all in different regions within the UK. It's just brilliant. In the first three months of using this tooling, we increased our conversion by 3.5x.”

In an era in which so many sectors are already ruled by data-driven decision-making, this is no mere trend. It’s fast becoming the linchpin for real-estate success, having transformed from an advantage to a necessity for professionals aiming to achieve challenging industry goals.

So why does this hold so much significance? The answer lies in the strategic advantages it makes available. Until relatively recently real estate, as a business, depended on instinct and experience. Today, it is increasingly driven by empirical insights and predictive analytics. The capacity to leverage comprehensive data repositories means professionals can navigate the market with precision, foresight, and unparalleled efficiency.

The value of data extends far beyond mere statistics. It embodies a treasure trove of patterns, trends, and invaluable insights which, when deciphered, provide a blueprint for success. It puts the pulse of consumer behaviour, the whole picture on market fluctuations, and the ebb and flow of property dynamics all at the fingertips of individual agents and strategic managers able to harness them wisely.

Like Fred Jones, Robin Patterson, the former owner of Sotheby's Realty and now Founder of Upstix, is evangelical in his belief in the data analytics and insights provided to his firm by Outra’s product, Pre-Mover.  

“Any real estate business looking for data on either their buyer or seller… Outra is able to provide it, which allows them to be very focused on their core markets,” says Patterson. “It allowed us to improve our buy boxes, lead generation and pre-seller records, enabling our pre-move model to be focused and target those people looking to move.”

The secret, of course, lies not only in the quality of the data (Outra’s Pre-Mover monitors 30.8m UK households, tracking 2,300 attributes per record via more than 60 quality data sources), but also in the tech used to leverage it. From advanced analytics and machine learning algorithms to intuitive platforms and automation tools, this is what amplifies the capability to extract the actionable insights that enable property professionals to anticipate market movements, identify untapped opportunities and tailor strategies with pinpoint accuracy.

Whether seasoned veterans or emerging talents, it’s this marriage of data with exceptional technology that  transforms all of those records and attributes into strategic intelligence, and empowers property pros to stay ahead in a landscape defined by its dynamism and competitive edge.

Trends and Innovations in Proptech

The kind of predictive analytics employed by Upstix through Outra’s Pre-Mover product is one of the key aspects of modern proptech, enabling executives and managers working in UK residential real estate to forecast future trends, behaviours and outcomes, and so make better decisions, optimise performance and gain valuable competitive advantage.  

Embracing these tools, and taking ownership of them within the organisation, offers more recent recruits into the real estate business a clear roadmap not only to success against 2024 business goals, but to accelerated career profile and industry success. So, moving into 2024, what are the most important trends and innovations in this kind of proptech?  

  • In the area of demand and supply forecasting, predictive analytics can help real estate professionals to understand the current and future demand and supply of residential properties in different locations, segments, and price ranges. This can help them to identify opportunities, adjust pricing, and allocate resources accordingly.  
  • In customer segmentation and personalisation, products like Outra’s Pre-Mover can help to segment and target customers based on their preferences, behaviours, and needs. This can help agents to tailor marketing, communication, and service strategies to each customer segment and deliver a personalised and engaging customer experience.  
  • Predictive analytics can also help real estate professionals with valuation and appraisal, making it possible to estimate the value of residential properties based on factors such as location, size, condition, amenities, and market trends. This can help with appraising properties accurately, negotiating deals effectively, and avoiding overpaying or underpricing.  
  • Data analytics can also be used to optimise an agency’s portfolio of residential properties by identifying the best mix of assets, markets, and strategies. This can help it to maximise its returns, diversify its risks and align its portfolio with its strategic goals and objectives.  

Pre-Mover identify the earlier discovery of hyper-targeted leads; identification of high-intent audiences; optimisation of marketing spend; increased ROI through reduced cost per lead; competitive advantage through being able to approach high-intent customers sooner; increased revenue from increased access to highly motivated vendors; increased market share; and accelerated growth of market share for new branches as key benefits of their product. Addressing, as this does, almost every essential metric of residential agency performance, it’s impossible to take issue with the company’s founder, Giles Mackay, when he argues that, “In the dynamic landscape of real estate, harnessing the power of data is not just a strategy; it's a necessity. Early identification of motivated sellers is a prime example of how data can be the catalyst for exceeding sales targets." 

Hitting performance and career goals for 2024

For any junior professional working in residential real estate and determined to surpass annual goals,  position themselves ahead of peers and add to their achievements in 2024, the signposts could scarcely be clearer.

First, proptech is now the key transformative actor in the reinvention of residential sales as an industry, and by actively participating in its adoption and application in the organisation, an executive can position her/himself both at the head of annual performance tables, and in pole position for career fast-tracking.

Next, sector data, data analytics and the insights that these can provide can boost both your personal and company performance in all areas of the business.

Lastly, advances in proptech are continuous. Keeping ahead of these is essential for any early-career exec in establishing themself as a contemporary property professional whose success is attributable primarily to their facility with data and data tools. The websites and product downloads of proptech leaders (such as Pre-Mover creator Outra) provide a valuable starting point for expanding knowledge of the landscape and laying the foundations for making 2024 a true breakthrough year.

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