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Merkle The Drum Awards Awards Case Studies

Singaporean broker Income Insurance united its distant data silos – here's how


By Awards Analyst, writer

May 30, 2023 | 5 min read

The campaign won in the Data/Insight category at The Drum Awards for Marketing APAC 2023.

Data in a network visualisation

Merkle’s work for Income Insurance was awarded by judges in the APAC Marketing Awards / Unsplash

Merkle’s work for insurer Income impressed the judges with its innovation in the field of Data and Insights. Here, we explore the ideas behind the execution.

The Brief

Income Insurance, a prominent insurance company in Singapore, faced challenges in achieving offline-to-online data synergy to enhance customer experiences and drive innovation. The company struggled with data silos between online and offline channels, hindering the creation of a unified view of customers. Income aimed to align disparate data sets, enable real-time segmentation and drive hyper-personalization to improve operational efficiency and customer journeys.

The Idea

Since 2017, Income has partnered with Merkle Singapore to enhance its digital capabilities through analytics, cloud-based data platforms and martech implementation. By linking these technologies, Income could achieve a single unified view of each customer, leveraging data and technology to deliver personalized messaging and products. A customer data platform (CDP) and customer data cloud (CDC) would facilitate real-time segmentation and enriched customer profiles. The CDP would also integrate into Income’s marketing automation platform, enabling personalized emails, SMS and website content for segmented audiences.

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The Results

The implementation of a unified data strategy and advanced digital capabilities yielded impressive results for Income.

Income achieved real-time data and insights, allowing hyper-personalization and timely decision-making. Media optimization using CDP resulted in a 52% reduction in CPA.

Income’s personalized communications and web personalization initiatives led to improved email open rates, with an increase from 28% in 2021 to 38% in 2022. The nurturing journey for the So Steady segment successfully converted prospects into customers and contributed to overall digital revenue growth.

Income expanded its market share in general insurance policies, growing from 10.1% in 2021 to 11.3% in 2022, solidifying its position as the leading insurance company in Singapore. Income’s digital business witnessed an 85% year-on-year growth from April 2022 to March 2023. Digital revenue now accounts for one-third of the company’s total revenue, a significant increase compared with the same period in 2021. And year-on-year growth from April 2022 to March 2023 increased by 509% compared with the previous year.

By leveraging advanced analytics, a unified data platform and personalized customer experiences, Income achieved significant growth, enhanced market share and improved customer engagement, positioning itself as a leader in the insurance industry.

This campaign won at The Drum Awards for Marketing APAC 2023. Find out more about The Drum’s Global Awards program or head to our case studies hub to read more award-winning stories.

Merkle The Drum Awards Awards Case Studies

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