Insurance carriers consistently have relied upon data and research analytics to underwrite and manage the most profitable portfolios. However, as new products, distribution channels and servicing technologies continue to develop and emerge, leveraging unique marketing data intelligence to better understand the competitive environment is even more critical.
Executive Summary
Beyond looking at data to analyze risks and vet claims, carriers should start looking at data that reveals which customers and prospects their competitors are contacting—and how—in order to stay a step ahead, two executives from Competiscan suggest.Carriers continue to invest in research and technology that allows them to be more effective across the life cycle—from developing the right products effectively targeted through the right channels to creating prospect and customer journeys. Focusing only on their internal capabilities and experiences is limiting, however. There needs to be a 360-degree view to better understand how to effectively target and deliver your product and services to engaged prospects and customers who are being inundated with content consistently across multiple channels.
