Unica: Automating marketing processes for the insurance industry

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  • 1. • No differential service Industry Regulations basis relationship value • No discounts/offers • No major price differentiation • No major product differentiationDelivering Delight • Customer Retentionto the Insurance Marketer’s Dilemma • Policy Lapses • Perceived value for customersIndustry • Brand LoyaltyWith over 300 million life policies in force,substantial premiums and double-digit growth inboth segments (life and non-life), Indiasinsurance sector has already registered thelargest number of life insurance policies in theworld (Source: IBEF). The industry regulations CC Solutionlaid by IRDA to ensure better value for policy • Multi-channel customerholders pose a combination of challenges to engagement • Create an immersive andmarketers for life as well as non-life insurers. integrated experienceCreating a differentiator in terms of products, • Conduct in-depth analysis andpricing, promotion and even service is a tough provide valuable insightstask in this highly regulated environment. • Build strong communities of consumers • Ensure smooth execution andThe primary pain-points that marketers face enhance RoItoday revolve around understanding their owncustomers, enhancing persistency, increasingbrand loyalty and providing a hook to keep thecustomers coming back. However, the capabilityto understand your customers and segment thembased on their profile is not an easy task. Energise with UnicaPropensity and predictive models need to be built • Improve wallet shareto understand the target users and ensure • Build relationshipsstickiness and longevity. • Enhance persistency • Efficient churn managementHere at Customer Centria (CC), we helpinsurance companies streamline their marketingprocesses and target their customers with thebest possible strategy, using a set of IBM Unicatools. CC has facilitated several major insurancecompanies to engage with their consumers; thisincludes IDBI Federal Life Insurance, BajajAllianz and Reliance General Insurance amongmany others. • Personalised offers Enhanced Results • Persistency • Share of wallet • Reduced costs • Efficiency customer centria www.customercentria.com The Customer Engagement & Experience Company Technology Analytics Interactive
  • 2. End-to-end Solutions – For successful returnsCCs tactical and strategic offerings marry customer engagement to the insurance industry in a way that derives highly satisfactoryreturns.• Acquisition of the right customers through innovative, digital and mobile marketing programs.• Highly personalised communication to improve client interaction, lower costs and improve marketing efficiencies. CC’s solution for the Insurance Industry, powered by IBM Unica IBM Unica Campaign Management • Improve relationships through right-time integrated multi channel marketing • Design campaign strategies to target customer groups basis their propensity to purchase to increase up-sell and cross-sell Multi-channel • Perform natural segmentation of your customers to Communication understand and market better Customer Communication Customer Insights and Analysis IBM Unica Customer Insights IBM Unica Predictive Insights Metrics and Response Tracking • Creation of segments based on • Usage of analytical models to create customer patterns such as buying profile of users likely to lapse IBM Coremetrics behaviour, payment behaviour, miscellaneous interactions to • Perform proactive churn management • Track online behaviour and understand/implement different to reduce the percentage of lapsed users customer profiling to create a campaign models through data models and profiling robust database of customer interactions and patterns Source 3 Source 1 Source 2 Response History and Customer Data Marketing Data MartCCs Centre of Excellence and Product Incubation We provide the full spectrum of services for allCentre UNICA productsAt CC, innovation is imperative. With this in mind, we have instituted a • UNICA Campaign • UNICA NetInsightCentre of Excellence, to act as the central custodian in our enterprise, • UNICA Interact • UNICA Customer Insightof innovation and novel product developments. The core deliverables • UNICA Detect • UNICA Predictive Insightof this team are: • UNICA Leads • UNICA Marketing Operations• To constantly provide creative solutions for all gaps identified, educate employees about the adoption of new technologies and create a pool of global best practices. Technology Digital Engagement• Marinate key learnings from each project to create world class proprietary products that provide over-the-counter solutions to Marketing Services Loyalty Management our new and existing clients.• Some of our ready and under anvil proprietary products include Social Interaction Insights Data De-duplication Engine, Loyalty Management Tool, Management Social Media Listening Tool and many more!For more information email atinfo@customercentria.com