Building a customer-centric insurance company-Pitney Bowes
Article Synopsis :
In today’s dynamic marketplace, most insurers are faced with a critical question – how do we excel at customer experience strategy, attaining a new level of customer-centricity, without adding cost?
In the Pitney Bowes white paper “Building a customer-centric insurance company”, Richard A. Ward discusses how customer lifecycle management applications, predictive analytics and risk-correlation software enable insurers to become more customer-centric. The paper highlights four ways these tools help insurers design tailored offerings matching customer expectations and risk profile:
- Unlocking siloed data
- Targeting communications to improve customer engagement
- Leveraging location to improve customer engagement
- Consistent communications strengthening brand
The paper asserts data quality is key to customer engagement. How else but through uniformity of data can an insurer deliver high-quality content, uniformly, across all channels? The author takes a deep dive into four key questions in the fields of data accessibility, analytics and customer communication that top management (not just IT management) should ask in order to become a more customer-centric organisation:
- How can we improve data quality and standardization?
- Do we have the capability to see and use data wherever it lives in the company (even in recently acquired businesses)?
- How can we break down organizational and departmental silos?
- How can we obtain an operational “single view” of the customer?
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Digital Insurer's CommentsDigital-savvy insurance buyers, conditioned by high-quality, anticipatory, experiences on sites like Amazon, Alibaba, and Google, want a world that revolves around them. Customer-centricity is easier said than done because customer-centricity means data-centricity and data in most insurers is siloed, either by line-of-business, functional area, or geography – often all three. Catering to the social and emotional needs of customers is the surest path to business excellence. Insurers must prioritise customer-centric initiatives, evaluating and deploying new tools to aggregate, unify, and analyse customer data to gain better customer insights in real time.
Though technology plays a role, becoming truly customer centric is more about culture. It’s a way of thinking and doing business, not just a onetime specialised endeavour or initiative. We believe the steepest challenge for insurers is this cultural shift.
Winning insurers will make meticulous choices with respect to software and digital tools, backed by with the full support and enthusiasm of top executives, employees and intermediaries.
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