As we’ve often discussed on the Insurance Tech Insider, the interactions between an insurance company and its policy holders are often rather limited. Insurers get a call or engagement through their Website when potential customers are shopping for an insurance policy. After a purchasing decision is made – often on price – the insurance company collects its premiums each month and generally doesn’t interact with the policy holder unless a claim is filed.
That means that the most interaction that a customer has with their insurance company is when they purchase a policy and when something pretty tragic has happened.
But a new white paper from Pitney Bowes dares to ask a difficult question, “what if every customer interaction could have more value?”
In this white paper, Pitney Bowes looks at some of the different ways that having a better view of the customer and more accurate customer data could help insurance companies turn a few mundane customer interactions into ones that have more value to both the customer and the company – and ones that can help generate more brand loyalty and cross-selling opportunities.
According to this new white paper, more accurate, relevant and comprehensive customer data could help insurance companies:
Proactively engage each policyholder with timely, relevant offers around trigger events such as a marriage, a new driver, a home purchase and more.
- Instantly respond to claims and questions in a way that demonstrates familiarity with the policyholder’s relationship history across every channel and touchpoint.
- Present suggestions that reflect understanding of the policyholder’s broader needs.
However, there are some challenges that many insurers are facing that can keep them from deriving the full benefits of their customer data and having more meaningful, lucrative interactions with their policy holders.
Bad data everywhere
The single largest challenge facing insurers looking to better utilize customer data in their customer engagements and relationships is relatively basic – they have bad data. Often, customer data suffers from the “Three I’s.” That is, it’s inaccurate, inconsistent or incomplete.
However, even if customer data is high quality, complete and accurate, there can be other roadblocks to putting it to good use. Often, that data will be disaggregated across the entire enterprise, siloed away in disparate systems for customer relationship management (CRM), finance and billing. Often, each of these systems utilizes different data requirements and formats.
Trying to bring this disparate data together isn’t always easy. Data entry problems and regional differences can simply bring together bad data. And merging data from different lines of business or different organizations within the enterprise can often result in data duplication and conflict.
Luckily, there are new technologies and solutions that can help insurers get a 360 degree view of their customers and truly maximize every customer relationship and interaction. To learn more about the bad data problem and its solution, download the white paper, “Maximize policyholder relationships with a single customer view,” by clicking HERE.