Enquiron - Branded Utility of the Year
Company: Enquiron, Boston, MA
Company Description: Enquiron®, headquartered in Boston, Massachusetts, provides consultative business solutions to employers in all 50 states, across various industries, sectors and sizes. Since 1996, Enquiron has revolutionized the way that services impacting HR, Employment Law, Retirement, Healthcare, and more are delivered to and utilized by the everyday business.
Nomination Category: Marketing Campaign Categories - Specialty
Nomination Sub Category: Branded Utility of the Year
Nomination Title: Delivering the knockout punch for differentiation
Tell the story of this nominated branded utility for the judges (up to 650 words). Describe its genesis, planning, execution, and results to date.
Enquiron believes engagement is at the heart of success for any value-added program. We set out to prove it. We have developed a new analytics model to put an exclamation point on the return on investment (ROI) to our clients.
Using data collected from user activity within our system and working with data scientists from Faraday to build an analytical model, Enquiron has developed a real-time solution that allows us to correlate utilization of our service with increased client retention, proving tangible (ROI) for our partner organizations.
With the latest major version release of our patented and proprietary software in spring 2014, we implemented an audit logging framework, allowing for granular tracking of all user activity within the system. In addition, the concept of services and service packs was built into the software as well as an enhanced authorization layer, allowing for much greater insight into the changing status of both our direct clients and our end users (as opposed to simply 'active' vs. 'inactive').
After two full years of data collection, in addition to historical reporting, we began to analyze overall utilization in granular detail, as well as various patterns of usage to try to answer the question of whether or not there was any correlation between usage of the system (or types of usage) and status changes of end users. Refining this model to be able to filter at the individual client level, we subsequently automated the process to allow us to run a real-time analysis. The outcome is a model that allows us to produce on-demand reports to show retention statistics based on the engagement of end user clients with Enquiron.
Integrating this into our internal reporting dashboard, we have given our sales team the ability to pull this analysis on-demand, and show our existing sponsoring organization clients concrete ROI from our service.
The relationship we have with clients is best described as B2B2B. There are sponsoring organizations, who pay for the service, and the end users are their clients. The actions of the end users provide the data points we use in analysis. It is vital that we show a measurable ROI in order to maintain these relationships and keep the business with sponsoring organizations.
The main verticals we target for sponsoring organizations are insurance, financial services and HR software. The utilization of our services may include specific content, tools and advice around human resources, health care, retirement and custom programs, which are offered by the sponsor through the integrated platform.
Over time, we have collected data about utilization and proactively reported to sponsoring organizations to prove what is meaningful to their clients - what “keeps them up at night” - and to drive prescribed activity for the sponsoring organization to help them improve the risk/knowledge of their client base.
We now have the retention model to help sponsoring organizations understand the impact of engagement on their ability to retain clients. This was the first step in being able to apply a model to real-time usage, and predicting client behavior.
Our plans include predictive models to find early indicators of industry and regulatory trends or patterns. Next, with some additional data from the sponsors we will be able to show the impact of our services on their main business metrics. Examples could include: the impact of using our services to reduce claims for employment practices liability insurance, the ability to increase cross sell capability for a particular type of sponsor and the impact to a large retirement recordkeeper if a true value-add could retain just one at-risk plan and help keep $50 million in assets under management from disappearing.
We have big goals to lead in our industry. The retention model is just the first step in our path to opening the eyes of our target industries to a new way to win, increase profitability, and grow.
In bullet-list form, briefly summarize up to ten (10) of the chief features and results of the nominated utility (up to 150 words).
• Enquiron client engagement success has been proven to increase sponsoring organization retention rates
• Enquiron has proven ROI to our clients (sponsoring organizations) to help them be more profitable
• Enquiron has improved retention by 42%, 10% and 26% with three separate clients (sponsoring organizations) within insurance
• Enquirion has improved retention by 42%, 100% and 17% with a business insurer, payroll provider and health insurer respectively
• On average, we found that churn rates were cut in half when insured businesses consume Enquiron solutions