In today's data rich world, customer expectations are becoming increasingly sophisticated. The more you know about your customers and their preferences the better placed you will be to offer the products and services that they want, when and where they want them. An incredible opportunity for organizations to identify and focus on their most important customers, both retail and commercial.
Customer insight is the starting point to help create propositions that span lines of business, removing product silos and refocusing on the customer. Organizational agility to respond effectively to changing customer needs is required. While insurers are becoming more sophisticated as they leverage segmented customer data and use predictive analytics and propensity modeling, there is still more work to be done to break down operational silos and address legacy systems in order to create a single customer view.
By partnering with leading retailers, insurers could gain invaluable customer behavior data to improve the accuracy of risk pricing
Insurers who put customers at the heart of their business are well positioned to outperform.