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Personalizing the Insurance Consumer Journey with a 360-Degree View

By Bernie Lillis, HGS Vice President of Sales and Venu Gooty, HGS Digital Head of Data Analytics and Intelligence

 

It’s a simple fact: Today’s data-driven organizations outperform their competitors—up to 23 times, according to McKinsey Research. But many of today’s organizations struggle to get the 360-degree picture of their customers needed to make hyper-personalization a reality. The insurance industry needs to realize customer experience isn’t just about a single interaction with the brand. A new report by LIMRA and NEOS, Next-Level Customer Experience: How Do Insurers Get There?, looks at insurers’ challenges and opportunities delivering CX to today’s standards. According to the study, the three top objectives for customer experience programs at life insurance and annuity companies center on customer needs -- improving service practices to meet customer needs, aligning company goals with customer needs, and increasing employee awareness of customer needs. Additionally, 82% of survey participants increasingly use reactive moments—like complaints and escalations—to obtain information about policyholders, for the 360-degree view needed for truly optimized experience. The question is—are they converting this data into actionable insights?

From regulatory hurdles and a siloed distribution channel model to data privacy stringency, today’s insurers face many challenges. Add the 360-degree customer view required for optimized experience, which can be complicated by back-end system disparity and legacy platforms, the 360-degree view can be a challenge. That’s where today’s insurers are increasingly understanding how business process outsourcers (BPOs) can help.

With extensive customer care experience, leading BPOs will be well aligned with consumers across verticals and can cross-pollinate, drawing from their people, process, and technology experience working with retail and B2C leaders. HGS Digital can lead insurers with best practices from our work with B2C leaders—for example, our recent partnership with a specialty clothing retailer that provides personalized, concierge customer experience. This client sought our help to replicate in-store service excellence with their online experience. We conducted a SWOT assessment to determine the current state of digital maturity and personalization. Then we worked closely with the client’s technology teams to identify the people challenges and talent resources required. In terms of the technology, we knew we need to broaden data governance for optimal management of the data quality and integration of data across systems. Ultimately, we proposed for this client a two-step approach around how to take the first create an internal data 360 out of their existing platforms and existing systems. We knew we needed to shift from an outdated CRM to create an entirely new system and define a proper loyalty program and strategy.

Today, more than a year, later, we have advanced this client with the creation and implementation of an analytics and business intelligence platform. They are already in the process of launching a CRM and loyalty platform. Soon, we will be creating a unified data infrastructure and moving them into more advanced analytics, with a complete customer 360 degree that includes behavioral data and engagement data and get to that stage where their goal is by end of next year.

This proof point indicates how the right BPO can centralize the insurance customer experience program for greater success. With a centralized customer experience approach, today’s insurers can optimize their program with a customer-focused mindset and a program managed end-to-end across the entire organization and managed throughout the entire customer journey.

Author Info
Bernie Lillis
Bernie Lillis

Vice President of Sales at HGS
Bernie is an innovative business development executive with a demonstrated history of working in the outsourcing/offshoring industry to create effortless customer engagement and legendary customer support.
 

Venu Gooty
Venu Gooty

Venu Gooty is the Global Head of Data Practice for HGS Digital. He focuses on bringing together data & business needs to deliver valuable & actionable insights. With 20 years of technology & business consulting experience, he has worked with many mid and large enterprise customers to provide C-level executives, solutions to their business problems using data & technology. His team implements complex data, analytical & AI/ML engagements that bring immense value to businesses on their journey to take data-driven decisions.