The insurance industry has always used data to inform their policies and associated risks, but recent developments in big data and analytics capabilities are making it easier to expand the use of data across the business. Today, integrating analytics at the core-systems level is increasingly imperative.
There are three primary data sources that carriers need to tap into in order to gain a deeper understanding of their customers and build products and business processes that leverage those insights: Application data, behavioral data, and third-party data.
Application data comes from company systems and is often the basis for customer profile information. This type of data has been traditionally used to mitigate risk and build out insurance products. Application data is a cornerstone of the insurance business, and with current technological advancements, insurers can pull even deeper and more accurate information from the consumer than ever before.
Behavioral data is collected as users react to digital applications and content; for example, how a consumer reacts to complex questions including requests for advisor assistance. Behavioral data analyzes information such as customer drop-offs at different points during an application, portions that are skipped and returned to, as well as how this type of information translates to conversion rates. Using behavioral data, insurers can better understand how a customer is reacting to questions, improve interactions, and ultimately optimize the user experience. As a result, insurers will identify trends to improve funnel conversion and placement rates.
Third-party data is externally sourced and can include a wide range of information that is used to enrich and supplement internal data sets to provide a broader view of customers or market trends. For example, third-party data can be used to predict risk, inform underwriting, and generally help insurers make more informed business decisions.
Using Data to Accelerate Growth
Operationalizing data is a significant challenge for most insurers, in part because much of it lives in legacy systems and can be hard to extract for use with modern analytics tools. At the same time, the proliferation of new data is not slowing down.
Modern digital experiences provide the quickest path to building the quality data sets that can be used with advanced technologies such as artificial intelligence and machine learning. With this in mind, it’s important to have a firm understanding of the data that will be most valuable, and design experiences that help you capture it while providing valuable customer services.
Savvy carriers are capturing and using data in many different ways, including:
- Generating and converting leads
- Accelerating underwriting
- Managing risk and reducing fraud
- Claims processing
- Product development
- Customer retention
- Cross and upsell opportunities
These are each examples of how insurance carriers can use data to accelerate meaningful growth, and Zinnia can help.
Data-driven Zinnia Solutions
Data is at the heart of everything we do, and all of our solutions are designed to transform data into actionable insights.
- Zinnia Hybrid Origination captures and uses data to streamline the experience of insurance from lead to in force policy.
- Zinnia Engagement & Loyalty generates data to help carriers with persistency, cross/upsell, and lead generation.
- Zinnia Fund Management streamlines data to transform pricing and trading processes.
- Zinnia TPA Services uses data to help carriers reduce cost and accelerate growth
- Zahara™ by Zinnia will provide a state-of-the-art system of record to ensure real-time data accuracy and availability.
How can we help your organization become data driven?
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