Insurance carriers are often challenged by the fact that most of their customer interactions are limited to an initial policy purchase, handling a claim, and policy renewal. The company therefore needs to be extremely strategic about those interactions, and the offers that are integrated into those conversations, to ensure they leverage each opportunity to cross-sell or upgrade a relationship to its fullest. Adding to that complexity are the hundreds or even thousands of agents with whom to coordinate these offers, as well as the challenge of ensuring that customers are only made offers for which they are eligible.
DecisionsFirst Insurance Next Best Offer is a solution that identifies the next best offer for each individual insurance customer. Following our DecisionsFirst approach, the solution begins by examining the economics of all of the available offers as well as an evaluation of any existing data or analyses.
Next, we partner with the carrier’s marketing team for a discovery session to identify the decisions being made and the areas where analytics and business rules can be applied to improve offer targeting. From here a decision model is designed and iterated to effectively match each customer with the next best offer for which they are eligible.
Once the decision model is complete, the software solution is developed, tested and implemented based on each client’s unique technology infrastructure or our cloud-based delivery architecture. Clients can also receive a dashboard on which they can simulate changes to their rules or policies prior to making those changes live to continually review and update their approach.
As a result, clients can expect to see an increase in both offer acceptance and relationship profitability. This process automation also improves the ROI on marketing programs. Finally, agents are typically thrilled to have more targeted, relevant offers to make to their clients.
To learn more, download the DecisionsFirst Insurance Next Best Offer Datasheet.