Current Situation
Globally, insurance carriers spend most of their budgets on acquiring new customers. By comparison, they spend next to nothing rewarding and engaging their existing customers. Despite this huge investment, just a small share of customers feel loyalty to insurance providers. This shows that there is an incredible opportunity and room for improvement to create the experience that customers want, that can improve retention as well. Rewards and loyalty programs are all about boosting loyalty by creating transparency between insurers and customers. This objective can be achieved by continuously putting efforts into collecting data, analyzing that data, providing engaging user experiences, motivating good behavior by providing rewards and stimulate referrals. This is usually handled with dedicated platform.
Goals and Objectives
Partner with wider ecosystem stakeholders to offer value-added services – e.g., with retailers to offer loyalty discounts; media houses to offer infotainment services for risk prevention; automakers and insurtechs to develop car subscription programs (package of payments, maintenance, insurance); with estate agents and technology partners to offer self-service inspection tools and property risk info.
Technology Deployed
IoT, API architecture, Big Data, Mobile technologies, Cloud, Advanced analytics, Cognitive technologies, Next-gen security, Customer intelligence platforms
Use Case Summary
Traditional insurance products address very specific coverage needs and price the products based on the risks associated. Today’s customers expect value beyond standard coverage to stay loyal to insurance organizations while also expecting value-added offerings to be tailored to their unique personal needs and circumstances. Offer highly personalized reward, recognition, and value-adds to customers who expect value (for the premiums paid) above and beyond protection against standard risks specified in policy contracts. Track and measure customers’ impact on a brand beyond transactions and reward appropriately for the same.