Digitization has been visible for a long time but is currently taking place at a fast pace. This also has an effect on insurers. Parts of the services are shifting to the digital environment. Personal contact with policyholders and being able to deliver a personal approach have therefore become less self-evident. However, a personal connection and mutual trust have a major influence when buying an insurance product.
These aspects must thus also be taken care of in the online environment. Unfortunately, it is not always possible to talk directly to consumers digitally, so you will have to find new ways to recognize the needs and respond to them accordingly. Fortunately, digitization also brings benefits as more data becomes available. Through the smart use of Artificial Intelligence and Data Science, the information can be analyzed on a large scale and translated into predictive insights on an individual level.
The deployment of Data Science and AI help insurers to gain more insight into consumer needs and behaviors, enabling you to act on an individual level and offer the right content, at the right time, through an appropriate channel. A good example of an insurer that scores high on customer experience and personalization is Lemonade. This while they have fully automated customer contact. Through AI, they make insurance more personalized, easier, and faster. This makes them very successful, in addition to a lot of satisfied customers, sales grew from 1 million to 100 million dollars in just two and a half years.
What is the secret behind this and how can this also be put into practice by more traditional insurers? And how can growth be achieved with a loyal customer base? We divide this into two important topics: attracting the right customer and getting a grip on the customer journey. In this blog, we will focus on attracting the right customer.