The next 15 years will see an entirely different landscape of insurance products and services being offered to help us manage, predict and secure our financial security.
Digitally savvy, non-traditional insurance companies will focus their services on the user experience and in creating individually tailored products to compete with rigidly structured mass market offerings that provide limited personalization and value.
Battles will be fought and won over the ability to develop new and often disruptive insurance products and this will only be possible with new levels of data agility.
Insurance companies will need to deepen their understanding of their customers, to more accurately predict their needs and react timely upon them. Effective customer and product data management is key to support the change you may need to take.
Our insurance solution is STEP. A single technology that integrates product, distributor, location and customer data into a single place.
Digitisation and the data you can now collect gives you the opportunity to know your customers in far more detail, allowing you to develop insurance products based on need and value; essential when you consider that 80% of insurance consumers are looking for personalized offers:
How can you help your customers live the sort of lifestyle they desire? How can you help customers prevent losses or act more quickly when events occur? It’s not about a pre-set list of products, it’s about what fits the customer. STEP allows you to focus more on the needs of the customer by:
GDPR changes the rules on how insurance providers can manage personal information, and you’ll need to provide clear reasons, in writing, as to why you’re keeping someone’s data, whether they’ve consented to it and proof. STEP integrates customer data into a single place to ensure you’re able to:
Having policy holder data stored in multiple systems by different departments creates inconsistent and outdated information. This results in increased costs and efforts to obtain clean and actionable data. STEP acts as a main hub for all your information and helps you to:
In this short webinar, you’ll find out more about data agility and its disruptive impact on the future of insurance
INCREASE CUSTOMER VALUE
STEP FOR INSURANCE