AdWISE Assure works with a number of insurance companies on outcome-based design, or creating products tailored to specific customer needs. India has plenty of opportunities to grow with respect to the Insurance industry. As per the records of the IRDAI, only 4% of total India is insured.
How advanced analytics helps in improving insurance processes and revenue?
Advanced analytics aids customer management and improves revenue visibility. It not only helps in tracking sales productivity, creating robust performance management dashboards, and forecasting sales but enhances improved revenue visibility.
Digital Analytics in insurance is being given a great thrust with new tools, techniques and technologies across industries. Digital analytics in the insurance process can derive information from structured and unstructured data from various internal and external sources in real time/near real time. It can process large amounts of this data and direct action on customers. Digital analytics is driving better and more personalized customer experiences in the insurance industry.
Digital analytics in the insurance sector is applied in general insurance as well as life insurance thriving across the lifecycle of the products and the customer. It helps in determining information like;
- Finding the target audience for the relevant insurance solutions
- Increasing persistency on the policies
- Early claim predictions
- Fast claims tracking and automating processes for claims management as specific use cases in which analytics can be used.
It even helps insurance companies in managing internal processes like sales performance and reducing frontline sales attrition through analytics driven right profile identification at recruitment.
How has been the adoption of advanced analytics in the insurance sector in India?
We have seen a steady increase in the adoption of analytics across the general insurance sector and life insurance sectors in India. Business Analytics tools have helped in improving and boosting customer experiences, targeting the right customers with the right products using tools like cross sell propensity models, customer retention analytics and customer management using customer lifetime value models.
Insurance Process Improvement
Basically all Insurance organizations focus on the same common factors; attaining new customers and retaining the current customers. Mainly it’s all about keeping your customers happy.
Based on marketing campaigns, insurance companies focus on service, cost, quality, speed, and expertise. These goals can only be achieved through strategic insurance process improvement – i.e. working smarter and not harder.
Insurance organizations that identify the benefit of insurance process improvement will have an advantage over their competitors through the following:
5 Easy Techniques of Insurance Process Improvement
What do today’s clients look up to from their insurance agents?
Listed below are techniques that help better reach and serve customers.
1. Simplify the Customer Experience
- Create a website that could better understand and serve customers better.
- Website where they are able to easily find what they are looking for on.
- Simplify things to provide a customer-first efficient and personalized experience.
- Find your target audience and use technology to make their easier.
2. Connect with Your Clients
- Make it easy and pleasant to get insurance coverage by designing a communication friendly filling process for customers.
- Understanding what is important to customers by implementing a chat on your site which asks conversational questions and finding out their future plans, help in building ever lasting relationships.
- Customer service isn’t just about a single interaction, but it is a team effort, and thus every contact should be well equipped with the required tools to help them.
3. Be Available 24*7*365
- Since it is highly important for customers to get their questions answered from the comfort of their own home, offering a text communication line can be very beneficial.
- Certain programs can be designed that can answer general insurance questions about a customer’s account and help them with knowing when their next payment is due, checking balances and fetching documents.
- Customers want to be able to access their information from anywhere around the globe 24/7/365.
4. Provide the Right Tools
- Create programs that track customers’ patterns and needs and use this information to develop incentives to offer them lower premiums.
- Give your customers the right tools for self-efficiency and show your customer dedication.
- Conduct surveys and listen to what your customers want instead of just creating something. Practice active listening for a even better solution.
5. Allow Customization
- Every customer doesn’t need insurance all the time.
- Offer policies that permit customers to only pay for insurance as and when they need it.
- When a service is easily updated, it shows that specialization and finding unique solutions is a priority.