Article Synopsis :
Digitisation has given wings to customer’s expectations and they are getting increasingly fickle. The insurance customer’s requirements are changing at a rapid pace and insurers business model needs to adapt to transformed requirements. Insurers require real customer insight in order to develop relevant products that get delivered through desired channels.
In its Insurance Journal, the guest author from Celent, Wipro contrasts the traditional customer to the new age hybrid customer in “Know Your Customer” section, on page 32, and presents the challenges insurers will face in the digitisation process. Key challenges highlighted in the report are:
• Lack of insight into available customer data
• Lack of up to date data on your customers
• Lack of customer single view operational model
• Lack of skill set to gain insight from unstructured social platform data
The study suggests insurers should do the following things in order to address the challenges related to unstructured and unlinked customer data:
• Assemble customer data and use it in communication and personalisation
• Be responsive to all the distribution channels
• Adopt marketing and sales strategy which complements and integrates with the digitisation process
Link to Full Article:: click here
Digital Insurer's CommentsEmergence of new technology and distribution channels present opportunities, not threat before insurers. As delivering great customer experience is going to be the key contributor towards profitability, insurers are advised to make an investment in the field of data and predictive analytics.