Insurance Companies must be able to identify and create relevant moments for each of their policyholders, taking into account their profile, the products contracted with their coverage, and manage them dynamically so that they feel supported at all times.
Once the insurers have already put the client at the center of their strategies, it will be essential to go one step further in the management and service of the client: generating a relationship with the client, based on dialogue and understanding of their experience.
To carry out any type of customer management action, it is essential to know the customer in depth and constantly, which will allow to actively develop a constant and fluid communication in really vital moments. Clearly, this knowledge will have different levels of maturity in each insurer, depending on the capabilities, objectives and needs of the same.
It is essential to constantly enrich and update the information available in a continuous cycle of collection, analysis and exploitation of knowledge, regardless of the level of maturity of the customer's knowledge:
A) Data collection:
It is estimated that insurers currently possess 80% of idle information through conversations and emails, which is not being exploited.
The challenge for insurers should be to consolidate all the information in a single knowledge base. All information must be continuously enriched, as this will be the foundation on which we can build a personalized, simple and immediate Customer service that will add value to the insured.
B) Customer data analysis:
Once the data is collected, it must be transformed into useful information, predictive and descriptive knowledge. They must also be analyzed to obtain in real time, the intelligence necessary for proper customer management.
The boost of artificial intelligence
The use of technologies such as Machine learning and even Deep learning are capable of enabling insurers to go further: algorithms will be able to locate meaningful information in unstructured data sources, acquiring answers to questions that had not even been exposed, allowing a personalized proactivity without equal.
Artificial intelligence will put a big twist on the work of experts. Segmentation, referring to Customer service, has become outdated since it does not reach personalization at the individual level, which is a determining factor in the future, which currently can only be achieved thanks to AI.
C) Exploitation of customer data:
Once the data has been collected and analyzed, the challenge for insurers will consist of taking specific actions that will be carried out in each of the clients.
Taking action in an agile way, guided to the client's needs and in line with the objectives and strategy of the company depends, almost entirely on the governance model, which must break with the traditional hierarchical structure and promote communication fluidity between strategic teams, allowing them to have more information and to carry out new projects and actions more directly.
Knowing the client and anticipating their needs, unquestionably marks a differential value within the insurance industry, which has begun to adopt technologies that help it thanks to the collection, analysis and exploitation of data, which lead to a better way to operate.
Applying technologies such as Artificial Intelligence in the traditional insurance industry is necessary and advantageous, since with this useful data can be extracted and used to offer better products and services.
At LISA we strive to provide traditional insurers with cutting-edge technology, streamlining their processes and guaranteeing better experiences for their policyholders.