Problem Statement
As customers grow, so do their insurance needs. A change in customers’ life circumstances could be an opportunity to upgrade their outgrown policy through offerings of a “rider” to ensure they’re protected against any form of adversity regardless of which life stage they’re in. For a customer who is turning 40, it may be the right moment to think about getting additional coverage for critical illnesses, whereas a customer who is just starting a family may want to consider getting additional protection for their newborn.
Use Case Overview
The NGDATA IEP allows insurers to identify opportunities within the customer base through its comprehensive Customer DNA, where a combination of advanced analytics and embedded AI features can be leveraged to predict opportunities in an always-on mode. It looks out for any indicator of fundamental life changes which could imply a customer’s need to equip their policy with additional rider(s). Similarly, the recommender in the platform ensures that only the best plans are offered to the customer, one that would provide the maximum benefit depending on what the customer needs at that moment.
Solution Approach
Our solution highlights the best moments to reach out to the customers while consistently listening to their interactions to determine their preferred channel and means of communication, to ensure that every conversation with them is productive. A change in the Customer DNA could mean a significant life event change. So, depending on the complexity of the policy, an experience can be triggered to the appropriate insurance agent to initiate a discussion, or directly to the customer with relevant rider options scored by the IEP based on the customer’s current needs.
