How can insurers improve retention and boost cross-selling by harnessing data for better customer insights

Insurance companies continually strive to cross-sell to existing customers, but few manage to achieve even an average of two products/services per person across their entire book. There is often a level of price sensitivity and lack of brand loyalty here; but the issue remains that many insurers are not fully realising the full benefits of one of their most powerful resources – data.

Insurance remains a data-rich industry but companies are not mining the relevant information they already hold about their policyholders; whilst struggling to access other data points to get better insights when acquiring new ones. The fact that this data – both structed and unstructured – is siloed on so many disparate internal platforms and systems is also an obstacle in allowing insurers to optimise this powerful resource.

Elsewhere lucrative insights are potentially being missed in terms of insurers learning from the past to inform the future, not least in how customers behave across the life cycle of a policy from inception to claim: Insights that should reduce churn, complaints and result in higher satisfaction scores.

Against this backdrop Insurance Post in association with Hyland would like to invite you to a live interactive webinar on the 20th of May June at 3:00 pm in which an expert panel will discuss how insurers are using data to get a single view of their customers, the challenges in maximising its potential and what good looks like in terms of the most optimal use of this content.

Among the questions we plan to address are:

• How successful have you been in unlocking the potential of your structured data: and how much of that success is down to breaking down silos and joining up information that might previously been platformed in more than one source?
• What have been the key factors behind your success in getting a more complete single view of each of your customers by doing this?
• What have been the business benefits in unlocking the potential of your structured policyholder data?
• What challenges do you face in getting value out of unstructured data; and how have you combatted them?
• How are you unifying both structured and unstructured data to achieve predictable policyholder outcomes that can feed into how you underwrite business and manage claims?
• In terms of staffing, how much of your success in using data more successfully is down to how you have evolved as a business in terms of recruitment?
• Where – if any – is there still room for improvement in terms of unlocking or acquiring data?

Speakers