Date: 15-Apr-2020
Dig Data—It’s everywhere. In a recent study, “Data Never Sleeps, 7.0,” Domo shows that we produce 4.3 Quintillion—that’s 4.3 followed by 18 zeros!—bytes of data every day. And for life insurance, Big Data is the name of the game and can provide insights into all aspects of a company’s individual performance. However, accessing data across our entire ecosystem has proven elusive.
How can we understand our customers and what they need? How do you know if you’re offering the right products to the right customers, at the right time?
We all sense that there’s a rich reservoir of data just outside our reach. It’s time to tap into that data and start applying its value to our businesses. Here’s a look at how accessing big data, and uncovering its insights, could help you provide better customer service and generate more premiums!
Aggregated data from thousands of illustrations can provide clarity around how brokers are selling insurance products, along with offering insights for carriers and brokers alike for future marketing and sales efforts:
Do you ever wonder how other brokers and case designers are presenting plan options for their clients? Do you consider how we could extend other product offerings based on customer demographics? Data helps us get a view on customers’ needs and how their insurance agents are responding. We can look at insurance solutions being offered to people in different age groups, in different locations, and with varying health concerns. As we all work to gain a better upstanding of the evolving insurance industry, that information is really valuable to get a birds’ eye view of the landscape.
Just as it’s important to understand customer needs, it’s helpful to know which insurance products are hot in the market. Big data can give us a big-picture look at the products that ar3e new, trending, and gaining in popularity—and help us understand the best way to match those products with customers’ needs.
Our team of data experts see insights based on data as the transparency provider of the future, and a new way to understand, manipulate and apply the insights from that data in the insurance market.
Customer demographics and needs will continue to change. The products we offer as an industry will certainly evolve. But we can use our advancing technology, and the data we collect through it, to get insight into what customers need and best serve them. That’s a future that looks bright.
Bryan Eshelbrenner is director of product management for Ebix's SmartOffice platform. He has more than 16 years of experience in the financial technology sector, overseeing software design, development, quality control, sales, and marketing.
Subscribe to our Ebix blog or curate your subscriptions for the most relevant content and never miss a single article! Industry driven thought leadership delivered straight to your inbox with the click of a button. What could be easier?
