The theme of the past month centered around ways that banks, insurance companies and financial advisors can use analytics to improve customer experiences. Here’s a roundup of relevant banking, finance and insurance industry news for the month of May.
8 rewards for giving your customers a superior customer experience
Satisfied customers are more likely to remain loyal, are apt to buy more, will recommend your company and cost less to retain. These are just a few of the reasons why giving your customers a superior customer experience is worth the time, money and effort. Use this colorful infographic to get the highlights from the white paper Insurance customer retention and growth. It will show you how organizations can apply analytics to retain their best customers and take advantage of cross-sell and up-sell opportunities.
Are you ready for mobile capture?
Is your business fully enabled for mobile? Smartphones are ubiquitous, and regardless of the service you provide, your customers and employees expect to use their mobile devices to engage with you. In the insurance business, this means sending documents related to claims directly from a smartphone. For banking, it means depositing a check by scanning it. Read the full white paper by Kevin Craine to discover how mobile capture is quickly becoming an important differentiator for many companies and organizations, especially those in traditionally document-intensive fields like banking, insurance, healthcare and government operations. Watch this video to get a snapshot of the solution.
Increasing customer satisfaction and reducing costs in property and casualty insurance
It’s not surprising that one of the easiest ways for an insurance company to lose a policyholder is by not being responsive to a claim. Customers are demanding better communications, fast response times and competitive rates. But from the insurance company’s perspective, this can be a challenge. What can an insurer do to optimize business processes to drive growth? Insurance companies need to reduce risk and associated costs, especially by keeping a close watch on fraudulent behavior. Read this white paper to see how insurance companies can leverage predictive analytics to detect and reduce fraud without negatively impacting the customer experience.
IBM Insurance Business Analytics: CFO Financial Performance Management
In the lead-up to the IBM Vision Conference, a lot of high-value content released in the past month was related to the financial performance area. The highlight for me was this video that shows how CFOs and finance organizations are succeeding with modern financial performance management. My favorite part of the video is when Jim Collins, Performance Management Strategy Executive for IBM Analytics, offers insight into the everyday struggles of the office of finance: “How many meetings do you go into where the first 45 minutes of a meeting [are] spent figuring out who has the right set of numbers, and the last 15 minutes [are spent] figuring out why they have the right set of numbers?” Discover how analytics can help organizations link financial plans to operational plans. To learn more beyond the video, read the IBM white paper Planning and forecasting to support adaptive management and see what IBM performance management solutions can offer CFOs and finance organizations.
The importance of understanding customer lifetime value
The probability of selling to a new customer is between 5 and 20 percent. In contrast, the probability of selling to an existing company is between 60 and 70 percent. That is an astounding difference! Customer loyalty and customer retention are vital to the success and growth of your business. Read The importance of understanding customer lifetime value to learn more about a customer’s lifetime value. You will discover why a superior customer experience is crucial in the insurance industry. If your company can settle a claim in less than three days, what percentage of customers consider switching insurers? This blog has the answer. Predictive analytics are changing the game by helping organizations across industries speed up processes, reduce fraud, improve customer service and cut costs. Get an in-depth look.
Take a voyage into deep customer insights with analytics
Organizations must innovate to create new revenue and optimize outdated processes. This blog takes a comprehensive look at how customer-centric organizations are transforming their businesses for tangible business outcomes. The blog references the white paper Insurance customer retention and growth, which outlines five key strategies for business growth, including improving customer loyalty, serving customers more cost-effectively and increasing revenues from existing customers. Another key area for business improvement that the blog focuses on is customer retention. With IBM predictive analytics, businesses can determine which customers are most likely to churn and which offer is most likely to convince the customer to stay. Learn more about how you can leverage predictive analytics for your business to increase the profitability and effectiveness of your company.
Smarter customer analytics for insurance
How can you drive business growth in the insurance industry? Clients are demanding better communications, higher levels of service and competitive pricing. Watch the video “Smarter customer analytics for insurance” to discover how predictive analytics and business intelligence can provide you with the information you need to improve customer satisfaction and customer retention. Identify buying behaviors, better segment your customers and plan more effective marketing and sales strategies with customer analytics. Get to know your most valuable customers, and apply these transformative insights to your business.
Insurance customer retention and growth
Customer analytics are giving organizations an unprecedented look into their customers’ needs, preferences and behaviors. By leveraging this information, organizations can build more valuable relationships that satisfy both the customers and the business. Companies can improve the customer experience, take advantage of cross-sell and up-sell opportunities and provide the right offers to the right customers at the right time. For example, if a bank could determine that one of its customers is interested in home renovations, it could provide the customer with information and offers to finance the renovation with equity the customer has in the home. Read the white paper to learn how analytics and customer insights can help you develop solid marketing, sales and retention strategies.