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Implementing Behavioral Analytics for customer value – EY

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Article Synopsis :

In service industries, success or failure hinges on how well services and by extension customer relationships can be customized. Behavioral analytics are growing in popularity to customize links in the insurance value chain.

 The Digital Insurer reviews EY’s Report on Implementing Behavioral Analytics to drive customer value

Behavioral analytics are helping insurers understand why customers do things. Owning the ‘why’ is key to owning the future 

EY’s report “Implementing Behavioral Analytics to drive customer value” discusses the advantages of synthesizing automation, robotics and behavioral analytics in overall service delivery.

In this day and age, customers expect more than just a stock response. Their experience outside of insurance has taught them that information and help can and should be context specific — in other words, relevant.

Relevance brings higher acquisition rates, better customer retention, increased cross-selling potential, and reduced fraud.

Historically good at the ‘what’, automation combined with behavioral analytics helps insurers understand the all-important ‘who’ and ‘why’ toward delivering better services:

  1. Who: Demographics of the customer, keener segmentation, deeper understanding of how to connect with, and track.
  2. Why: Understanding customer actions and the reasons behind them, i.e., motivation. Based on which, insurers can automate and customize service responses adding value to the overall relationship.

Emerging applications incorporating behavioral analytics include chat bots, service center contact management platforms (geared to increase proactive communication), mobile claims applications, telematics, and agent-based cognitive simulation models.

The opportunity clearly defined,  investments in big data toolkits, and people familiar with AI, machine learning algorithms, agent simulation, and cognitive computing are required to tap it. Best to start with small- or even micro-scale pilot projects focused on context-sensitive, highly targeted, and/or quick-service areas. Doing so will help achieve quick wins and identify higher value opportunities in cross-sell, upsell and digital self-service applications.

Link to Full Article:: click here

Digital Insurer's Comments

Did your customer buy a life insurance policy because she got married or is concerned about a health-scare? Did your customer update the garaging location for their vehicle because they moved or the premium was too high? Did your life insurance customer let his policy lapse because he no longer needed insurance or lost his job and couldn’t afford the premium?

We agree with this report that the next frontier, powered by behavioral analytics, allows insurers to know and address the ‘why.’ Owning the ‘why’ is the key to owning the future.

Link to Source:: click here

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