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.
Insurers cannot warn customers of damage risks without the various types of data, such as pre-existing weather forecasts or historical weather patterns, and therefore minimize insurance claims.
Through data enrichment and advanced analytics
EVALUATION OF EACH CUSTOMER
And creating 360-degree profiles
By better adjusted risk-based pricing
Through personalized offers and targetted audiences