The industry challenge
Deregulation, the complexity of the market and growing competition has changed the traditional working patterns of insurance organisations. With the growth in direct sales channels such as the telephone and Internet, customers are demanding instant response and high levels of service.
Competition in the market can be price driven which puts pressure on margins.
Organisations need to be able to manage different channels efficiently with reliable systems that are scalable for growth and diversification.
Customer management is a growth area, driven by the need to reduce churn and make the most of customer value with cross-sell opportunities. Customer communication is often infrequent so it is critically important the service and message given build loyalty and be the differentiator that gives the competitive edge.
The answer
Experian's proposition meets the challenges of insurance organisations. Spanning the customer life cycle, an insurer can make the right decision wherever it is needed, including underwriting, application and claim fraud, retention, cross-selling, claims assessment and collections.
Insurers can make a rapid response to the majority of applicants and renewals while focusing underwriting resource on the higher risk cases. Insurers can manage each customer or household as one rather than as a number of policies to give effective strategies and reduce fraud. Communication strategies can make the most of every opportunity through every channel to maximise the customer relationship.