What the Client Wanted
To gain actionable insights into ways to better serve existing client base and attract new ones.
The Outcome
Enhanced customer-data driven insights and spurred new growth and revenue opportunities along with policy retention, which ultimately led to more profitable client relationships.
Summary of the Insurance Industry
The insurance industry plays a key role in the economic and financial development in several ways. Firms operating in this sector help pool risks and minimize the impact of financial losses with a focus on influencing – investment, innovation, and output. The development of new technological innovations with every passing year is poised to change the global landscape of the insurance industry. Factors such as modest investment returns and low revenue growth have proved to be a bane for insurance companies – compelling insurance industry firms to make the most of the business value that they’ve built up over many years.
Customer analytics-based strategies have the potential to drive customer engagement, speed up time-to-market, and also opens up new revenue channels, but the insurance sector has been slower than most of the industries to acclimatize to this change. However, leading players in the insurance industry are now increasingly employing customer analytics as a part of their business processes.
Industry Challenges
Challenges faced by the insurance industry can be divided into:
- External challenges: External factors that pose major challenges include implementation of technical innovations, enhancing digital channel capabilities, and changing customer preferences. The three external factors undoubtedly form a clear constellation – changing behavioral patterns, notably the preference for digital platforms, which underlie insurers’ preoccupation with technological progression to a large extent.
- Internal challenges: The lack of innovative capabilities, siloed operations, and lack of dedication to core priorities are a few internal challenges faced by insurance companies. Such factors explain the fundamental conundrum of the global insurance industry – technical advancements along with the accelerating consumer power are driving analytic behavior.
About the Client
A global insurance service provider.
Client’s Challenge
To analyze customer data and gain new insights, the client- a leading player in the insurance industry – approached Quantzig to leverage customer analytics and devise strategies to better serve the clients. The client wanted to access and evaluate the data from disparate sources into a consolidated customer view. Furthermore, with the help of customer analytics, the client wanted to enhance acquisition strategies to improve customer relationships and attract a larger audience.
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Business Impact
With the help of Quantzig’s customer analytics solutions, the insurance service provider developed targeted strategies to better serve their clients. The client was also able to streamline their business processes and gain detailed insights into customer behavior. This helped the client to develop an acute understanding of the – the insurance industry trends, brand perception, and new market opportunities that could be harnessed in their business milieu.
Customer Analytics Solution Predictive Insights
Quantzig’s customer analytics solutions help companies in the insurance industry space to gain descriptive insights into customer data to make better decisions. Organizations can also analyze and assess the customer behavior at the segment and individual customer level to identify customer needs and preferences appropriately. Our solutions enable insurance firms to examine customer data holistically to pragmatically improve their decision-making process.
