With an increasing number of digital-savvy customers using comparison services to find the best deal, insurance providers have long faced issues relating to brand loyalty and staying competitive in a market driven by price. The ability to deliver a high quality service and maintain existing relationships has become paramount in a customer-centric industry.
Key to developing a better understanding of customers is with a Single Customer View – an accurate, 360-degree view of any one policyholder across different channels and departments.
While achieving a so-called ‘golden record’ is the objective, getting to this goal is not without its obstacles. The most challenging being that insurers tend to maintain and collect information in a number of different databases and conduct business across many channels, such as websites, agents and call centres.
These channels and departments, if they are not integrated and communicating with each other, means a likelihood of creating inconsistent, inaccurate and duplicate customer records. For insurance providers, like any other sector, poor quality data leads to poor business decisions, wasteful marketing efforts, untrustworthy analytics and prevent you from delivering the optimum customer experience.
With a new focus on data quality and consolidated records, a Single Customer View will impact many areas of your insurance business, with benefits including:
Improved customer insight
With more accurate and holistic knowledge of your customers comes an ability to spot your high-value customers, along with new cross- and up-sell opportunities for different insurance products.
More accurate customer targeting
By removing duplicate records and merging records with accurate contact details, marketing departments will not only have access to customers they were not previously able to identify, they will have the confidence in a trustworthy database to send more targeted, personalised campaigns and launch retention strategies to individuals and households.
Better customer service
There are few things customers dislike more than a disjointed customer experience where they are required to submit the same details on multiple occasions, or feel like different departments aren’t working together. With an integrated database and a Single Customer View showing an accurate record of all interactions, this can allow for more efficient and satisfying cross-channel customer engagements.
Managing regulatory risk
Ensuring your business complies to customers’ contact preferences and opt-out decisions is critical, whatever the industry. With changes to EU data protection law being implemented in 2018 will make it all the more important to ensure that all your customer data is being legally collected and processed. An SCV will help keep your data records clean and up-to-date, and more readily accessible if asked to demonstrate what personal data you hold in your database (such as Data Subject Access Requests).
Whether you are a marketer getting to grips with the concept of an SCV, need to know what your organization needs to consider before building one, or want to better understand the ROI, Blue Sheep's The Ultimate Guide to Single Customer View has the answer.