More Access to Even More Data Makes it Even More Personal
The future of data and analytics within the insurance industry will not come from actuaries and claims. And this will only continue. Within insurance companies, traditional business units who utilize data and analytics are now, more than ever, poised to enhance the use of behavioral data in their marketing and communications teams.
The growth of wearable technology, online user tracking and marketing automation offers insurance marketers more tools to create seamless targeted communications and meaningful relationships.
It won’t be long until risk scores and premiums will adjust by opt-ins to carrier property monitoring services through the use of smart devices (see Canary Security) and wearable technology (now to the masses, thanks to Apple Watch).
Greater access to this type of data allows for proactive communications through carefully structured automated marketing.
The onus lies with insurance companies and not just the data team. It’s important for data capture and analytic platforms to be implemented by IT. These platforms and tools will then need to be accessed and customized by marketing communications departments.
While appearing seamless, it takes a lot of work on the back-end from many departments. This will continue to require legwork, transparency, highly organized integration and communication among departments.
Ultimately, we will see potential organizational shifts and further cooperation from stakeholders and many internal teams rallying together to improve customer relationship.