Blogs

Engaging the insurance consumer

Worldwide Industry Marketing Manager for Insurance, IBM

I've spent more years than I want to admit on the business side of the insurance industry. In my current role I work on the value that big data and analytics can deliver to an insurer and, in turn, to their policyholders. 

On the other side of things, I own insurance policies, just like most. Sometimes I have to sit back and ask, "what do I want as a policyholder?" While it isn't always as easy as it seems to put on my consumer hat, I find that when I do, I sometimes get a different answer to the value question. When was the last time you switched hats and thought in terms of your role as a consumer in your own industry? Like me, you may find the answer depends on the situation: I may get one answer if I am thinking in terms of helping my parents with their coverage needs, but a different answer may emerge as I switch hats to consider assisting someone just starting out. Who is your target audience? What do they value? What do you value as a consumer?

Depending on the circumstance, those various hats determine how we interact with institutions and how we consume products and services. Those hats also set expectations on how we want to be treated and how we want others to perceive our brands. At IBM Insight, there will be sessions specifically geared to the insurance industry where you can listen to what your peers have to say and actively participate in the discussion. Please share not just from your industry perspective, but also from your perspective as a policyholder and consumer of services in the insurance industry.

2014_09_11_3124_Insurance_Consumer_Centricity_.png

Establish a trusted relationship

In the Insurance Business and Industry Leadership track at IBM Insight, you will hear from insurers around the globe on how to use big data and analytics to gain deeper customer insight. These insurers see the value in better engaging with their policyholders to achieve not just retention of those with the highest lifetime value, but they go deeper into their relationship and establish a trusted partnership. Insurers want to engage with their policyholders more than just during underwriting, throughout call center requests or even when a claim is filed. Through engagement, insurers can learn enough about their policyholders to offer value added services, similar to how add ons are handled in the retail industry. In fact, at a number of cross-industry lunches at IBM Insight you will have the chance to listen to leading researchers in this space and to speak with those focused on customer centricity from other industries.  

Engage on a personal level

Insurers can detect patterns and trends, and even anticipate events; it is possible for an insurer to present just the right offer at just the right time in the way the policyholder prefers to interact. Advanced big data and analytics capabilities can derive insight from more customer data available from more sources than ever before. These new capabilities allow more granular analysis of customer interactions, behavior and attitudes, taking us beyond broad segments and allowing us to understand each customer as an individual. Using data from sources like geo-location, external public data, tone used during a phone conversation and insight from content analytics, it is possible to develop a richer view of the policyholder and deliver relevant, personalized customer interactions, based on their preferences.

Deliver value and relevancy

The question of privacy and the use of this data can’t be ignored. Will consumers accept the increased use and analysis of their data? When there is clear value in doing so, the answer is yes. Organizations must demonstrate enhanced value to the consumer that seamlessly fits into their everyday life. Remember this is an experienced consumer, just like you!

So, please, while at Insight, wear your consumer hat to think about how you feel as a policyholder. To further streamline your experience, use the agenda builder, which allows you to customize your attendance based on your objectives, role and line of business.

Also, remember to add the luncheon on customer centricity and analytics to your agenda where you will find Ms. Srividya Sridharan, research director for customer insights at Forrester, and Dr. Arvind Sathi, author of Customer Experience Analytics: The Key to Real-Time, Adaptive Customer Relationships ready to discuss insightful best practices on how to transform your policyholder relationships. 

I hope to see you there!