Enhancing insurance revenue by enabling the management of all customer data in real-time.

Insurance companies continue to struggle in the face of economic challenges, competition for market share and from increased regulation.  This is compounded by the issues presented by customer and operational data stored in multiple locations and systems across their business, making it difficult to capitalise on this rich source of information.

A common trend witnessed across regions is that customers now search for information on insurance products online before approaching their agents or insurers.  Customers are also leveraging social media platforms to obtain product feedback from other consumers.  Subsequently insurers are now striving to provide a consistent consumer experience across all of these channels.

These evolving customer preferences and the intensifying competition in insurance markets is forcing insurance companies to set up multiple-channel distribution systems to improve customer interaction.  As consumers use these different channels at different points in the purchase process, the ability to move easily and effortlessly from channel to channel, or even from device to device, is vital for a positive experience.  So as these companies automate critical business processes they must find a way to break out of the silo’ed, legacy systems which perpetuate a limited view of the customer.   New models of business and enterprise architecture need to arise; where integrating with newer technology solutions and effecting process improvements that leverage the capabilities of existing personnel and applications can become the norm.  There appears to be a need for real process improvements in the insurance industry.  This is where fraXses comes in.

By providing a simple method of joining all data sources together, to create a single view of the data, it enables the insurance company to secure knowledge of who the consumer is at an individual basis, in real-time, at the moment of engagement.  This enables the marketing platforms, data, technology and analytics to be brought together to create holistic and unified marketing insights and right time messaging wherever and whenever a customer or prospect decides to engage.  This will dramatically improve upon the situation where many insurers struggle to interact with their customers more than once a year, only when the premium is due.

Companies will be able to focus on retaining profitable customers, attracting new customers through a myriad of distribution channels, delivering new products, and providing high quality customer service.  Providing customers with a seamless experience across all channels will ensure that interactions are as consistent and efficient as possible, which will help to build a solid relationship with the customer and a little more loyalty.