With competition for customers at an all-time high, interactions, particularly marketing communications, must be delivered to the right customers at the right moment—and with the right messaging. Consumers are more apt to buy new policies, increase coverage, and renew policies when insurance companies reach out to them with communications, help, and advice that is prompt and relevant.
To get the timing right, three key components are required:
- An integrated data warehouse with a 260-degree view of the customer
- A discovery analytics platform that enables experimentation with structured and multistructured data.
- An integrated marketing application that can deliver customized messaging for today's consumers
This paper examines the obstacles that make interactive customer management a challenge for many insurance carriers. It describes how they can create a more customer-centric business by using a sophisticated analytics platform to uncover valuable insights into their business and provides concrete examples of specific areas where insurers gain value. The adoption of a customer-centric approach need not be accomplished all at once. Rather, it can be managed and self-funded by following a roadmap that delivers incremental capabilities and revenue.