2020 Insurance Week:
Automation of the relationship with the customer
On Thursday 27th February Innova-tsn attended the Insurance Week, presenting our experience in the automation of the relationship with the customer in the Insurance sector and the use case of recommendators in Bankia
It has been proven that customers that receive a personalised treatment have a better perception of the relationship with their insurance company, which increases their conversion and retention rates and improve their Life Time Value. The sector is aware of the digital transformation and the importance of data for that efficient automation. Achieving as much customisation as possible is one of the fundamental challenges.
However, the amount of information and interactions and the possibility of human errors does not allow customisation to be managed manually or semi-manually. We need a clear strategic approach supported by analytics, a tactical deployment with a high level of industrialisation and an in-depth monitoring which allows feedback and constant improvement.
Automation of the efficient customisation and recommendators can provide the insurance sector with a competitive advantage. Innova-tsn’s Business Development Manager Carlos Larrea defended this statement during the session, presenting an overview of how to implement this automation, what benefits it provides and how to manage them. In addition, Ignacio Barahona, Head of Client 360 at Innova-tsn, contributed with his experience in multi-channel action recommendation systems implemented in the banking sector.
Several key aspects were pointed out during the session:
– The importance of mobile devices, since most interactions are made through smartphones.
– A rational use of digital channels. Contact with customers through them should be customised as well as relevant and, of course, automated, with A/B and C tests to identify the most efficient approach.
– Intelligent Client Engagement at the core of customisation. This automation stems the customer’s integrated information, which includes the usual Customer Intelligence information, the information located in our Client Interaction Management and CEX information. We seek channel optimisation, journey management and campaign orchestration.
– Think big but start small: definition and implementation of pilot experiences to determine the feasibility and to anticipate the expected benefits of the implementation of automated customisation.
It was as well pointed out the importance of hypersegmentation to achieve that customisation, identifying the origin of the lead and its maturity, using the contact’s features and the existing business variables. Finally, the stress was put on the need for obtaining higher-quality leads through lead nurturing, on the importance of knowing how to identify contact opportunities which are of no value to the customer, in order to redirect or eliminate them.
Throughout the session, Innova-tsn had the pleasure to meet three managers from first-class companies which shared their view of success factors in the efficient customisation of the relationship with the customer.