{"id":1991,"date":"2016-10-24T09:00:31","date_gmt":"2016-10-24T16:00:31","guid":{"rendered":"https:\/\/cm-edgetun.pages.dev\/industry\/blog\/uncategorized\/taking-customer-experience-to-the-next-level\/"},"modified":"2023-07-19T10:54:55","modified_gmt":"2023-07-19T17:54:55","slug":"taking-customer-experience-to-the-next-level","status":"publish","type":"post","link":"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/financial-services\/2016\/10\/24\/taking-customer-experience-to-the-next-level\/","title":{"rendered":"Taking Customer Experience to the Next Level"},"content":{"rendered":"

Using data-driven insights to improve the customer-insurer relationship<\/h3>\n

\"taking\"When I think about revolutionizing customer experiences, I can\u2019t help but think of the iconic 1939 film adaption of The Wizard of Oz. <\/em>Specifically, I recall the moment when Dorothy lands in Oz and the film switches from black and white to full technicolor. This transitional moment is so powerful that it even continues to impact audiences who have known nothing but color TV their whole lives. Service providers in all industries are constantly trying to discover the \u2018next big thing\u2019 that will transform customer experiences. Right now, that next big thing is uncovering game-changing insights from the world\u2019s vast and growing data stores. Already, these insights are transforming the way firms do business\u2014from driving more accurate demand predictions to shaping better customer experiences.<\/p>\n

Unfortunately, when it comes to their insurance providers, customers remain less than satisfied. According to consumer surveys, insurers are not keeping up with their expectations<\/a>\u2014and customers are often not staying long enough for insurers to prove any different. In fact, 72% of insurance customers were planning to renew or purchase insurance in 2013, creating a \u201cswitching economy\u201d that Accenture estimates $400 billion in insurance premiums were up for grabs for insurers better able to meet customers\u2019 demands.<\/p>\n

Using data-driven insights to create better customer experiences<\/strong><\/p>\n

One way to deliver better customer experiences is by building a comprehensive, holistic picture of your customers using analytics tools. By consolidating data across multiple systems, insurers can develop a 360-degree view of each customer\u2014not simply a demographic profile, but an individualized view that makes it possible to treat each customer in a personalized way. From there, insurers can systematically find insights that facilitate better customer experiences and greater opportunities for their agents.<\/p>\n

By integrating insights into CRM systems, leading insurers enable teams across the organization\u2014from marketing to customer service to local agents\u2014to connect to customers in new, more effective ways.<\/p>\n

Adding value to customers\u2019 lives<\/strong><\/p>\n

Insurance companies have a wealth of data about their customers: where they live, what they drive or what assets they own, for example. However, the real value from this information hinges on drawing insights, and translating those insights into relevant customer experiences.<\/p>\n

Imagine your teenage daughter is turning 16 in the next few months. You receive an email from your car insurance provider with information about adding teen drivers to your policy, a recommended local drivers\u2019 education program, and a discount for adding more family members to your plan.<\/p>\n

This marketing effort, targeted towards policyholders who are guardians of potential teenage drivers, is a key example of how service providers are improving customer experience. Making a 360-degree customer view available across your company gives everyone a full picture of each customer and provides the insights necessary to add value to customers\u2019 lives.<\/p>\n

Helping agents identify what customers want and need<\/strong><\/p>\n

Let\u2019s continue the example of the customer that receives an email about adding his teenage daughter to his car insurance policy. In addition to providing information, this email campaign will also connect the customer to their local agent, who can help the customer make the addition to his policy. In this way, the customer\u2019s relationship with their agent deepens and becomes stickier, and the agent is able to act on relevant cross-sell and up-sell opportunities.<\/p>\n

With analytics that flow into CRM, the local agent is empowered with individualized insights about that customer\u2019s background. Anticipating that a current policyholder may need to add their nearly-driving-age teenager to their policy, the insurer made it possible for their agent to proactively address a need before the customer had to make the effort to ask.\u00a0 Instead of relying on ad hoc customer knowledge or executing scattershot campaigns, the agent is able to offer the right product at the right time and drive the most productive, relevant interaction possible.<\/p>\n

Lacking face-time with customers, it\u2019s imperative for insurers to find other tactics for driving satisfaction and loyalty. This means there\u2019s greater pressure to make every customer touchpoint count, so delivering a seamless, personalized experience every time is key.<\/p>\n\n\n\n
In action: If P&C Insurance<\/strong><\/p>\n

It\u2019s no doubt that data, and the insights derived from data, plays an integral part in knowing your customer. With the emergence of big data, insurers are facing unprecedented challenges capturing, analyzing and acting on their massive amounts of data quickly and cost-effectively. Legacy analytics tools are failing to keep up with insurers\u2019 new analytics needs.<\/p>\n

To address this need, If P&C Insurance<\/a>, a property and casualty insurance company serving three million customers in the Nordic region, developed a predictive modeling solution using Azure Machine Learning.<\/p>\n

Based on customer data on age, duration of policy, household data, payment solution, product composition and previous contact points, If P&C was able to quickly produce customer churn and upsell predictions:<\/p>\n