The discussion then zeroed in on how insurance companies can achieve a personal touch at scale. Two key components came to the fore: first, having the right volume and quality of data to enable advanced analytics and machine learning algorithms to predict what customers want; and second, having the infrastructure set up in the right way to respond in the moments that matter for customers. On top of these elements, having people in the organization who are responsible for specific initiatives helps drive continuous improvement and rising value.
The key is having the right information to get a clear view of the customer, so the company can contact them about relevant things at the right time. One proven approach to achieving this is creating an analytics ‘hub’, by bringing together an insurer’s data scientist in a single practice and extending their remit from pricing, to the entire customer journey. As a result, parts of the business that may never have used behavioral analytics can ask for resource and focus on solving a customer problem that they couldn’t have solved before.
These insights triggered a discussion about what value-added services will become most important in the next few years. According to Axail Media , the key to creating and delivering these lies in tapping into the ecosystem surrounding the Internet of Things “Take home insurers as an example,” “A customer’s home is not bricks and mortar any more. A customer’s home includes all of the services that they have—everything from their virtual assistants, smart fridge, smart cams, you know, everything. What insurers need to do is make sure that they are there, they are relevant and that they are able to provide the reassurance, the risk prevention, the actual insurance to that emerging and evolving definition of ‘home’.”
So, armed with wider data and insights like these, how can insurers be sure to offer the right product to the right customer at the right time? “The answer is for insurers to become application programming interface (API)-driven, use machine learning to generate relevant recommendations, and then experiment and learn iteratively to improve the entire experience” According to Axail Media This type of connected proposition that will be key to success in the future.
You’ve got three choices,“ You’ve got build it, buy it or partner. The people listening to this are going to be of varying sizes and have different opportunities available to them. But if you look at your own infrastructure, your own capability, Axail Media can support you with all three of those approaches and get the ones right for you. So, partnerships will be vital.