An omnichannel approach isn’t just useful for boosting customer satisfaction with a streamlined experience, though. It also provides a more integrated way to use both customer-shared and experiential data to support retention.
Customer data—when used well—can be a strong driver of retention, personalization, customer satisfaction, purchase value, and more. However, more insurers aren’t doing enough to collect it, analyze it, or implement it. Consider, for example, that with the right data, you can:
- communicate with customers at integral times throughout the year rather than just when renewal season is approaching
- deliver more personalized quotes or insurance policies from the beginning
- offer hyper-relevant interactions and experiences designed to increase conversions and retention
Not only does more accurate data lead to better experiences and higher conversions and retention, but it also builds trust and loyalty to your insurance company—which in turn feeds into more renewals and higher retention rates. It’s a positive feedback loop that keeps on giving—but it starts with your data. As a result, insurers need to increase their focus on gathering, analyzing, and implementing customer data.
This can start with collating and analyzing experiential data from customers—such as website interactions, previous renewals, or customer service requests—and making it easy for customers to share additional data with their insurer for more personalized service and better quotes. Once the data is obtained, it must be integrated into the customer experience for personalized offers, communication, and policies to strengthen retention and loyalty.