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Analytics will be key to driving customer engagement for 2016

08 March 2016

A recent FC Business Intelligence report suggests analytics will be key to driving customer engagement for Canadian insurance moving into 2016.

The publication’s latest Customer Centricity Report reflects the findings from FC Business Intelligence’s Canadian Insurance Analytics Healthcheck, a survey of more than 100 Canadian insurance executives which reveals that 59% of the respondents feel the ability of using analytics to deliver insights across the organization is going to prove vital in informing how best to serve the customer, making this a main focus for 2016.

Customer relationships was second to digital and analytics, noting that these too are integral tools to build a customer centric organization. From a digital perspective, 44% of executives have a strong desire to develop online platforms that will benefit their overall customer experience and making interactions quicker, easier, and more consistent across all channels. The survey also suggested that customer centric focus can be hindered by a lack of user-friendly technology. Insurers have access to data, yet that data often exists in multiple silos, managed by several systems which are not necessarily compatible, creating difficulty for insurers and customers alike.

Opta Information Intelligence has cleared this hurdle thanks to their technology. Opta prioritizes customer centricity by leveraging innovation-fueled technology and analytics solutions to deliver efficiencies and profitability, thereby enhancing the customer experience. The survey recognized the organization for its customer focus:

“Interestingly, the most frequently named service provider that will be critical in delivering the future of Canadian insurance was not Google, with its powerful advertising reach or Apple’s mobile market dominance but Opta and to a slightly lesser extent, IBM. Both strong analytics players but Opta in particular flexing its muscles in the realm of product development expertise. This expertise is being founded on customer insight rather than historical insurance product development knowledge”

Read the full report here.

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