CRM was always a challenge in the past because, unlike banks and retailers, Insurers had only small numbers of interactions with their end customers. That made it hard to gather data on their customers’ needs and wants, and limited their ability to build relationships.
But the Insurer of the Future has access to enormous quantities of data about its customers, available from a wide range of external sources. So it ports this data into its own systems, fueling more powerful and accurate analytics. It uses the insights gleaned to reach out proactively to customers – not just to sell them products, but to provide genuine value adds.
Providing value adds to customers, free of charge, enhances its customer relationships. So when the Insurer of the Future makes an occasional offer to a customer, it’s the right offer, at the right time, through the channel and device of the customer’s choice. As a result of the Insurer of the Future’s expertise, the customer is significantly more likely to buy.
Compared to its predecessors, the Insurer of the Future has a loyal customer base – driving lower lapse/churn rates, a greater share of wallet, and higher Net Promoter scores.
Please see Part 6 – Products for further predictions.