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How can weather insights improve your customer interactions?

IBM Analytics Insurance Executive, IBM

Personal line insurers and their agents can drive client satisfaction, premium growth and retention by becoming close to their customers. By getting to know policyholders well, insurers can identify uninsured or underinsured exposures, offer a personalized risk management strategy and provide a compelling alternative to competitors’ offerings. Indeed, when a customer is only a couple clicks away from selecting another carrier, knowing policyholders and anticipating their needs is paramount.

Keep a weather eye out on your customers’ behalf

Traditionally, carriers and their agents have had only limited contact with customers after completing a sale. Such contact may come in the form of the renewal, a thick policy document bringing with it an unexplained premium increase once or twice a year, or may come during the claim process—a process that frequently leaves policyholders dissatisfied and in search of alternatives. Even satisfied first-party claimants may go policy shopping after a claim event.

http://www.ibmbigdatahub.com/sites/default/files/weathercustomer-centric_blog_0.jpgWeather can create opportunities for you to initiate positive interactions with your customers. Whether you warn policyholders of an impending hail storm, a tropical storm or the danger of snow accumulation on a flat roof, personalized weather insights can help you interact with your customers in new and positive ways.

Indeed, providing your customers with timely, accurate and personalized weather notifications can transform your relationship. Such notifications can turn customers’ thoughts away from rate increases, claim events and competitors’ offers, focusing their thoughts instead on how they can work with you to avoid significant loss. In fact, weather-related damage cost 2.3 billion dollars of damage last year in the US alone. Mitigate your policyholders' susceptibility to weather-related damage and reap the rewards in the form of fewer claims and increased policyholder satisfaction.

Bring the power of analytics to your policyholders

IBM is teaming up with The Weather Company to bring the power of weather insights to the insurance industry—for example, by notifying home insurers about dangerous weather based on specific location, or by alerting drivers to inclement weather or dangerous driving conditions. For generations, insurers have promised to stand on the side of policyholders, acting as a good neighbor. Using weather alerts, insurance providers can demonstrate their care for their customers in ways not likely to be soon forgotten, deepening the customer relationship while avoiding loss.

Learn more about the the insurance industry-specific solutions based on weather data at the IBM Insight Cloud Services webpage, the new set of IBM Analytics solutions announced at IBM Insight. For a comprehensive look at the options you have for IBM Analytics insurance solutions, explore the use cases and sign up for a complimentary, customized workshop.