Engaging with customers – and maintaining that engagement – is something that can often be a struggle within the insurance industry.
Insurer interactions have traditionally been much more limited than many other big businesses, such as retailers. Interactions may previously have been more formal and not that interesting – a renewal notice or a bill, for example – and so the industry has struggled to keep consumers engaged. However, times are changing and thanks to the influence of modern technology there are many more ways now for insurance companies to improve customer engagement.
A singular customer view
Insurance companies have historically been pretty proficient at collecting customer information. Everything, from assets to financial status and family relationships form part of the data that many customers expect to hand over during routine insurance transactions. So, many insurance businesses now have significant volumes of data about customers but few have yet converted this into a singular view of the customer. The combined and condensed version of all this data can provide a firm foundation for creating a new customer engagement strategy. Using technology to cleanse data, validate it and normalise it will provide customer insight like never before.
Analysis of customer data
Enhanced and organised customer data provides insurers with a way to identify actionable insights in all the data currently held. There are a number of different ways to analyse customer data and to feed this analysis into a customer engagement strategy that really works. For example analysis of groups of customers can be used to identify trends that can feed into more appropriate products that engage better with customer wants and expectations. Analysis of individual data provides ways to bring a more personal element to customer relationships and to identify those customers who are at risk of churn.
The impact of personalisation
Personalisation is one of the key customer engagement trends for the next 12 months and it’s only with the support of technology that this is possible. Insights extracted from data and analytics offer new ways to communicate with a customer that take into account the details, such as an individual’s financial situation and the demographic that they belong to. Personalisation can be applied widely, from social media messages through to email content and web pages. It has the potential to be transformative for businesses keen to better engage customers because it removes the biggest obstacle for many corporates: a lack of human face. Personalisation gives brands the qualities that make them far easier to engage with.
Tools and techniques
Technology provides many different tools and techniques for engagement, including investing in mobile apps and embracing automation in customer communication. The more ambitious may even look into AI – chat bots, for example, are already being used in banking to help customers make better financial decisions and are a powerful force for better engagement.
Technology presents a broad spectrum of solutions to the issue of customer engagement for the financial industry. If you’re looking to improve efficiency and embrace the potential of technology for your essential business functions we provide powerful accounting software that delivers real results through unrivalled transactional analysis through to interfacing with other operational systems. Contact us to find out more.