“Digitization” has been thrown around for years, but what does it mean for you? Simply acquiring and collecting data does not solve business problems but providing analysis and crafting stories around it does.While the world is largely still focused on creating data – according to Statista, “over the next five years up to 2025, global data creation is projected to grow to more than 180 zettabytes.” Creating value from this data is a completely different endeavor, and companies that create value in parallel with data generation will have a huge advantage but how do they attempt this?
It all starts with a clear picture of what is immediately possible. Data-driven personalization is one of the dominating strategies in nearly all industries, and one that should be applied to your business.Its importance revolves around two main factors. One is reduced overhead with personalized touchpoints, and the other is the uniqueness of your products and company. Acquiring, integrating, and analyzing your data is what helps you articulate benefits for your customers that differentiate you from competitors.
According to a report published by Gartner, the supremacy of using data in a personalized manner is evident in the near future. “80% of all life insurance policies will be issued without requiring any sort of traditional health checks”. Furthermore, it states, “The cost of marketing in life insurance will fall by 70% with the help of precision marketing and personalization.”This presents an opportunity for insurance firms to not only lower down their costs, but gear towards an approach that produces targeted results.
New Channel Discovery is a culmination of advanced AI/ML technologies that translates data into actionable insights. A customer data platform equips insurers with vital data that is used to drive personalization and enhance their sales efforts. New Channel Discovery can also be seen as a data revolution. As the volume of data continues to expand each year from different information channels, you can immediately integrate them into your current dashboards, and see if there are any improvements to your strategy.
Read on how AI powered Big Data Analytics is the new normal for insurance companies:
Customer Centricity is a time-tested strategy. However, many companies get stuck trying to optimize old channels, even when the world has moved on. This is a very difficult problem to diagnose, as older channels still generate revenue, albeit at much slower rates of growth or even decline.
Evvox Channel Discovery brings Customer Centricity to a new level. By analyzing the world immediately outside of your portfolio, you can identify new channels to meet your customers in modern environments. These new channels allow you to explore methods of insurance sales outside of the traditional, in areas that makes sense to the customer profiles in your portfolio.
Leading insurance companies use data analysis to continuously improve their core operations in terms of providing personalized services to its customer base. Historically, insurers only relied on historic data that might only include demographic data. Evvox wants to move forward by allowing you to utilize data from a wide range of parameters that include social media, credit card histories, and various other digital records. This paves way for effective utilization of data so that you can reach the right spectrum of customers.
The future for insurance companies lies in personalization. Customers need and deserve reassurance of long-term purchases, and Evvox allows you to put your best foot forward where your customers want to be met.
Get in touch with one of our industry experts and drive personalization the right way with Evvox!