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Harnessing Data Insights – A White Paper by Pitney Bowes

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Article Synopsis :

Historically, life insurers have been under-using data in their endeavour to deliver enhanced customer experience that drives customer loyalty. Carriers need to create a deep understanding of customer behaviour and preferences in order to become customer centric organisations that deliver true customer value as this is what will ultimately drive top line growth.

 The Digital Insurer reviews Pitney Bowes’s Report on Harnessing Data Insights to Revolutionise Customer Acquisition and Retention

Data insights are key for evolving customer acquisition and retention processes

In the white paper titled “Harnessing Data Insights to Revolutionise Customer Acquisition and Retention”, the Pitney Bowes team present a high level perspective on how data insights can help evolve insurers’ customer acquisition and retention process. The white paper highlights the following benefits of customer data analytics:

  • Gain a deeper understanding of customers and past actions.
  • Improve prospecting using life-event data, social network analysis, and “big data” analytics.
  • Reduce customer lapse rates through optimisation of payment modes, payment frequency, conservation touch-points, and other variables for specific segments.
  • Harness aggregated data to offer the right products at the right time for each client.
  • Respond to increased volume of unclaimed property and other regulatory requests.
  • Better determine product development and marketing strategies.
  • Deliver optimised, cost-effective customer experiences across different demographic segments.
  • Use “best next action” decision-making to guide customer trajectories.
  • Improve activity rates, productivity and effectiveness of agents, call centres and distribution channels.

The white paper also highlights three key factors that will help insurers in delivering exceptional customer experience:

  • Identifying Past Trends and Future Interactions
  • Data Quality
  • Analytics and a Dynamic “360-Degree” Data View

 

Link to Full Article:: click here

Digital Insurer's Comments

Building a customer centric organisation requires a holistic approach, with data being one of the core components of this approach.  Deploying the right analytic tools to derive data insights  from various customer interactions is a great enabler in recognising and servicing the best customers. Having said that, a lot of insurers are still lagging behind in data analytics even though tools and technology to transform raw data into actionable insights are readily available.  The core problem lies in segmenting and analysing the data generated from various customer touch points such as smart phones, social media and internet.  It will be crucial for insurers to learn how to take advantage of technology and analytics best practices to achieve true data-driven success.  We believe that three key initiatives will help insurers capture the real value of data and achieve true customer centricity:

  1. Data Storage – Capture, segment and consolidate data at customer touch points
  2. Predictive Analytics- Analyse data to assess customer behaviour, motivation and preferences
  3. Customer Value Creation – Convert insight to real action in terms of better product design, channel management and enhanced customer service 

Link to Source:: click here

 

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