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

Leveraging Customer Analytics for Business Success – Decision Point

[ff_author_box_style2]

Article Synopsis :

In the era of Big Data, businesses must be smart about how they deploy analytics tools in pursuit of customer insights.

 The Digital Insurer reviews WNS’s Report on Leveraging Customer Analytics for Business Success - Decision Point (WNS) Interview

Insurers have mountains of data, the problem is not much of it is customer data

“Leveraging Customer Analytics for Business Success” from Knowledge @ Wharton is an interview transcript with Wharton professor Peter Fader and WNS executives Raj SivaKumar and Mike Nemeth.

Key takeaways from the interview include:

1. Analytics are of three types:

  1. Descriptive Analytics: simple data collection and visualization.
  2. Predictive Analytics: trend identification and building stories.
  3. Prescriptive Analytics: future actions based on collected insights, useful in planning resources.

2. Data sources include demographics, media habits, Net Promoter Score (NPS), social media and wearable technology.

3. Understand that not all data collected and stored will be useful. First, get to know the data. Then ask how the data can be used for your purpose.

4. The data the insurance industry has been collecting is not customer data. Rather, it’s more risk data – and these aren’t the same thing.  Insurers need to understand the importance and value of a customer-centric data gathering approach.

5. The future of customer analytics lies in the quality of data collected. Focus on data usability first, and then the science of using it to your advantage.

6. One of the keys to success is adding domain expertise to analytics project teams. Analysts, tools, and data aren’t enough. Domain expertise is required to inform the entire process.

Link to Full Article:: click here

Digital Insurer's Comments

Insurers across regions are striving to enhance customer experience via customer insights mined from the vast amounts of data they possess. The problem is most of the data isn’t customer data—it’s more about the risk, i.e., the house, the boat, the car. Collecting information specific to the customer is a relatively new thing in the insurance industry.

Carriers are learning how to leverage new sources of information and synthesize it with existing data sources for good analytics results. In our view success is not just a matter of collecting more data, but changing the type of data you collect and the questions you ask of it in a very transformational way.

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