We recently partnered with Forrester to present “How Insurers Can Leverage Process Analytics and Drive Process Improvement for Customer Engagement.” Justin Foster, Vidado’s Vice President of Professional Services, and Brandon Purcell, Senior Analyst for Forrester, teamed up to demonstrate how the demand for exceptional customer experience is inspiring the nation’s largest insurers to unlock quantitative insights from policyholder data to inform process improvements.
In addition to unpacking the concept of customer analytics and its value for the insurance marketplace, Justin and Brandon offered a useful strategic roadmap linking data analytics and process automation – and the potential sinkholes lurking on the winding road to implementation.
Here’s one key takeaway about the characteristics of policyholder data: it has shifted from information that sits in an email or CRM database to real-time information from apps, telematics, and other digital touchpoints. Insurers also have a surfeit of legacy dark data — qualitative categorical, numerical, string and time/date information – that, when unlocked and analyzed, can be effectively used to shape customer experiences.
Undoubtedly, there are many barriers to making analytics work, including these top obstacles pinpointed by Forrester:
- Ensuring quality data from a variety of sources
- Accessing data from a variety of sources
- Bridging the disconnect priorities between IT and business objectives
- Getting stakeholder buy-in on the value of measurement and analytics
- Hiring the right talent
The webinar also explored how insurers today can identify workflows for optimization, and best transform legacy dark data into high-quality data that drives process improvement. Justin highlighted several case studies, including identifying the top NIGO categories for enrollment applications, discovering data remediation opportunities, and analyzing form redesign concepts.