As modern insurers address the challenges associated with changing customer attitudes and shifting risks, they need to find new and better ways to compete – particularly against larger firms. This requires much more than just efficient claims processing or better pricing.
They must become truly customer-centric. They have to learn what works, and how to carefully select and engage with their next set of customers. To accomplish this, they must have deep knowledge of customers and their segments, to uncover the best way to maximize retention while keeping growth, loss ratio, and related metrics in line.
The key to customer-centricity lies in data and analytics. Business-ready information can drive profitability by helping insurers:
- Know their customers
- Understand product and risk changes
- Identify profitable growth opportunities
- Understand the factors that impact loss ratios
Data and Analytics in P&C Insurance: How to Win and Grow Through Customer-Centricity is a new eBook that highlights innovative ways to break down silos and create a unified view of business-ready data to promote customer-centricity, improve risk, and drive profitability. Read it today, to learn how data and analytics can be strategically leveraged to better manage the book of business and compete against larger insurers.