Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

5 Steps to Optimizing Customer Value in Insurance – Pega Systems

[ff_author_box_style2]

Article Synopsis :

In the report “5 Steps to Optimizing Customer Value in Insurance – Leveraging predictive analytics to engage your customer”, Tom King from Pega highlights that insurance companies need a new approach to optimise customer value built on predictive and adaptive analytics. He presents an approach aptly named ‘Next-Best-Action (N-B-A)’, which is designed  to revolutionise the insurer’s relationship with their customers by engaging them with targeted and personalised interactions. This can significantly increase customer satisfaction, sales, retention and revenues. The 5 steps to optimise customer value in insurance as suggested in the report are:

 The Digital Insurer reviews Pega Systems’s Report on 5 Steps to Optimizing Customer Value in Insurance

Optimising customer value is crucial for creating engaged customers 

  1. Ask the Critical Question
  2. Define Sub-Strategies
  3. Rethink Outbound Marketing
  4. Drive Your Contact Centre with N-B-A
  5. Proactively Help Producers Increase Their Book

The report lists the potential benefits of the N-B-A approach that include:

  • Channel consistency
  • Natural conversations
  • Cost alignment
  • Effective monitoring
  • Total control

The report also identifies some of the functions within an insurance company that can benefit from the application of Next-Best-Action to optimise customer value:

  • Financial planning
  • P&C sales play book
  • Group employee benefit enrolment & education
  • Direct-to-customer sales & service

 

Link to Full Article:: click here

Digital Insurer's Comments

The N-B-A approach suggested in the report has the potential to improve the insurer-to-customer decision management process, enabling insurers to make just-in-time decisions. The potent combination of predictive modelling and adaptive analytics techniques can reveal previously unidentified customer behaviours and expectations. This combination will equip insurers to address ongoing challenges related to:

  • Lead generation and customer engagement
  • Customer retention
  • Targeted sales and marketing
  • Personalised product development
  • Underwriting control and fraud mitigation

Link to Source:: click here

 

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in