Personalized insurance
Personalized Insurance with Big Data & AI Big data at insurances Digital transformation is
Insurances
Branche
The insurance industry
There is no industry in which customer data is as fragmented as within the insurance industry. After all, many of today's insurers originated from mergers, where the merger partners all had their own systems, and traditionally there were thick departmental walls between the non-life, health and life divisions. Until recently, the intermediary often knew more about the insured end customer than the insurer and also had the marketing data. The policy data is often stored per division and in many cases not or hardly linked to the files used by marketing and sales. As a result, most insurers do not have an unambiguous picture of the customer.
And yet..
And yet it is essential for insurers to have full insight into all the behaviours and preferences of their customers. Only then can they make relevant and personalised offers to strengthen their competitive position. However, having a complete customer view is also essential for offering an excellent customer experience and for making greater use of damage prevention and targeted steering based on AI. So it is important to bring customer data together and get to the bottom of it.
Trends
Trends in insurance
Read an overview of the latest trends within the insurance industry.
Customer service expectations have changed significantly. People expect to be able to purchase insurance easily online. But other interactions with the insurer, such as reporting claims, must also be possible in the same easy way. And all the information required for each step in the process must be readily available online. And in doing so, the customer assumes that he will always be offered a personalised experience that matches his interests, preferences and behaviours.
If cars will soon be driven more by artificial intelligence than by humans and they will therefore be safer, will people still be willing to pay high amounts for auto damage insurance? Or will people expect more of a usage-based or pay-as-you-go model, in which more the miles driven than the car itself is insured? And what does that then mean for an insurer's business model? Isn't an insurer that knows and understands its customer better also much more capable of providing peer-to-peer and microinsurance?
The laws and regulations that an insurer must consider have become increasingly complex and demanding in recent years. And these include not only privacy laws (GDRP), but also information, care and transparency obligations. Finally, the increased compliance requirements have also meant that insurers must be more proactive, for example with regard to policy renewal.
Content
Blogs and webinars
Customer Insights
At many insurers, customer data is fragmented across multiple systems. Policies are often managed per division, the back-office systems are often not or poorly linked to the CRM system and, for example, information about website visits is again stored in a separate database. To obtain a complete picture on all customer behaviours, it is necessary to determine what data all exists and which of these data are relevant to include in a consolidated 'golden customer profile'.
Customer Data Strategy
Analysing and bringing together available customer data is one thing, determining what you want with it is quite another. What do we want to do with what data? What more data would we like to collect? How do we align the customer service model with their preferences? Intouch365 is happy to work with your organisation's management to develop a customer data strategy.
Customer Machine Learning (AI)
The unique and unified customer view obtained in a customer data platform can also be used to feed algorithms, which in turn play a role in driving relevant communication with customers and/or predicting their behaviour. As a result, not only can risks of loss be identified much faster and more precisely, but customers can also be notified more quickly and relevantly if a situation is imminent that could lead to loss so that they can intervene. In this light, many insurers are already considering the possibilities of making use of data collected by smart devices (such as digital doorbells and smart blood pressure monitors) to better alert customers if the risk of damage is increased.
Customer Data Platform (CDP)
Technological development in the area of data aggregation and consolidation has been very rapid in recent years, resulting in the availability of Customer Data Platforms (CDPs). In such a platform, data from multiple sources, structured and unstructured, can easily be brought together and consolidated. This creates unique and unambiguous customer profiles, on the basis of which it is possible to perform analyses and make predictions. An important function of a CDP is therefore not only to bring together and harmonize customer data from different sources, but also to enrich these data with data sets available in the cloud, such as demographic data or data from the trade register.
Customer Journey and Process Optimization
For years, insurers have been primarily concerned with optimising their own processes in an attempt to make internal operations more efficient. The process that the customer goes through, the so-called customer journey, was not taken into account enough. Intouch365 can help to improve the customer experience, by making it the starting point of every contact moment with you as an insurer.
Laws and regulations Compliancy (including GDPR)
The requirements imposed on insurers by laws and regulations are extremely complex and demanding. And due to the fragmentation of customer data over multiple systems, it is difficult for many insurers and underwriters to be compliant with regulations such as the AVG. Intouch365 can help ensure that you do comply with the laws and regulations.
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