How a customer data platform can revolutionise the insurance industry

How a customer data platform can revolutionise the insurance industry

In today’s digital-first world, how much do you know about your customers, their preferences and needs? Stella Power, managing director of Annertech, explains how insurers can increase profitability, while driving customer value, retention and revenue, by eliminating data silos and unifying customer data

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15th March, 2021

The best way to gain advantage over your competitors is to deliver highly targeted, intent-based content and messaging.

With people increasingly using digital channels as their first port of call when it comes to interacting and transacting with companies and brands, the insurance industry needs a coherent way to attract and retain customers that is meaningful, relevant and personalised.

However, marketing professionals have become aware that siloed data sources lead to incomplete customer experiences and disparate marketing channels lead to asynchronous communications, ultimately damaging customer satisfaction and revenue.

The holy grail for CMOs and their teams is a unified, single source of the truth, when it comes to understanding a customer’s wants, needs and expectations – and from there to have the ability to target new and existing customers with messaging that is relevant to them.

This is where a Customer Data Platform (CDP) can make the difference.

What is a CDP?

A CDP takes or collects data from a wide variety of online and offline systems and creates a unified, cleansed database. Then, by using machine learning and AI, it produces coherent customer profiles that can be used to orchestrate highly relevant and personalised messaging to customers.

“Simply put, the purpose of a CDP is to coalesce all customer data, make sense of that data and to create a unified ‘single view of the customer’. From there you can personalise digital experiences that will resonate with customers,” says Power.

So, a CDP heralds a new approach that puts marketing professionals in the driving seat. It negates information silos, a reliance on IT and uses AI to automate real-time, cross-channel personalisation that people now want and expect.

Two CDP scenarios for the insurance industry

1. Product exploration

A prospective customer uses a search engine to look for ‘car insurance’. They click on your paid search advert and are directed to your website, browse for a while, but then drop off. The CDP automatically creates a new ‘single customer view’ if there is not one already and associates the steps they have taken.

Later this prospect continues to browse the internet and is presented with a push notification based on their previous activities and intent.

2. Quote-based personalisation

Someone visits a health insurance website and goes through the steps of getting a quote, fills in their details but does not complete the transaction.

The health insurance provider can then target this person with personalised quote-level messages, addressing the user by name across different channels such as on-site notification, social media, email and SMS.

In conclusion

We suggest that a CDP is something insurers should explore further as the digital-first world now increasingly expects online relevance, tailored products and purposeful engagement.

About Annertech

Annertech is Ireland’s leading open-source digital agency. They have built and continue to maintain websites and web applications for some of the largest organisations in the public and commercial sectors.

They have a strong heritage in the insurance industry and work with a number of Ireland’s leading Insurers.

For details contact

Stella Power, managing director

Telephone: (01) 524 0312

Email: [email protected]


Twitter: @annertech

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