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Simpler insurance applications are growing even more viable as data and analytics are deployed in smart ways. This is only going to develop even more as data makes the insurance experience more personalized and customer-centric. Since the beginning of the industry, insurers have depended on data to determine levels of risk as well as pricing and premiums. What does the future hold for data in the insurance industry? The good news is that consumers are becoming more and more comfortable sharing their data-to their own benefit, especially when it results in discounts on their policies. One critical caveat: To make good on this promise and to reduce costs, an insurer’s data must be accurate and up-to-date so long as this is the case, great analytics should be within its capabilities. Having access to real-time data and the ability to immediately analyze it simplifies claims forms by pre-populating fields based on what the insurer already knows about the customer. This can be an invaluable option for insurers looking to save money and channel their customers towards the right packages. Once again, data and analytics comes to the rescue in its ability to automate this process. This is known as underwriting, and it can be extremely time-consuming. One key metric is calculating a customer’s given risk (for the carrier) and the coverage (for the customer). The insurance industry uses data differently than e-commerce sites like Amazon or eBay. Accelerate internal processes to improve the customer experience. You may, for example, be better equipped to tailor your products or create better product value propositions.ģ.
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This is a key first step toward reacting to evolving customer needs and adjusting for success down the line. The flip side is equally important: Understanding the pitfalls of your products and services allows insurers to quickly determine where any shortcomings lie. Moreover, knowing when customers are in need of a new offering can allow insurers to engage with them at the right time on the right channel. This enables companies to upsell and cross-sell to these customers much more easily. Once an insurer has a well-maintained and steady hub of satisfied customers, advanced data can shed light on what exactly those customers want. As a result, increasing customer retention becomes all the more valuable, as it can translate into major growth without the high costs associated with acquisition. Gaining new customers is expensive in any industry for insurers, it’s even more so. Personalize products to improve upsells and cross-sells.Īre customers in need of a new offering? What do they think of an insurer’s current products? How can insurers personalize propositions and services to better upsell existing customers and drive new customer sign-ups?
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Data-derived analytics can be used to help draw customers in four ways. Shifting customer expectations coupled with market disruptions have made customer acquisition and retention trickier than ever-and increasingly important for insurers.
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Use data to drive both customer acquisition and retention. How can insurance companies take advantage of all this data? There are three main ways: acquiring new customers, personalizing products to fit changing customer needs and streamlining internal processes to better serve policyholders.ġ.