Insurance

Improving customer experience continues to be a priority for insurance companies who want to retain and develop customer relationships. Key to a truly customer-centric approach is to address customer problems rather than promoting a product.

However, with the amount of available data, insurance carriers have potential to develop not just customer-centric products but solution-based offers that take individual lifestyles and behavior into account.

Collaborating with InsurTech companies is one approach to introduce new types of products and services that are more solution-centric. Such services can include new methods of policy distribution and monitoring that allow the integration of the customers’ behavioral and environmental conditions into the underwriting process.

Good data is key to supporting the consolidation and automation of existing insurance processes. CDOs and data scientists are finding themselves on the front line of helping to support operational efficiency in addition to duties for regulatory compliance.

Some of the coveted, cost-reducing digital initiatives include:

• Robotic process automation (RPA)
• Tell-us-once services
• Automated underwriting

Digital transformation and new customer experience initiatives depend on trusted information sources accessible across the organization.

New sources of trusted master data are needed to support initiatives such as:

• Automated underwriting
• Loyalty programs
• Proactive monitoring and measurement services with IoT
• Digital customer journey
• Behavioral analytics and risk management
• New distribution channels
• New third party-product partners
• Insurance-as-a-Service

Having a single view of the relationship you have with your customer across all lines of business, touchpoints, applications and processes is a critical capability in order to:

• Improve customer satisfaction with digital self-service, responsive customer services and personalized products and services
• Reduce cost to serve with automated underwriting and claims management
• Automate compliance and risk management

Creating a single customer view requires that the insurer is able to collect data from multiple sources, but also validate and enrich this data - possibly with information from external sources - to make it fit for delivering more relevant products, a personalized experience or other purposes.

Master data management can help establishing the unified customer view based on trusted information.