Finance in Focus: Know your customer to exceed policyholder expectations
As policyholders demand ever more personalized services, insurance companies are striving to know their customers better than ever before.
In the IBM Institute for Business Value (IBV) study Capturing hearts, minds and market share, 41 percent of respondents reported having moved to a new carrier when a previous insurer failed to meet their changing needs—and only 43 percent described themselves as trusting their present insurance provider. By moving along the analytics continuum from predictive, prescriptive and descriptive analytics to cognitive analytics, insurers can gain insights from a full range of data, helping them take the bias out of decision making by relying on data and facts rather than intuition.
The IBM Behavior-Based Customer Insight for Insurance solution can help you use behavioral economics to understand how consumers make their purchasing decisions: What motivates people to buy or not buy? Why do they stay with or leave a provider? Start using data already existing in your organization to help you predict customer behavior, identifying customers who are likely to remain loyal and those who pose a high risk of churn.
In this podcast, listen to IBM insurance experts Kim Minor, Kathy Hutson and Brian Banigan discuss these and other issues facing insurance providers as they struggle to know and retain their customers in the modern insurance industry.
Kim Minor, worldwide industry marketing manager for insurance with IBM, markets insurance software solutions with a special focus on big data. She draws on 14 years of insurance industry experience in market development and insights, solutions development, services consulting and business processing outsourcing management. Kim earned her business degree from Purdue University and brings additional financial analysis and merger and acquisition experience gained with Eli Lilly and Company, the Timken Company, and the Cleveland Clinic.
Kathy Hutson, a global insurance front office segment leader for IBM global insurance, specializes in technology solutions that help insurers develop compelling customer experiences and winning distribution strategies. She draws on more than 14 years of experience in the financial services industry working with insurance companies globally, including in roles at Citigroup, the New York State Insurance Department and McKinsey & Company.
Brian Banigan drives market leadership, global awareness and demand generation for IBM in the insurance industry across a broad portfolio of services, software, hardware and partners. After joining IBM in 2000 as a management consultant advising insurers from around the world, he served as a marketing leader in the software division, focusing on case management and content analytics.