Jun 09, 2010
Customer Retention: The Power of Insight
Insurers know that identifying, retaining and up-selling profitable customers can be even more valuable than acquiring new ones. Carriers that know their customers-from their life stages and behavior to their profitability-can differentiate their service, personalize their offerings and optimize their pricing, creating a competitive advantage in today's challenging marketplace. Key to gaining this edge is leveraging insurers' reams of data to identify loyal customers, understand their preferences, empower agents and close the "expectation gap." But carriers must upgrade their analytics capabilities - including enterprise data accessibility, predictive modeling, rules-driven workflow and enterprise feedback management (EFM) - and change their corporate cultures in order to give customers what they want.