Need of Personalization Data for Insurance Agencies

The insurance industry is seeing a significant technological revolution because the inner workings of agencies adapt to the digital economic system. However, patron-targeted adjustments are also important. Digital user engagement and centred, lifestyle experience communications are extra effective and essential than ever. Customers are demanding a simple, seamless way to interact with the insurer they pick out. Often, they determine whether or not a particular insurer will meet their wishes long before that first touch point.

Today’s customers are accustomed to receiving personalized offers and custom designed solutions to fulfil their needs.  Regardless of the business, a client expects to be recognized and communicated with accordingly.  The insurance enterprise is clearly no exception. Eighty percentage of insurance clients are seeking out personalized offers, messages, pricing, and recommendation from their car, home or life insurance providers. Insurance companies must step up their game and adapt their techniques to keep up in this hyper-competitive market.

Insurance companies have been accumulating data for so long as they’ve been around as a way to verify risk, set policy prices, and answer client/customer queries. Most of the times the data is forgotten after the policy is issued and is consigned to a dusty filing cupboard or ageing database.

But insurance businesses are missing out on a goldmine if they don’t think about statistics as a strategic asset.

According to Accenture’s survey and study, “Many clients (77%) are inclined to provide usage and behaviour data in exchange for a decrease in premiums, quicker claims agreement or insurance coverage recommendations.  Truly, however, the insurance business has not conveyed these personalized services. One fifth (21%) of insurance customers say their service provider does not tailor customer reviews at all.”

Furthermore, less than 61% of insurers plan to offer non-insurance services and products and 22% have launched personalized real-time digital services such as:

  • Offers based on consumer needs and products that they already own.
  • Messages that customers find relevant and that build on their relationship and previous interactions with the insurer.
  • Pricing that dynamically considers customers’ behaviours, utilization and loss-prevention measures taken.
  • Recommendations and incentives to save losses or reduce loss severity.

Consumers are demanding personalization from their insurance providers – and that they’re willing to pay for it. A recent study by Mindtree surveyed banking/insurance corporations across the U.S., Europe, and Asia/Pacific, with at least 2000 personnel.

According to the results: 77% of banking and insurance consumers say that customized promotions encourage them to buy services and products they have never bought before.

68% of organizations say that more targeted promotions are the key driving force of online sales over the past year.

However, 38% of decision-makers in banking and insurance say their businesses are making an investment considerably in personalization to increase their customers’ online buying experience.


Types of Data You Need for Personalization:

With the Internet of Things, the majority of purchaser touch-points are now digital. Use the data to help improve your personalization strategies.


Leverage the customer data you’ve got—age, gender, region, location, platform preference (cellular, electronic mail, by mail, only digital), expressed interests—to better meet your customers’ requirements. Asking customers to repeat or re-input data that they’ve already shared shows them that you don’t care. Know their demographics to show that you do.

Past Contact:

What is the customer’s records history with you? Use the historical data for your advantage. A record of contact with the consumer is important and might substantially inform all future contact. Recall their previous reviews to better understand and meet their modern-day requirements.

Present Context:

Consider the present context data for personalization. What sort of device is the customer using? Which browser is he/she looking on? For what cause is he contacting you? This can tell the technique of personalization used to better meet their requirements effectively.

Insurance Data and analytics solution offering from IBM

Insurance data and analytics solutions from IBM provides business knowledge, as well as application and hardware designed to help you find out customer segments and potential sales possibilities. By offering a single client view, your company can leverage up-to-moment customer data.  Optimize face-to-face and self-service interactions, improving the customer experience across channels and supporting organization business functions, similar to underwriting and claims.

Insurance Data and analytics options from IBM  are designed to help profitability, income and customer delight through enabling you to:

  • segment and analyze customer value.
  • Provide a level of service proportional to the consumer lifetime value for effective retention.
  • Measure the impact of the deployment of marketing and sales initiatives using metrics such as lead conversion rates.
  • Strengthen relationships with companies.

Shan Eapen Koshy

Shan Eapen Koshy is a web developer, technical blogger and a YouTuber. He has created several web applications and has written many app scripts.

Follow Us

Don't be shy, get in touch. We love meeting interesting people and making new friends.