It’s no secret…Insurance companies have a wealth of data and have historically used data to minimize risk and run their business. According to Forrester Research, insurance firms are sitting on more structured, semi-structured, and unstructured data than any other industry1. Whether it’s for life, home, or auto, insurance companies recognize the value of data. However, the more data, the more complicated it can be to analyze it and yield effective marketing results. With so many different options to pursue from a marketing perspective, one can easily become overwhelmed in selecting the best approach.
Analytics means different things to different people and that’s OK! The common themes are as follows.Given the continued interest from clients about Analytics, I feel the need to use this platform to describe what is happening in the Predictive Analytics Ecosystem. These are exciting times for Allant and I’m thrilled that we have the resources with analytics in their DNA to help us navigate all of the buzz. With the proliferation of data and “analytics” in the marketplace, I often need to ask folks externally, “WHAT DO YOU MEAN BY ANALYTICS!”?
The Top 5 Questions There’s no doubt that the B2B predictive data analytics revolution is upon us. According to Forrester Research’s July 2015 report, “New Technologies Emerge to Help Unearth Buyer Insight from Mountains of B2B Data,” almost “two-thirds of business decision-makers are implementing or upgrading predictive analytics solutions today or plan to do so within the next 12 months.”
While it’s a fairly safe bet that you utilize predictive analytics as part of your marketing program, ensuring you choose an approach that makes the most sense for your business requires some deep thought and preparation. Since the solution may require you to perform changes to your sales and marketing processes, you must be extremely cautious - temper your urge to dive in headfirst in favor of devising a well-thought-out strategy.