Customer churn can cost as much as $470 billion in premiums globally. Between rising auto insurance premiums and the need to offer a seamless customer experience, insurers are struggling more than ever to retain business and stay relevant in a shifting market.
How do they combat this? In order to maintain momentum, insurers must find a way to implement more streamlined, digitalized underwriting processes.
This starts with the ability to optimize data.
Watch Webinar: THE SECRET’S IN THE NUMBERS: HOW TOP INSURERS ARE LEVERAGING DATA TO GAIN A COMPETITIVE ADVANTAGE
The Abundance and Complexity of Data
In our recent webinar, “The Secret’s in the Numbers: How Top Insurers Are Leveraging Data to Gain a Competitive Advantage,” experts from SambaSafety and DAIS Technology, Inc. team up to discuss challenges personal auto insurers face as they aim to better streamline their processes, exceed customer expectations and remain profitable in a highly competitive market.
Growing Customer Expectations
The Fintech space has led the charge to improve the customer experience through digital innovation, specifically by leveraging mobile devices for self-service abilities for their consumers. This quickly elevated and set forth new standards of customer service, which ultimately trickled down to the insurance industry. Because of this, insurtechs came about primarily from customers demanding simpler and more efficient products and services.
Increasing Risk Insight
With the expectation of a certain level of digitalization and overall experience from the modern customer, new insurance products now allow for increased risk insight while playing to the efficient and cost-effective products that consumers seek.
For example, Usage-based insurance (UBI) is becoming increasingly popular. For the consumer, having the ability to earn a discount from driving behavior is an exciting and beneficial perk to leveraging this kind of insurance. And for the insurer, it’s a great way to have increased visibility into the “everyday” risk of the driver.
Leveraging the RIGHT Data Effectively
In 2022, everyone has data. However, according to a 2022 Capgemini report, only 18% of insurance organizations have both the technical capabilities, as well as the culture and behaviors to support data-driven programs that derive full value from the growing volume of data.
So, how can insurers evolve to meet these shifts and challenges?
To learn more about how top insurers are using the RIGHT data to streamline their underwriting processes and improve the customer experience, watch our webinar on-demand below.