Leveraging all data, big and small, for effective insurance marketing

Customer centric communications has long been recognized as a key component to driving sales to both existing and new customers.  Companies that excel in this area have a competitive advantage to help them differentiate themselves. Here are some tips to keeping your analytics focused on the customer – identifying their needs, sentiments, and behaviors:


  • Create a 360 degree profile of the customer. Use big and small data management and business intelligence strategies to expand existing analytic platforms and provide a complete view of each customer. Consolidating all customer data onto one Multi-faceted Data Integration and Analytical System will give your team with a complete picture of every customer. This data integration system automatically extracts, transforms, loads and houses customer data , the tool must be robust and agile enough to handle complex queries, standard reporting and business intelligence tools, thus, providing the marketer with easy access to a complete customer picture or 360 degree profile.


  • Providing brokers and agents with a bird’s eye view. The elements of the 360 degree profile will assist brokers/agents to leverage this data and harness the power within specific datasets. Powerful Business Intelligence tools will allow brokers/agents to gain the competitive advantage in their sales process and uncover more cross-sell capabilities.


  • Discover new sales opportunities, and increase profitability. With this new and improved customer profile database, identifying potential cross-sell/up-sell prospects using predictive analytics will speed up projections in expected customer behavior


  • Expand premium revenue throughout the sales process. Leverage the 360 degree profile to offer innovative and customized solutions within the company and agencies/brokerage firms.


  • Improve retention rates. Predicting customer behavior by using detailed analytics to build customer profiles and perform text analysis to gain additional insight into the major factors that influence customer retention.


  • Reduce marketing costs. Connecting specific policy offers to the proper customers using segmentation and lifetime value techniques based on demographic, geographic, attitudinal, and behavioral data across the board will ultimately be cost-efficient and help your company get to the right customer at the right time.


Using analytics to develop new or refine existing customer-centric activities throughout your organization will improve overall corporate profitability. Our next few articles will discuss and explain how each of the points above are accomplished in more detail.