25 Dec 2023

Data has become an important part of a company’s day-to-day operations. In the digital age, businesses are rapidly producing and collecting more data than ever before. Forbes estimates that the amount of data created globally is expected to reach 175 zettabytes by 2025.

Insurance companies have a wealth of data at their disposal, from customer demographics to policy information to claims history. This data can be used to improve the customer experience in a number of ways that help both the customer and business.

One way to personalise the customer experience is to offer targeted marketing messages. For example, an insurance company could use data to send targeted marketing messages to customers who are likely to be interested in a new product or service, such as home insurance for first-time homebuyers or car insurance for new drivers.

Another important use of data is to provide tailored recommendations, where an insurer could use data to recommend additional coverage to customers who are at an increased risk for certain types of losses.

In addition to an increased level of personalisation, insurance companies can also improve the efficiency and transparency of their claims processes. Data could be used to streamline the claims process by automatically assessing certain types of claims and providing customers with a quick and easy way to file their claims online.

And what about the chatbots and AI assistants that provide uninterrupted support? those are also a product of a vast amount of datasets used to create a knowledge base that has been programmed to understand human language and generate responses that are relevant and informative. This knowledge base can be populated with data from a variety of sources, including product manuals, FAQ pages, and customer support records.

Capitalising on important data and analytics can help elevate interactions with customers and enable insurers to position themselves as leaders in the industry. Not only can this lead to increased customer satisfaction and loyalty, but also increased sales and profitability for the company. In the next decade, data usage is expected to increase significantly, driven by the growing availability of data, the increasing use of AI and ML, and the changing customer landscape.