Companies that embrace digital technologies are 26% more profitable than their industry peers. These companies that seize the opportunity to disrupt their industry through digital solutions will surge ahead of their competitors. Those that do not, risk a similar fate of companies such as Kodak, Blockbuster, Sears, and Blackberry that failed to embrace innovation and reinvent themselves.
The “digital economy” has been built on companies who are disruptive, transformative, and provide superior customer experiences. Leading this digital transformation are organizations such as Amazon, Apple and Netflix, with others such as Airbnb and Uber that are completely redefining the hospitality and on-demand service industries. The connective tissue within all of these companies is Data. Data is enabling them to take a proactive approach to customer experience by looking deeper into member activity and sentiment.
The insurance industry is primed to take advantage of this data revolution. Specifically, how the efficient use of data can dramatically improve operations and member engagement for these organizations.
Here are four reasons why insurers should embrace the digital economy:
Understand the Customer Journey: Analyze page views, clicks, and events to understand plan or product interest and to proactively identify purchasing behavior within and across groups.
Target Product Offerings: Quickly identify and match audience segments to specific plans or ancillary products. While continually leveraging metrics to move members toward the ideal sentiment.
Tighter Collaboration: Access to real-time data provides a holistic member view across the organization. Allowing carriers to collectively identify opportunities target products while gaining understanding of member behavior to drive revenue, reduce costs and maximize brand affinity.
Competition: Carriers can no longer rely on consumers to passively obtain insurance through their employer. People are actively shopping for insurance and in order for carriers to survive, they will need the technology necessary to ensure that the experience is on par with brands such as Amazon and Netflix: Seamless, Proactive and Intelligent.
To read more about the Digital Economy please click here.