Moving to Stibo Systems means we now have 95% of our customer data accessible in one place allowing us to respond faster and focus on delivering greater value to our customers.”Jon Glen Group Operations Director
Improving customer experience continues to be a priority for insurance companies who want to retain and develop customer relationships.
Key to a truly customer-centric approach is to address customer problems rather than promoting a product.
However, with the amount of available data, insurance carriers have potential to develop not just customer-centric products but solution-based offers that take individual lifestyles and behavior into account.
Collaborating with InsurTech companies is one approach to introduce new types of products and services that are more solution-centric.
Such services can include new methods of policy distribution and monitoring that allow the integration of the customers’ behavioral and environmental conditions into the underwriting process.
To engage in this type of collaborations, it’s crucial that partnering companies trust and share their customer information securely. Master data management enables that by resolving conflicting data and establishing a single source of truth.
Good data is key to supporting the consolidation and automation of existing insurance processes. CDOs and data scientists are finding themselves on the front line of helping to support operational efficiency in addition to duties for regulatory compliance.
Some of the coveted, cost-reducing digital initiatives include:
Master data management provides the single source of information that enables new digital business models and services.
As the volume and breadth of data grows, the ability to find actionable insight within it becomes a business-led challenge for which technologies such as MDM can help.
Digital transformation and new customer experience initiatives depend on trusted information sources accessible across the organization.
New sources of trusted master data are needed to support initiatives such as:
A master data management solution that supports transparency in data governance can provide the single source of trusted information required to improve the customer journey.
Having a single view of the relationship you have with your customer across all lines of business, touchpoints, applications and processes is a critical capability in order to:
Creating a single customer view requires that the insurer is able to collect data from multiple sources, but also validate and enrich this data - possibly with information from external sources - to make it fit for delivering more relevant products, a personalized experience or other purposes.
Master data management can help establishing the unified customer view based on trusted information.
By acquiring critical data from disparate business applications and enhancing the quality through data governance rules, MDM can prepare a single customer view for distribution across the business.
The market for alternative financial service providers - i.e., not traditional banks and insurance companies - is expanding. Now is the right time for retailers to develop opportunities to engage with their customers by building their own financial products and services.
Build trust with suppliers and partners through regulatory and industry compliance, and customer loyalty via adherence to data privacy standards.
Ensure data for critical decisions is accurate and updated via data governance, automate error-prone manual processes and guard against costly regulatory violations.
Fuel AI, IoT and real-time personalization initiatives with the high-quality data they demand. Drive brand differentiation and deliver greater value, success and ROI.
Proactively pivot or adapt to evolving markets or customer needs. Respond to challenges, quickly onboard products, add channels and manage expansion and M&A.