Inefficient Underwriting and Pricing Policies
There is insufficient and unverifiable data on each customer. It makes it impossible to derive accurate 360-degree profiles which can be used to set prices.
Ineffective Targeted Marketing
Targeting broad customer segments increases marketing costs and hinders reaching campaign goals such as acquiring new customers.
Lack of Personalized Offers
It is impossible to offer clients the most suitable products and services without sufficient knowledge. It ultimately decreases the potential revenue.
Lack of Innovation
Insufficient use of recent technological advancements in the insurance industry slows the pace of improvements.
EVALUATION OF EACH CUSTOMER
And creating 360-degree profiles
Customer prioritization increases the effectiveness of sales and marketing efforts
Through personalized offers and targetted audiences