Forecaster. Coordinator. Psychic. Advocate. If today’s insurance CMO is to be successful in merging all of these characteristics within their job description, they will need to acquire modern technologies powered by “data-driven” logic to do so.
For carriers there is certainly no shortage of data.
The challenge, however, is converting this discordant stream of outdated information into a consolidated window of insights that’s accessible to the entire organization. With industry specific solutions such as CRM, insurance CMO’s will be in a position to quarterback company wide efforts in improving and capturing the customer journey.
The CMO as the company quarterback
CMO’s who apply this proactive philosophy of using real-time customer behavior data, will have advantage of knowing when to re-engage with a prospect or member, advise plan administrators on which plans are being purchased by a specific demographic or alerting sales teams to upsell or cross sell ancillary products.
While certainly not psychics, armed with predictive tools and rich customer-insights, CMOs can be more proactive in forecasting marketing goals and leveraging member life cycle opportunities.
As carriers continue to recognize the need to deliver a better customer experience, the need to modernize legacy technology becomes more urgent. Industry specific technology can help carriers to reveal gaps in service and support, and operational inefficiencies within the organization.
Benefiting from modern technologies and a data-driven approach
As expressed here: “4 Ways a ‘Data-Driven’ Approach Anticipates Buyer Behavior”, incorporating a data-driven marketing approach powered by a CRM platform will help CMO’s and the entire organization:
- Document the prospect and member journey
- Determine how customers want to hear from you
- Offer insights into who your best customers really are
- Provide alignment across all business units