According to data and analytics software company Quantexa, insurers are taking on a single customer view strategy, however there are different interpretations of what this means.
As insurers look for ways to level-up their customer journeys, many are taking on a so-called “single customer view” strategy.
However, after consulting insurers about this strategy, Quantexa discovered that there are a number of interpretations of this approach.
One interpretation stipulates that the single customer view requires the development of an accurate product density view across unique individuals and companies, as well as across all product lines and regions. This is to understand exactly what products the customers are buying to assess bundling and cross-selling techniques.
Another view is that the strategy can be defined as an ability to recognise, in real-time, existing customers through direct quoting processes such as on websites or price comparison websites, to provide a tailored discount based on existing “length of service”.
Alternatively, some insurers consider the single customer view to involve the creation of a “customer reference asset” (exclusively from external and third-party industry data) to create a 360-degree view of the customer.
Some insurers also said, according to Quantexa, that the single customer view approach requires an analytical “customer master”. This contains all the company’s historic and operational enterprise data assets, connected together to deliver a single place to perform enterprise analytics (such as ratings, loss propensity & fraud).
Finally, a fifth interpretation that Quantexa outlined, was that the single customer view requires a deep understanding of a new applicants “connected entities” (locations, vessels, vehicles, ownership structures, associated corporations, directors and officers) in order to perform deeper due-diligence of that customer for screening, credit risk, ESG & corruption.
So, what is the single customer view approach?
Quantexa argues that there is no “single view” of a customer. The company also believes that this shouldn’t be limited to a customer view as it can translate to any party (claimant, supplier/provider, witness, employee, agent) or even entity (locations/properties, vehicles or vessels, bank accounts or devices, contact details).
A dynamic holistic view of entity can be deployed enterprise-wide, across any data set and can be delivered to serve dynamic views for different teams, business units and value-chain applications.
In November last year, Quantexa opened its new technology and analytics hub in Malaga Tech Park, Spain.
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