Ambitious insurers already benefit from enhanced customer experiences. Those that have created hyper-relevant and convenient experiences have increased interactions, spending per customer, and loyalty.
Goals and Objectives
Clustering, look-alike, and propensity modelling techniques will be essential building blocks of the analytics toolset, driving product design transition toward “segment of one” approaches. This granularity will be centered around uniting static information with contextual behavioral information, generating hyper-relevant and empathic interaction.
- APIs to connect with multiple external data sources (weather, property, etc.)
- Advanced analytics to drive segmentation, targeted marketing, and social media campaigns
- Customer data portal/data lake
Use Case Summary
The “segment of one” marketing approach is about tracking the activity and preferences of a single customer and tailor products and reach out to them. Implement analytical techniques that might extract insights apt for guiding marketing decision makers on single consumer behavior and product/interaction propensities.