The customer may be king, but insurers can’t afford to treat every customer like one. Knowing who to retain, who to target for up-selling and who deserves royal treatment are goals behind today’s customer analytic solutions.
While all these goals are critical, retention is still the top reason insurers look to customer analytics, and with good reason.
That type of top-level support is essential to the success of a customer analytics initiative for a multi-product company. “Finding data is not a problem,” Breading says. “You have to have the will and the skill to analyze it. You need a senior team that sees data as a competitive advantage, puts the right resources in place to go after it, and staffs [the initiative] with skilled people who understand the business and technology sides to leverage analytics.”