top 4 customer 360 use cases for insurers
TRANSCRIPT
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Top 4 Customer
360 Use Cases for
Insurers
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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
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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
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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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3
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
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Next Steps
• Assessment
• …
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Learn more:https://www.allsight.com/insurance-and-cim