The insurance industry, like many others, is undergoing a transformative shift driven by technological advancements. One such revolutionary tool making waves is Customer 360 (C360). Customer 360 is not just a platform; it’s a paradigm shift in how insurers approach customer relationships. It involves integrating and analyzing data from various touchpoints to create a comprehensive view of each customer. This wealth of information empowers insurers to make data-driven decisions, anticipate customer needs, and enhance overall service quality.

Breaking Down the Challenges

The insurance industry faces unique challenges, such as data silos, duplicated information, and the need for robust governance. C360 acts as a solution to these hurdles by offering a unified platform that integrates data from disparate sources, mitigating duplication and streamlining data governance for improved long-term management.

• Building a Strong Data Foundation: C360 serves as the cornerstone of a data-driven insurance business. By integrating customer-related data from sources like CRM systems and data warehouses into a Big Data analytics platform, insurers establish a robust foundation for informed decision-making. This foundation ensures that the customer data becomes a single source of truth for the entire organization.
• Augmented Data Management: The journey toward Customer 360 excellence involves more than just data integration. Insurers need to implement advanced data management practices such as data lineage, data quality, and data cataloging. These measures enhance the quality of data, reduce errors, and contribute to a more efficient and reliable data management system.
• Visualization and Analytics: C360 goes beyond being a mere data store. Insurers can implement data warehousing and data marts to create a consolidated view of customer experiences. Additionally, the implementation of analytics dashboards enables insurers to gain real-time insights into customer behavior, preferences, and potential risks.

Client Challenges

Let’s dive into a real success story with one of our insurance clients who sought to enhance the efficiency of internal data management. They were grappling with data silos, scattered across various platforms, leading to inefficiencies in data utilization. Duplicate data from multiple sources hindered effective analysis, and servicing customers through the call center took longer due to the need to access multiple systems.

How We Have Helped

G-Able stepped in to address these challenges, starting with fortifying the data foundation. We installed necessary hardware to support efficient data access and critical software systems for data collection and organization. G-Able not only managed to centralize customer data but also extracted information from various systems into a single, unified source of truth. With our specialized data scientists leveraging customer data, we conducted in-depth analyses and crafted a 360 data dashboard. This dashboard not only supports current analysis but also aids in predicting future trends.

Result

Following the implementation of the Customer 360 solution, our insurance client experienced a significant improvement. Tele-sales agents now had quick access to relevant customer data, preventing redundant sales efforts and ensuring personalized service. Call center representatives could respond to customer queries promptly, thanks to a 360-degree view of customer data presented in a single dashboard.

In the evolving landscape of the insurance industry, Customer 360 is proving to be a game-changer. It is not merely a technological solution but a strategic approach that empowers insurers to connect with customers on a deeper level. As the industry continues to embrace digital transformation, the integration of C360 will be instrumental in reshaping the future of insurance, creating more personalized and efficient experiences for both insurers and policyholders alike.