Last week I spent some time at an event on ‘big data’ in the insurance industry. The one-day seminar featured speakers from Gartner, IBM, and panelists from insurance technology providers and carriers. Throughout the sessions, interesting and innovative ideas were presented around the concept of making the most of the data and the business intelligence we have. With that said, I saw three main themes:
- How to use this data for predictive insight
- How to assess risk and fraudulent activity
- How to remain competitive and profitable
What I found interesting was that of all these concepts, very few presenters spoke to the value of using this data to improve the customer experience. After all, Harris Interactive reported last year that 60% of consumers either often or always pay more for a better customer experience. So, why is it that the first benefit we tend to see in the collection and analysis of data is tied back to our own personal gain as a company?
The concept of big data in many cases may be related to the information we have in administration systems about a particular policyholder. We know the policies purchased, the endorsements made, and even where potential upsell opportunities exist. But, what about the data around the interactions we have with them?
From interaction history, to voice analysis, even mobile application and self-service statistics, today’s contact center and enterprise level communications platforms allow us insight into every detail. In the end, we are able to merge this ‘little data’ with the ‘big data’ in an effort to not only benefit our internal operations, but also provide the best customer experience possible. The idea of big data goes a long way, and carriers will see great benefit by implementing strategies to get the most of this data.
Don’t overlook the opportunity to analyze the communications you have with policyholders, agents, and third parties. There is so much to be learned from how we communicate with our policyholders and how they choose to communicate with us.
Does your company currently use captured interaction data to improve the policyholder experience, and if so, how?