Customer insight is the starting point to help create propositions that span lines of business, removing product silos and refocusing on the customer. Organizational agility to respond effectively to changing customer needs is required. It will be crucial for insurers to leverage segmented customer data and use predictive analytics and propensity modeling going forward, while breaking down operational silos and addressing legacy systems will be essential to create a single customer view.
Greater customer insight can provide:
- An understanding of how customers perceive you.
- Better knowledge of customer needs and life-cycle stages.
- Clarity into customer profitability, preferences and service performance.
- Transparency into how customers want to buy your products and through what channels.
- Guidance for your corporate direction and how you stack up against competitors.
- Value based customer segmentation with a higher payoff.
- Data enrichment through social analytics.
KPMG’s approach focuses on helping insurers with:
- Voice of the customer frameworks and insight
- Customer data management
- Customer value and segmentation
- Predictive analytics