FRESH PERSPECTIVE

The Path to Personalization: Insurance

Why Data-Driven Insurance Companies Win Consumer expectations for their interactions with insurance providers have risen dramatically in recent years. From the policy application experience to the claim filing process, consumers are clamoring for more personalized and streamlined digital encounters akin to those they have become used to from top retail, financial services, and E-commerce brands….

02/16/2022

Why Data-Driven Insurance Companies Win

Consumer expectations for their interactions with insurance providers have risen dramatically in recent years. From the policy application experience to the claim filing process, consumers are clamoring for more personalized and streamlined digital encounters akin to those they have become used to from top retail, financial services, and E-commerce brands. Driving efficiencies and a better customer experience for insurance marketing professionals were once ongoing side projects. Now, they are core business objectives tied to measurable marketing results. This goal shift has created a renewed focus on innovation to build deeper consumer relationships across technology, data, and teams. Achieving this monumental task requires a change to a unified, data-driven approach that multiple functional teams in your organization can leverage.

As a marketer, you have multiple parties to please when considering your data-driven strategy. Therefore, it is critical to understand how each will explicitly (in the case of the CMO and the business) or implicitly (prospects and customers) judge its success.


What does an effective data-driven strategy look like for the prospect or customer, your CMO, and the business itself? Success looks vastly different to each.


Customers & Other Parties

What they want:

  • Provide personalized, relevant, and timely content; “Show me you know me.” 
  • Give me a consistent experience across channels 
  • Make it easy for me to complete a quote and purchase coverage 

How you can deliver:

Show them you know them. One of the most top-of-mind ideas for data use is to show customers or relevant prospects that you understand the issue at hand. For example, suppose a customer has a car accident and opens the insurance app on their phone to file a claim. In that case, the customer’s form can be prepopulated with the vehicle’s information, address of the insured, and more to help file the claim faster and easier. If a customer service rep at a call center assists a customer who has had an accident, their phone number can pull up their account and vehicle details, so the customer doesn’t have to provide it or repeat if they get transferred. This win-win situation extends to noncustomers working with the insurer because, if they have a better experience than with their carrier, they’re more likely to make a switch.

CMO

What they want:

  • Grow the business faster – be agile and innovative
  • Capture unique and relevant data points to understand customers better and drive decisions
  • Provide personalized journeys and seamless brand experiences across channels 
  • Leverage technology to better accomplish priorities 

How you can deliver:

Create targeted marketing campaigns. You can drive ROI and build business faster by enabling targeted marketing campaigns based on specific customer profiles. Programmatic teams can enhance their audiences and activate and serve up those ads on platforms like Facebook, Pinterest, and Spotify. By capturing unique and relevant data points, insurance marketers can reap the benefits of integrated analytics and modeling for future planning. In other words, digitized marketing departments meet customers’ expectations by establishing personalized journeys and an omnichannel experience.

Business

What they want:

  • Improve the consumer’s call center experience – limit calls being bounced around
  • Drive revenue 
  • Increase brand loyalty 

How you can deliver:

Be Data-Driven. There isn’t a given department or function of business that doesn’t benefit from being data-driven. Having the proper tech and APIs to fetch the correct data drives efficiencies and cost savings, limits call from being bounced around, increases brand loyalty, and overall drives revenue for the company. In addition, insurance is all about managing risks, and data-driven innovation is the key to mitigating them.

How Allant Can Help

Allant has delivered unique insurance industry solutions, like creating personalized APIs to fit specific business functions, integrating online and offline behavior data, and integrating analytics for advanced modeling. In addition, our consultative approach can provide effective and efficient targeting strategies to optimize marketing spending and maximize engagement. With Allant, you’ll always keep up with the times and deliver on expectations.

Let’s leverage your data in the highest capacity today.

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