How Insurers Can Use Customer Data To Their Advantage

customer data and insurance

Offering service with individual value is a goal for most insurance agencies and their brokers, but in modern times this is becoming increasingly difficult with a digitally dexterous client base.

McKinsey found that people looking for insurance now bounce between multiple channels.

“Today they increasingly expect to interact with their insurance provider on their own schedules, at all times and through multiple channels (e.g., phone, online self-service, click-to-chat).

Furthermore, customers expect a consistent, satisfying experience at every interaction. As a result, the walls between traditional distribution channels are crumbling.”

Falling walls shouldn’t be seen as a scary prospect, by lowering boundaries between data pools there is the opportunity for insurance brokers to have a more complete view of customer interactions and interests across multiple touchpoints. This kind of visibility can aid them in creating specialised models that are tailored to each client.  

How can they do this?

By making customers the centre of their data strategy

Being agile is vital in the current ecosystem. Insurers can manage new customer expectations by using data to create more precise risk assessments, reduce churn and strengthen broker- carrier relationships.

Assessing Risk

With the internet of things (IoT) customer data can be determined through connected devices. In the case of automotive insurers, connected sensors on vehicles can give a clearer picture of exactly what occurred during an incident and judge based on a precise individual experience.

Reduce Churn

Using data to reduce churn means implementing technology to make use of each customer’s journey. Predicting behaviour is the secret to determining churn and lowering the rates. This can be done with the right analytics.

Broker relationships

Brokers should be the experts of the service offered by insurance carriers, but with more data on the table, their jobs will change from being universally informed to specialising in specific fields. Carriers and agencies can strengthen their relationships with brokers by including their expertise in how they collect and segment data in their strategy.

Learn more about our insurance solutions here.

The Difference Between Call Tracking And Call Intelligence

call intelligence

Click-to-call has changed how we approach customer phone calls, they are more than just a conversation, these interactions contain data that when applied right can add specificity to every move marketing teams make.

Call tracking and call intelligence are the most robust tools in marketers kits. If call intelligence is the engine, call tracking is the fuel that helps it run.

Call Tracking

Call tracking is the technology which allows companies to identify the digital marketing source of the call. It does this by using either dynamic or static call tracking. The first dynamically swaps numbers available to an individual user every time the website loads. There are a few different kinds of dynamic call tracking, user-level and, campaign and channel based tracking.

Channel-based

This type of tracking focuses on grabbing data specifically from a marketing channel such as AdWords or traffic (organic and paid).

User-level

Tracking down to the individual user session collects engagement data that is unique to one person.

Campaign

Campaign based tracking uses tools like a tracking URL to follow the progress of each individual marketing campaign.

Static numbers are fixed phone numbers without dynamic properties meaning they can’t be changed for each user. Despite being fixed, these numbers are still trackable and mostly used for print advertising.

Call Intelligence

After the information is collected by call tracking, intelligent processes make sense of these groups, clarifying customer behaviour for both sales and marketing teams so that they can optimise future campaigns.

Personalisation

Using an automated, intelligent system means plugging call data into multiple features that can enhance the call experience significantly. Examples include call routing which uses call data and CRM interfaces to match customers with the right agents. Personalised actions can also determine whether a simple query is worth being routed to a physical agent, this is where self service can be useful for store hours and quick payments.

Omnichannel abilities

The concept of Omnichannel is about keeping the brand story on track, when a customer calls the brand journey created online can fall to the wayside, due to lack of training or shoddy online to offline handover – usually, because the data isn’t being utilised the way it should be. With additional channels offered by contact centres, call intelligence features can grab data from any, helping marketers understand which channels are driving the most calls.

For more insight into call tracking, click here.