Groupama insurance in cooperation with the International MBA program of AUEB is currently conducting a Field Study Project. The ultimate goal is the segmentation of the company’s customers based on the analysis of the existing customer’s data. The purpose of the specific Field Study Project (FSP) is the examination of the customer data base of Groupama insurance company in Greece. The ultimate goal is the creation of a pattern for segmenting the existing customers of Groupama.
Groupama insurance is a leading insurance company in Greece with 230.000 customers and profits of about 147,3 million euros. The history of Groupama Greece goes back to 1928. Groupama has a history of 115 years providing insurance solutions to its customers, it has 45 subsidiary companies and its business is separated into three basic sectors:
- Insurance and service provider in France
- International Insurance and service provider through its 11 Subsidiaries.
- Asset management, banking and Financing solutions which are performed by Groupama Banque and Groupama Asset Management co.
Customer segmentation relies on identifying key differentiators that divide customers into groups that can be targeted. Information such as a customers’ demographics (age, race, religion, gender, family size, ethnicity, income, education level), geography (where they live and work), psychographic (social class, lifestyle and personality characteristics) and behavioral (spending, consumption, usage and desired benefits) tendencies are taken into account when determining customer segmentation practices.
Through a segmentation process Groupama will be able to identify different clusters with different needs and target the segments that are more profitable and likely to purchase more than one insurance contract. Consequently, Groupama aims to increase 10% the retention of existing customers per year.