Top 4 Customer 360 Use Cases for Insurers
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Transcript of Top 4 Customer 360 Use Cases for Insurers
1
Top 4 Customer
360 Use Cases for
Insurers
The status quo isn’t good enough any more
88% of customer data is ignored
84%average retention rate for
insurance companies
67%of customer churn is due to only
one bad experience
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A new approach to Customer 360 will pay off
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2.7xInsurance promoters are 2.7x
more valuable than passives,
owning 2.4 products with 97%
retention
Information is fragmented across many systems and must be synthesizedto create a customer profile
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Policy
Administration
Policy Self-
Service
DemographicsAgent
Interactions
Call
Center
RelationshipsSocial Profiles
Claims
Processing
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Sentiment
Life Events Churn, Risk, &
Value
Personality
Influencers
Alerts
Inferred
Demographics
Customer Journey
Proximity &
Location Events
Insights can be derived to turn a customer profile into an intelligent Customer 360
Having an intelligent Customer 360 will impact every step of the customer lifecycle
Acquire new prospects
and customers
Improve the
Customer Experience
Expand the Customer
Relationship
Retain the Right
Customers
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Acquire
• Micro-segmentation of high potential
prospects for multi-line insurance
products
• Build targeted campaigns based on life
events and interactions
• Anonymous prospect identification for
abandoned quotes
• Prospect journey mapping and
optimization from digital to agent
transactions
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Improve
• Customer survey feedback analytics to
understand root cause of NPS detractors
and passives
• Target NPS “Detractors” with
personalized offers & service
• Identify and eliminate friction points in the
CX
• Personalized omni-channel experience
• Enable customer service to ask the right
questions at the right time
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Expand
• Self-service data access and discovery
for marketers
• Customer journey mapping from digital
to agents
• Intelligent product recommendations
based on analytics
• Micro-targeted cross-sell and up-sell
campaigns
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Retain
• Discover indicators of relationship decline
• Churn indicators and retention actions
derived from agent interactions
• Customer journey optimization from online
to agent
• Personalize customer service by prompting
agents with detailed customer
understanding
• Manage the retention/renewal journey
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Use a Customer 360 to gain true business value
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Deeper insight into customer digital/in person interactions to improve experience and retention
Actionable intelligence on cross-sell buying patterns and actionable triggers
Next Steps
• Assessment
• …
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Learn more:https://www.allsight.com/insurance-and-cim