Excellent customer communications is now a recognized component to drive sales and give Insurance companies the competitive advantage. Here are some tips when utilizing analytics to solve marketing solutions while keeping the customer in mind:
- Create a single profile of the customer. Use big data and data management strategies, such as refining existing platforms to provide the ability to have a 360 degree profile of each customer. This includes both active and inactive policies, call center interactions, underwriting ratings, quotes and demographic data. Consolidating all customer data into one place is proven to be beneficial to a company. Then using a multi-faceted data integration system one can extract the data automatically and transform it to provide a complete picture of the entire customer relationship.
- Discover new sales opportunities, and increase profitability. A multi-faceted data integration system can constantly refresh and feed the 360 degree customer profile database. Using predictive analytics that will optimize all projections such as expected customer behavior models to assist in identifying potential cross-sell/up-sell prospects.
- Providing brokers and agents with bird’s eye view. The elements of the 360 profile view will assist producers/agents to leverage this data and harness the power within the specific datasets. Powerful Business Intelligence tools will allow producers/agents to gain the competitive advantage in their sales process and uncover more cross-sell capabilities. Of course your insurance company will want to implement BI tools will help filter very sensitive data, producers/agents do not need to be exposed to all of the data.
- Improve retention rates. Predicting customer behavior using detailed analytics to build customer profiles and perform text analysis, such as emails, policy documents, and quotes to additionally gain insight into the major factorsthat influence customer retention.
- Reduce marketing costs. Connecting policy offers to the right customers using segmentation and lifetime value techniques based on demographic, geographic, attitudinal, and behavioral data across board will ultimately be cost-efficient and help your company get to the right customer at the right time.
It is important to stay ahead of your competitors; our next few articles will each point in a more detailed light. Expanding into the growing popularity of customer-centric attention paired with analytics will effortlessly improve the overall scope of your company’s profits.