Insurers need to adopt customer analytics to improve low customer satisfaction levels and address concerns around data privacy. They should establish transparent data privacy policies, invest in data management infrastructure, and appoint a data leader to oversee the organization's overall data strategy. Customer analytics can help insurers enhance customer experience by gaining a unified view of customers and their transactions.

1. Augment data leadership with
governance and KPIs
Develop transparent data privacy
policies to address customer concerns
around the use of personal data
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29%
Only
12%
However, insurers need to overcome hindrances
to the adoption of customer analytics
of customers globally are
satisfied with the services of
their insurance providers
Digital Disruptors are Drawing Customers
Away from Traditional Insurers
Rakuten, Japan’s leading ecommerce
company that began selling life insurance in
2011, sold nearly 1 million policies in 2014
Oscar Health, a health
insurance startup founded
in 2013, is now valued
at $1.5 billion
insurers cite enhancement of customer
experience as a top priority for using Big Data
Yet, only
In 2014,Customer satisfaction levels
declined globally, across all stages
of the insurance lifecycle
Customer analytics can help insurers enhance
customer experience in a variety of ways…
MetLife developed an
application that provides
agents with a single view of
all customer transactions
on a single screen
Progressive analyzes
telematics data to reward
safe drivers with lower
premiums
BlueCross BlueShield of
North Carolina uses advanced
analytics to uncover
healthcare trends that help its
corporate clients devise
cost-effective worker health
insurance plans
Hiscox used analytics to
personalize online
experience, help customers
find the right products and
generate quotes
A product-centric view hinders insurers’ view of
customer needs across product lines and lifetime value
of insurers have introduced data management systems
to predict future patterns in customer behavior14%
Only
20%
Only
10%
Onlyof insurers use
social media
interaction data and
use sensor data
51%
of insurance executives believe that the IT development
process at their organization is a constraint to develop
insights more quickly
How can insurers strike gold through the use
of customer analytics?
Invest in building data
management infrastructure
Establish a data leader to take
charge of the organization’s
overall data strategy
Adopt non-traditional
approaches to acquire Big
Data and analytics skill-sets
Adopt an agile test-and-learn
approach to rapidly test and rollout
new analytics initiatives
Insurers have overlooked the impact of customer
analytics on improving customer experience…
Fixing the Insurance Industry:
How Big Data can Transform
Customer Satisfaction