With the transition from traditional brick and mortar to hybrid to pure digital plays, the insurance landscape has changed dramatically in the past five years:
- Organizations that have sold traditionally through dealers / large retailers are expediting the shift to digital and DTC strategies
- Companies are moving from transactional business to subscription business
- Remote working has changed how you connect to account contacts
- Younger generations are moving away from traditional agent relationship to cost-driven, online solutions with easy-to-navigate interfaces for instant insurance coverage
This boils down to an industry-wide data problem. Whether managing legacy systems or trying to adapt new systems with acquisitions, the gap in data standardization and sharing costs you time, money, and customers. And even if you aren’t staying on top of your customer demands, your competitors certainly are.
Having the right customer data at your fingertips means you can innovate, cross-sell, upsell, keep pace with market demand, trends, and needs of your customer base. This keeps them happy and away from the competition. It allows your revenue streams to grow and your data streams to flow.
Five Key Steps to Giving Your Customers a Better Experience
Make it Personal
The most successful insurance companies have invested heavily in data analytics and artificial intelligence to:
- Provide customers with an ever-evolving stream of information that is personalized and constantly monitored to ensure that it keeps improving
- Refocus on high-value services, further upselling, and improving overall customer satisfaction (new revenue streams)
As a result, they’ve achieved high rates of customer acquisition and retention while lowering per-claim costs.
Empower Your Employees
Insurance companies and brokers need to evolve with current and emerging technology, enabling associates to become more strategic, creative, and client-focused. When your employees and business users have the right data at their fingertips, they can easily communicate with customers to:
- Solve customer issues quickly and efficiently
- Utilize current and historical data to upsell and cross-sell their accounts
What your employees don’t know, they can’t solve. Align your people, processes, and technology, bringing value to your customers and delivering faster ROI through data integration and access for intelligent and informed business decisions.
Streamline Your Services
Whether working from home for the past two years, or working with teams across the globe, empowering business users with a real-time customer, product, and pricing data can not only increase sales but can also accelerate merger and acquisition strategies. Often due to legacy systems or integrating multiple systems from multiple vendors and business entities, there is a lack of data standardization and sharing across business units, causing inefficiencies and less than ideal communication with customers and employees.
When data is integrated across the multiple lines and locations of your business units, your employees and customers benefit from a shared, single, consistent, and governed data hub to inform decisions with a single source of truth for customer data. This leads to improved customer relationships, reduced churn, and increased upsell, renewal, and cross-sell opportunities.
Optimize Costs
No one wants their rates to go up – especially when it’s your inefficiency causing the cost hikes. But when you can integrate and access data from one single trusted hub – you can improve business outcomes, create operational efficiencies and reduce operational costs. For example:
- Reduce data redundancy by eliminating the IT, administrative, and financial burden of managing multiple data sources and software systems.
- Improve capacity planning, forecasting, and budgeting toand reduce direct and indirect auditing costs by centralized management of all business data.
- Prevent costly change management programs and embrace intelligent, informed growth, and expansion with increased traceability and transparency for improved business continuity and profitability.
Continue Improving
Insurance companies and brokers need to evolve with current and emerging technology, enabling associates to become more strategic, and companies need to empower the organization to become data-driven in their decision-making. With the massive influx of new, agile insurance carriers – the race for new customers isn’t slowing down.
In order to improve your business, you need better business intelligence. With a single platform for managing and governing all customer, supplier, employee, product, financial, asset, location, and reference data, you can regain ownership of your critical data and easily define and enforce corporate policies, develop strategic initiatives, and better manage your customer experience.
Improving your customer experience involves every touchpoint – from your product offerings and pricing to service, solutions, and reliable customer data. Implementing a solution that holistically manages your data such as the Intelligent Data Hub platform can not only bring all of the above to life but ensures organizations do not have to start from scratch.
Contact us today to see how we can help you embrace intelligent, informed growth for your insurance enterprise or download our whitepaper discussing how to improve Insurance Customer Experience & Performance with Better Data.