Leveraging Data-Driven Marketing for the Insurance Industry

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Introduction | Current Challenges | Solution | Boost Your Insurance Business | Summing it Up Insurance Industry: The Current Challenges According to experts, Insurance industry - one of the oldest industries that has always dealt with massive amounts of data in every aspect of their business - unfortunately, has not caught up with the concept of "identifying the right customers at the right time" as the rest of the world. As a Figure 1: Which of the following (digital) technologies do you expect to have the biggest impact on the insurance sector over the next two years and the next five years? (Please select top two) 0% 10% 20% 30% 40% 50% 60% 70% 80% result, they have not been able to fully capitalize on the data they already have and win new customers. However, the industry is now beginning to respond to the changing demands of their consumers, and is beginning to recognize the cutting edge data and technology can bring to the table and do much more than they have been able to so far. According to a survey carried out by Willis Towers Watson, leaders in the industry believe that along with web & mobile as important channels for delivery, big data and real-time analytics will be one of the key digital technologies to have the largest impact in the sector, especially in the present to near future. (figure 1). Investing in digital channels will enable faster distribution & reduce inefficiencies, whereas the use of data analytics would enable faster processing of claims, and create new avenues of customer acquisition. Web and mobile delivery Big data/real-time analytics Automation and data integration Peer-to-peer risk sharing 18 16 Aggregators 8 13 Robo-advisers (advice provided by computer model/artificial intelligence) 30 9 Sensors (including GPS, telematics/UBI, wearables, smart sensors, internet of things, connected devices) 22 4 Blockchain 12 31 40 41 39 40 77 5 years 2 years Source: New Horizons – How diverse growth strategies can advance digitalisation in the insurance industry - Willis Towers Watson 2 www.near.co
Introduction | Current Challenges | Solution | Boost Your Insurance Business | Summing it Up A big problem that the experts emphasize in Insurance business is that of siloed data. The Insurance industry has traditionally always dealt with huge amounts of data, but it is scattered and fragmented through their various departments. This prevents them from building a 360-degree vision that provides a clear and complete picture, preventing them from embracing a holistic strategy that balances tactical decision-making with strategic investment. The traditional and complex problem of identifying, targeting, and converting customers across disparate channels remains. In fact, it has only grown even more complex with the emergence of the online world and the explosion of digital and mobile media and channels. Consumers now expect relevant and personalized experiences across offline channels, along with web, mobile, and social media experience. Yet another big practical problem that the Insurance industry faces is the “low-touch” nature of their business. Insurance companies usually do not have physical stores. Once insurance is sold online or by an agent, the Insurance organization loses contact with their customers until they make a claim. In this vast interval between a customer buying an insurance and making an insurance claim, the organization has absolutely no view into lifestyles of their customers. Currently, they have no way to identify their customers’ preferences, behavior patterns, and most importantly, the times when their lifestyle changes. For example, the crucial turning point in any customer’s lifetime is when they get married, buy a house, buy a new vehicle, have a child, etc. These are the turning points when they are likely to change their insurance portfolio, and fantastic opportunities for an Insurer to upsell and cross-sell their insurance products. But because of the lack of data on this, Insurance industry tends to lose touch with their customers, and also lose great business opportunities. Considering these problems, the Insurance industry needs to find a solution to harness the power of the data they have to develop a highly effective strategy with emotionally intelligent and relevant messaging that helps them stay ahead of competition. 3 www.near.co
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Leveraging Data-Driven Marketing for the Insurance Industry

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