Consumer expectations have continued to shift further towards seamless, digital experiences, forcing brands across industries to adapt and innovate – especially over the last couple of years. Even traditional industries like insurance whose necessity allows innovation to fall by the wayside are feeling the pressure.
However, without the right insight into the wants and needs of current and future customers, insurers are left wondering where to start.
In today’s world, the most successful insurers will be those that embrace innovation and become data-driven beyond their first-party data in order to gain that 360-degree picture of their policy holders and prospects.
For example, how might your cross-sell opportunities improve if you understood that individuals highly likely to purchase renter’s insurance are nearly 20% more likely to also be shopping for auto insurance? Or that corporate leaders are 61% more likely to be in the market for long term care insurance? How might your acquisition strategy change if you knew that those shopping for dental insurance are 25% more likely to be technology adopters?
With comprehensive, quality data that provides a B2B2C view into the hearts and minds of consumers, carries can uncover new opportunities, all while minimizing risk and providing their customers with an experience that meets their expectations.
Predictive Data is Table Stakes for Innovation in Insurance
As insurers look to adapt their business for post-pandemic growth, data and digital experiences are rapidly rising to the forefront of the strategy. By infusing data into processes, products and the customer experience, insurance brands are facing an incredible opportunity to:
- Efficiently acquire the right new customers
- Accelerate the customer digital buying experience
- Unlock cross-sell & upsell opportunities through new insights
- Enrich quotes, inquiries, and applications with more data
- Optimize pricing based on deeper intelligence
- Identify opportunities to diversify the product portfolio
- Predict consumer behaviors in uncharted territories
AnalyticsIQ’s new Insurance Data Playbook highlights numerous use cases and opportunities where scalable, predictive data has the power to fundamentally shift how insurance companies acquire and grow customer relationships while innovating their product suite to match consumers’ evolving lifestyles.
Check it out here, and for more information, be sure to reach out to our Curtis Marshall!