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:

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

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