A Data-Driven Approach to Improving Policyholder Experience
Advanced analytics open the door to predicting how policyholders want to interact with your organization.
Date : April 21, 2016

Get to know your customers. Establish data-driven methods to identify when and how to engage with customers.

Industry:
How well do you know your policyholders?
  • Do you know what’s most important and least important, and what causes the most frustration for your policyholders?
  • Can you identify your best, most profitable policyholders?
  • Do you know which policyholders are at risk?
  • Do you know the next best action for engaging with your policyholders—and improving their experience with you?
  • Do you know which prospects will make the best policyholders while maintaining the right balance in your risk profile?
Your imperative

For the past decade, insurance carriers have talked about putting policyholders at the center of business decisions. Many carriers use customer journey maps and personas to better understand policyholders and their needs. And the notion of customer experience has evolved into more than just a strategic topic; it has become a way of operating.

Although a host of technologies has emerged to support customer experience initiatives, many carriers still struggle with the age-old question: How well do you know your policyholders?

In part due to the proliferation of digital channels, delivering an effortless experience today requires enormous amounts of data—gathered across the multiple business channels your policyholders access every day. In addition, the systems that house information about policyholders prospecting and sales through servicing and claims) may not utilize the latest technology and/or are not connected to each other. Thus, many carriers fall short in integrating policyholder data into strategic planning discussions, particularly when attempting to establish a customer experience strategy for the coming year.

We can help


Applying a strong blend of customer experience and analytics expertise, West Monroe Partners can help you:
  • Close gaps in your customer experience strategy for policyholders—quickly
  • Discover new policyholder attributes and coverage needs
  • Turn your enhanced insight into more profitable relationships
  • Define new ways to service your policyholders that not only impact engagement but potentially save money and enhance retention
Our approach

Based on our experience in Insurance and other industries, such as Hospitality and Banking, we have established an effective, four-step approach for identifying when and how organizations should engage with their customers.

1. Gather – By integrating data from various channels (social media, call centers, customer management systems, policy administration systems, etc.), we help you see and understand all available historical insights about your policyholder. To manage any potential outliers, we “cleanse” data (identify and correct inaccuracies, redundancy, etc.) to prepare it for analysis.

2. Segment – Once we have compiled data in a consistent format, we use our powerful and proprietary analytics tools to filter your policyholder
population into core segments.

3. Supplement – To further understand each segment, we conduct motivational research for each policyholder segment and develop segment “personas”. In addition, we apply data to do the following:
  • Understand key drivers of customer experience by segment
  • Quantify the policyholder lifetime value of each segment
  • Assess overall “health” of a segment by analyzing the probably of attrition
4. Predict – Finally, we will work with you to develop models for attracting more policyholders within a segment, retaining current policyholders, and/or cross-selling products effectively while maintaining a certain threshold for risk.

Drive more profitable relationships

How will you connect the dots between your data, the next best action for engaging policyholders, and a better bottom line? A good place to start is by learning more about our unique approach—one built on an uncommon blend of customer experience, advanced analytics, and industry expertise. That’s business in the right direction.
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