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Leveraging data to drive growth
Big data has rapidly gained traction from a diverse range of sectors and the insurance industry has been no exception to this trend. For many years, industry players have been applying big data across a range of initiatives from tailoring products, to efficient claims processing, targeted marketing and proactive fraud detection, just to name a few. However, there are two areas where big data can make a real impact – enhancing the customer experience and building loyalty, both of which are of utmost importance in such a highly competitive industry.
To build loyalty, insurers are systematically gathering data and appling artificial intelligence, to create bespoke offerings for their customers. They are also using analytics to uncover which policies are reaching maturity and which investments those customers would be interested in. The later application, ‘investment recapture,’ ensures money that would potentially flow out of an organization once an investment product reaches maturity goes straight back in.
With the expansion of big data technology, insurers can now have a more in-depth understanding of their customers and a more customer-centric approach to business than ever before. Insurers are becoming more sophisticated at creating a cohesive knowledge base of customer data and product information, and then leveraging this insight to propose what customer’s need.
Looking ahead, success in the industry will depend on an insurer’s ability to best leverage their data to drive growth. This will also ensure traditional insurers remain relevant in this age of technology innovation and disruption.
Author: Neil Gardner, Chief Customer Officer at Generali Asia