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5 Steps to Optimizing Customer Value in Insurance – Pega Systems

Article Synopsis :

In the report “5 Steps to Optimizing Customer Value in Insurance – Leveraging predictive analytics to engage your customer”, Tom King from Pega highlights that insurance companies need a new approach to optimise customer value built on predictive and adaptive analytics. He presents an approach aptly named ‘Next-Best-Action (N-B-A)’, which is designed  to revolutionise the insurer’s relationship with their customers by engaging them with targeted and personalised interactions. This can significantly increase customer satisfaction, sales, retention and revenues. The 5 steps to optimise customer value in insurance as suggested in the report are:

 The Digital Insurer reviews Pega Systems’s Report on 5 Steps to Optimizing Customer Value in Insurance

Optimising customer value is crucial for creating engaged customers 

  1. Ask the Critical Question
  2. Define Sub-Strategies
  3. Rethink Outbound Marketing
  4. Drive Your Contact Centre with N-B-A
  5. Proactively Help Producers Increase Their Book

The report lists the potential benefits of the N-B-A approach that include:

  • Channel consistency
  • Natural conversations
  • Cost alignment
  • Effective monitoring
  • Total control

The report also identifies some of the functions within an insurance company that can benefit from the application of Next-Best-Action to optimise customer value:

  • Financial planning
  • P&C sales play book
  • Group employee benefit enrolment & education
  • Direct-to-customer sales & service


Link to Full Article:: click here

Digital Insurer's Comments

The N-B-A approach suggested in the report has the potential to improve the insurer-to-customer decision management process, enabling insurers to make just-in-time decisions. The potent combination of predictive modelling and adaptive analytics techniques can reveal previously unidentified customer behaviours and expectations. This combination will equip insurers to address ongoing challenges related to:

  • Lead generation and customer engagement
  • Customer retention
  • Targeted sales and marketing
  • Personalised product development
  • Underwriting control and fraud mitigation

Link to Source:: click here



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