From Product- to Customer-Centricity
Insurance organizations face the momentum of profound economic and legislative forces that are changing the industry while dynamic global economic conditions impose a permanent transformation of markets they serve. Initiate Systems is helping Insurers create a very different future in this volatile environment.
The volume of customer and prospect data that insurance organizations handle today was unimaginable only a decade ago. Data enters the insurer in such great volumes with such disparity and at such high speed, it’s essential to have a means of managing and analyzing this data.
Initiate and master data management help insurance organizations face these challenges to reduce operational costs, improve business processes and better serve and understand their customers.
Direct and Agent-based Channel Optimization
Aggregating customer and prospect information across disparate systems enables the delivery of accurate and comprehensive customer information at the point of service, which will improve customer and agent acquisition and retention, help strengthen customer interactions in your direct and agent-based sales force, provide insight into how well your channel is performing and increase the accuracy of offers, pricing and discounts. Complete and accurate customer information will also provide an increase in sales performance as sales teams can focus more on prospecting and less on the sales cycle.
Initiate Helps Insurers:
- Streamline channel operations and create internal efficiencies
- Understand and optimize channel effectiveness
- Improve the quality of customer service and self-service interactions
- Improve the accuracy of offers, pricing, discounts through all channels
- Ensure consistent and efficient customer communications through all channels
Improve Marketing Performance
Expanding customer relationships by carefully increasing product and service penetration and average revenue per account is critical to business growth. Customer data can be an extremely valuable tool in helping you achieve this objective.
By gaining insights into what, why and how customers buy from your company, you can make better strategic decisions, such as identifying accounts with the greatest potential for growth, identifying the customers that are not the “right” growth, selecting the most marketable products and services based on customer buying behaviors and more. However, for these benefits to be realized, you need a single source of truth about your customers, which you can get from a data management platform that is accurate, integrated, up to date, and easily accessed throughout the organization.
Initiate Helps Insurers:
- Increase wallet share through highly targeted and effective direct, cross-sale and up-sale campaigns.
- Identify compelling new products and service offerings based on customer propensity to buy
- Cultivate optimal customers to expand profitably ("right" growth) and avoiding high-risk customers
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