In our last post, we discussed how technology is driving a more customer-centric business culture, and how the insurance stands to gain from it as a leading innovator. This becomes truer the more we leverage and expand upon the Internet of Things (IoT).
The Internet of Things promises to give insurance companies more telling access to customer data, with more personal, accurate insights into their daily lives. Big Data plays a role in this, as new devices produce entirely new parameters to identify potential customers. But Big Data also expands on this with the development of best-fit insights to view trends more clearly.
How do CCM platforms play into this?
We’re talking about a field where information is at the heart, in an age where information has never been more valuable – correct information, that is. Such a seemingly infinite amount of data is circulating around the different people and objects that customers interact with, the thought of parsing it all can be daunting. At the same time, with the proper tools, it will be extremely valuable to achieving your long-term revenue goals.
Customer Communications Management tools will update, de-duplicate, and clean the valuable data you collect. Big Data visualizations will also allow companies to study gauge entirely new parameters around customer identity. With so many things feeding databases, it’s becoming easier to nail down averages, project tendencies, and separate customers into types. This might not only provide more accurate risk assessments, but also lead to the development of new, more sensible products.
Most businesses already use a Customer Relationship Management tool or other data management platform to learn more about their customers. From a customer loyalty standpoint, that’s only half the circle. Customer Communications Management seeks to complete that. Not only are leading insurers taking in loads of data from all of the new software-bound items at their disposal, they’re also putting it to the best use possible, using it to inform every last detail of their communications, whether in a confidential statement or promotional ad. The competition knows that brand management is a combination small-and-large-scale effort.
Customer Communications Management is what culminates from all of the innovation around customer data and business process management. It’s being adopted by companies able to perceive the cyclical nature of their customer relationships, and how important this is in the long-run for both revenue and customer satisfaction. The main driver of the customer-centric movement is the industry-wide realization that revenue and customer care are never odds, as the leaders always seem to be the ones promoting a top-down unified brand, but also a personal user-focused philosophy.