‘Digitization’ has been a buzzword for years, but what does it truly signify for you? Mere acquisition and accumulation of data don't address business challenges; rather, it's the analysis and storytelling that truly matter. While the world is largely still focused on creating data – according to Statista, “over the next five years up to 2025, global data creation is projected to grow to more than 180 zettabytes.” Generating value from this data poses a distinct challenge, and companies that align value creation with data generation will gain a significant advantage. However, how do they go about achieving this?
Data Driven Personalization
It all starts with a clear picture of what is immediately possible. Data-driven personalization stands out as a dominant strategy across nearly all industries, and one that is essential for your business to adopt.
Its importance revolves around two main factors. One is reduced overhead with personalized touchpoints, and the other is the uniqueness of your products and company. The process of acquiring, integrating, and analyzing your data is what enables you to articulate unique benefits for your customers, setting you apart from competitors.
The Case of Insurance
According to a report published by Gartner, the supremacy of using data in a personalized manner is evident in the near future. “80% of all life insurance policies will be issued without requiring any sort of traditional health checks”. Moreover, it indicates that with the aid of precision marketing and personalization, the cost of marketing in life insurance will decrease by 70%.
This presents an opportunity for insurance firms to not only lower their costs, but gear towards an approach that produces targeted results.
Evvox- Crafting Stories from Your Data
New Channel Discovery is a culmination of advanced AI/ML technologies that translates data into actionable insights. A customer data platform provides insurers with essential data, which is utilized to fuel personalization and improve their sales endeavors.
New Channel Discovery can also be seen as a data revolution. As the volume of data continues to expand each year from different information channels, you can immediately integrate them into your current dashboards, and see if there are any improvements to your strategy.
Read on how AI powered Big Data Analytics is the new normal for insurance companies:
Evvox Channel Discovery
Customer Centricity remains a proven strategy, yet numerous companies find themselves fixated on optimizing outdated channels, despite advancements in the world. This is a very difficult problem to diagnose, as older channels still generate revenue, albeit at much slower rates of growth or even decline.
Evvox Channel Discovery brings Customer Centricity to a New Level
By analyzing the world immediately outside of your portfolio, you can identify new channels to meet your customers in modern environments. These new channels allow you to explore methods of insurance sales outside of the traditional, in areas that make sense to the customer profiles in your portfolio.
Look Outside of Your Immediate Portfolio
Top insurance firms leverage data analysis to continually enhance their core operations, ensuring the delivery of personalized services to their customer base. Historically, insurers only relied on historic data that might only include demographic data.