Are You Lost in Social Media and Big Data?

Are You Lost in Social Media and Big Data?

Over 80% of carriers are investing in social media, but less than 10% of policy holders are engaging. That’s a lot of wasted effort and missed opportunities. 

In the world of big data, historical customer insights can be transformed into powerful models that predict future customer behaviors. These insights can be harnessed across the areas of product development, pricing and underwriting. Big data models can help pinpoint which product features and value propositions resonate most greatly across customer segments, and how that resonance affects willingness to pay. Savvy carriers can take advantage of this information to develop multi-product “solution bundles” that are designed to optimize customer value and carrier profitability.

Want to learn more? Download our whitepaper. Insurance and Social Media: Addressing Missed Growth Opportunities. 

Likewise, these same insights can be used by underwriting. Traditionally, actuaries have used historical data to quantify and price risks. In the world of big data, the underwriting function can be transformed into a strategic weapon for cherry picking micro-segments of profitable customers and pushing adverse selection to the competition by zeroing in on new risk variables.

Free whitepaper download includes step-by-step social media improvement guide to boost ROI. 

With these insights in hand, carriers can create improved customer experiences—from acquisition through claim servicing—that deliver personalized interactions for each policyholder as an individual. This might include the scope of a given sales offer; the content of a given marketing message; the channel or frequency of a message, or all of the above.

Tags: , ,