Four elements of a high-performing digital insurance business
Insurers must understand that the future of the insurance industry lies in investing in digitization built on data ecosystems. For high-performing digital insurance businesses, one needs a robust approach in terms of dealing with data and marketing to the right audience.
Effect of digitilization on customer satisfaction, efficiency and effectiveness for an auto. Insurance claim
Here are the four elements of a high-performing digital insurance business
1.Data ingestion and integration
The most important element for your insurance business to perform at optimal conditions is its data ingestion and integration capabilities. Data ingestion refers to your ability to ingest new data from multiple sources. Once this data is ingested from relevant sources you can then integrate this data with your existing systems. Effective and quick data ingestion capabilities allow you to tap into external channels previously unavailable to your organization. This enables you to generate insights that delivers personalization in your marketing campaigns.
2.Sales and marketing analysis
One of the main purposes of data ingestion and integration is to add layers of personalization in sales and marketing analysis. With data that is personalized, sales and marketing can be taken to the next level by implementing a customer-centric approach. Effective data ingestion and integration capabilities allow you to discover high-conversion channels. Acting on these insights allow you to shift capital from the least effective to the most effective channels. so that your marketing and sales efforts aren’t concentrated at the wrong places. This drastically reduces your marketing costs as the same marketing budget is being applied in a setting where the chances of converting customers is higher.
3.Customer Segmentation
The next key element that should be prevalent in your data ecosystem is customer segmentation. Understanding the optimal level of granularity in your marketing campaigns is of paramount importance to high conversion channels. By consolidating your internal and external data on Evvox, our platform can then operate AI/ML algorithms on a wide set of data. This wide set allows for more accurate insights that are both relevant to your portfolio risk and the outside world simultaneously – leading to higher conversion marketing campaigns.
4.Empowering your team with CRM-readiness
The last key component is a CRM that has your insights readily available. Evvox empowers your sales and marketing teams and technologies by getting them to relevant data at the relevant time directly into their CRM’s. Evvox becomes a gateway between your vast data insights and your customers comfortability during a sale.
EVVOX – A platform that combines all the key elements
EVVOX is a state-of-the-art solution that is best suited to adapt to constantly changing insurance needs. Its extensibility engine as well as advanced customer segmentation techniques allow you to effectively target segmented audiences, which help identify the highest conversion channels for your organization.
Contact one of our experts to enhance your insurance business!