The health insurance industry has challenges effectively utilizing the large amounts of customer data that they have. Many falsely believe that a large volume of data automatically leads to better insights and do not dig deep into the root causes of customer frustrations and successes. Further, there is an overall lack of awareness of available tools and resources that can help to transform data into something useful and meaningful.
For carriers to surpass these obstacles and recognize the value of their data, they will need to embrace real-time data analytics technology. These analytics in combination with a health insurance specific CRM would allow carriers to view customer engagement at every touch-point so that companies can gain a true understanding of their customer. As companies use data analytics tools to understand their customers, they will be able to make smarter business decisions and target marketing and products to specific customer segments in order to reach business goals.
As both the corporate and healthcare worlds get increasingly consumed with data and analytics, there are many preventable mistakes and lost opportunities that executives experience when determining everyday decisions about their customers or patients. A common scenario is when managers make ‘improvements’ to a product or service, only to find later that their new changes resulted in financial losses, and they don’t really understand WHY.
Often this is due to a lack of developing a deep understanding of customer insights from their own data or research. Commonly, what executives BELIEVE they know about their customers or patients, is largely at a superficial level. In fact, they often ‘don’t know what they don’t know’, and conscious or subconsciously refuse to acknowledge their lack of awareness of customer behaviour. Immature data management leads to a vicious cycle of poor executive decision making.
The proof of ineffective management decisions lies in the results such as poor customer or patient engagement, low sales volume or high numbers of patient complaints. Mostly these executives also only act when its too late, because they are not fully aware of the ‘preventative’ solutions available to them.
The real tragedy is that customer data is often readily available within an organisation’s own databases and data centers. However, many executives simply don’t know where their data is kept, who to get it from and how to connect the pieces strategically to solve everyday problems. The common excuses are:
Failure to utilise data effectively often translates into poor return on investment on staff time, budgets and resources. On an individual level, executives are penalised, reprimanded or even fired for underperforming and making costly mistakes that they should have picked up on. On an organisational level, it also leads to inability to solve problems or transform outdated business and care models – the lag indicator is when the Chief Financial Officer starts complaining about an unhealthy bottom line.
In our busy worlds, we are inundated with multiple channels of data and information from customer feedback, patient surveys, focus groups, social media posts, emails, website forms, call centers, mobile chat, etc. Many executives don’t know how to effectively make sense of all these valuable data sources particularly with the quantity, speed and variety at which data is coming at us.
In these more demanding environments where customer and patient expectations are greater than ever, what’s often missing is the ability to translate all the data ‘noise’ into meaningful insights and wisdom that changes executive decisions, actions and improve results. It’s often tricky to see the ‘wood from the trees’, particularly when an executive has been in a role for over a year.
Here are 16 of the common mistakes we’ve seen executives, even experienced senior managers, make over and over again. Can you relate to any of them? Read the entire story here