Research Library > IBM > IBM Behavior Based Customer Insight for insurance

IBM Behavior Based Customer Insight for insurance

White Paper Published By: IBM
Published:  Apr 20, 2016
Type:  White Paper
Length:  4 pages

IBM Behavior Based Customer Insight for insurance: Build a more robust policyholder insight model

What does it take to attract, retain and serve todays policyholder? A policyholders engagement with an insurer is limited to a few interactions throughout the life of a policy. Purchasing decisions are based on a complex set of actions, information and interactions over which insurers have very little control.

Today, the offers and actions insurers take to retain policyholders are often based on a one-size-fits-all approach. Interactions with the policyholder are most likely for adverse events such as claims, failed cross-sell attempts or standard payment reminders near the renewal deadline.

Most insurers rely on common tactics to retain customers, including pricing and discount offers, easy payments and flexible coverage options. Policy decisions are often based on the agents relationship and recommendations to the policyholder. Renewal offers and policyholder insight are usually developed from basic data such as demographic, location and policyholder information provided at the start of coverage.

A policyholders decision to stay with their current insurer is often determined by how they view their customer experience throughout the term of the policy. Did they have a good customer experience? Was their claim handled properly? Did they find help when they needed it?

Read this paper to learn more about: 

  • Optimizing each interaction with Policyholders

  • Fine tuning customer segmentation for more personalized offers and engagement

  • Improving key retention metrics

  • Enabling each channel with retention actions customized for each policyholder

Tagsibm, bbci, insurance, customer interaction, customer retention