CDP Solutions for Insurance Providers

Achieve true 1-to-1 personalized communications with policy holders & prospects in real-time with our intelligent engagement platform for insurance providers that goes beyond your standard CDP.

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  • Improveclick-through rate
  • Increaselead conversion rate
  • Reducedrop-off & bounce rates
  • Boost engagement ratios
  • Growpremiums written

AT A GLANCE

The CDP to maximize revenue per policy holder of your insurance customers

 

NGDATA’s Insurance Solution is designed to be customer-centric and maximizes profitability by real-time hyper-personalization. Our solution is more than a standard Customer Data Platform (CDP).

 

Its real-time advanced customer analytics, allows insurance companies to learn like never before about customer interests and intentions across an otherwise siloed landscape of data sources. Subsequently using these customer data analytics to orchestrate experiences in real-time with the right message on the right channel, helps elevate customer engagement and retention. All of which can be achieved within one platform: NGDATA’s Intelligent Engagement Platform. Our no to low-code IEP has an intuitive UI with role-based access that makes it easy for business users to operate, giving your marketers the freedom to manage the campaigns on their own and giving your IT department control over all the data that comes in.

SOLUTION OPPORTUNITY

Increased engagement boosting loyalty, premiums and share of wallet

 

Current uncertain times are driving consumers towards wanting more financial and life security, raising the interest in insurance products such as life and health premiums as well as investment and pension plans. At the same time, the relationship between an insurance company and its customers is transforming because of technology moving from transactional towards engaging, inclusive and digital.

 

With custom information, product offerings and incentives, you can, for instance, keep your customers active and healthy when offering a wellness program. But foremost, you keep them engaged with your brand. Learn continuously about your customers’ behavior and preferences by capturing their real-time omnichannel data, connecting with IoT, and integrating 3rd party data to personalize their entire customer journey. Uncover new audiences of inactive, yet high potential users, by utilizing built-in AI. Reactivate those ‘sleeping customers’ by targeting them with personalized key offerings.

 

Hyper-personalized, real-time and omnichannel are fundamental drivers behind a new generation of engagement capabilities that transform your customer relationships. They will significantly boost business value through an increased revenue per policyholder.

Becoming a life advisor through personalized interactions

 

Insurance companies primarily engage with their customers at the beginning and end of the customer lifecycle, echoing the traditional transaction-oriented model. Building customer relationships however, requires trust and repeated interactions with them.

 

The future of insurance companies lies in personalized 1-1 marketing campaigns across that lifecycle. This allows them to move towards a more engaging customer relationship and will reposition them as a true life advisor that cares about the customer’s health and security. This is only possible with holistic insights of each individual customer’s personal situation, needs and life stage, and the Customer Data Platform’s ability to engage in a timely and relevant manner.

 

Our Insurance Solution helps increase relevant customer engagement, from customer acquisition over activation to customer retention through new program memberships and value added services. With the emergence of new models, digitization, and different CX expectations, customers today will switch more easily to InsurTech players that embrace the opportunity to create lasting and meaningful relationships with customers.

WHY NGDATA

Data-driven targeting and personalized engagement in real-time

 

Our Insurance Solution lets you build and maintain customer relationships by delivering real-time, omnichannel, customer-centric 1-1 experiences. The solution comes with a specific out-of-the-box (OOTB) insurances DNA and starter campaigns, all available through an intuitive UI built for the business user.

 

Marketers can begin reshaping insurance engagements in an omnichannel environment right away, overcoming the challenge of starting with a blank slate. Next, you can decrease the time-to-value of new use cases with our Customer DNA™, as this calculates typical markers used to build customer-centric campaigns more quickly. Leverage the power of big data to build campaigns on top of unified customer insights from digital, transactional, CRM and third party data sources. This way, the marketer can easily design real-time campaigns with great speed, agility and limited dependency on IT.

 

Our AI-driven decision-making capabilities can help you reach multiple objectives. Uncover new opportunities by using all behavioral data to create look-alike audiences. With this, you can execute personalized campaigns to look-alike segments of recently acquired customers or convert existing customers to members of health programs. Additionally, new opportunities can be identified from clustering audiences by analyzing the detailing insights generated by automated AI pipelines.

BENEFITS

Improve KPIs across the board with our engagement solutions for the insurance industry

Increase annual premiums

Drive annual premium growth by increasing the number of generated leads and their conversion to customers through personalized and continuous engagement.

Identify opportunities proactively

Increase the CLTV in the initial stages of the customer life cycle by leveraging predictive customer insights for offering the next-best experience.

Optimize acquisition journey

Create a convenient, intuitive and engaging customer journey. With a smooth and insights-driven process of customers flowing through the various stages of the lead generation journey, this optimal CX will benefit you in many ways. From initial targeting, retargeting to continuous nurturing.

Increase retention

Anticipate the renewal of existing premiums, so you can focus on nurturing those customers by proactively engaging with them to increase the retention rate in case of churn potential. Calculate churn scores in real-time and automatically deliver experiences aimed at turning the situation around.

Heighten customer engagement

By promoting rewards-driven wellness programs, you will increase the customer engagement, gain more customer insights and build a lasting relationship with them around life and health.

WHAT'S INCLUDED

A complete analytics and customer engagement solution for insurances

Surpassing a CDP platform, our Insurance Solution - validated by industry subject matter experts - has a comprehensive and sophisticated set of predefined metrics and models. These reduce the time to market for insurance companies and lets them instantly engage with customers in a smarter way to obtain results sooner.

Our Insurance Solution provides a real-time Customer DNA™: This is our IEP’s comprehensive customer profile that consists of a 360 view of each customer with attributes (metrics) and values that describe customers in a very detailed and complete way. This contains omnichannel interaction data and the insurance-specific insights are designed to drive smart, connected, and immediate engagement. It shows, for instance, when members of the wellness program become more active and thus healthier, so you can then real-time reward them.

Our Insurance Solution delivers out-of-the-box campaigns that drive 1-1 interactions at the right time, on the right channel and in the right context that aim to acquire, cross-sell, activate and retain customers. Our OOTB solutions leverage our real-time Customer DNA™ built on top of 1st, 2nd, & 3rd party data. Through customer journey stages you further personalize that journey with curated experiences. With our smart audiences, you can then enhance campaign targeting, find potential prospects for cross-/up-selling and find more detailed insights in existing audiences to rethink campaigns, offers and business models.

We leverage our product’s built-in machine learning pipeline to generate propensity and churn models where necessary, thus reducing heavy data science work. Accessible through a user-friendly interface, the business user can expand and explore audiences, revealing untapped opportunities. You can easily select customers with a similar profile to the ones that recently took out a particular insurance policy.

NGDATA’s Intelligent Engagement Platform is Certified as a RealCDP and meets all core CDP requirements and supports enhanced CDP capabilities and best practices.

David Raab

CDP Institute
OUR APPROACH

We’ve Done This Before

Our strategic and prescriptive approach to building solutions ensure rapid delivery and success.

PHASES

01
Requirements & Planning
02
Solution Design
03
Solution Build
04
Validate & Deploy

Requirements & Planning

During this phase we’ll identify your industry pains & strategic objectives. We’ll identify operational personas, pains, and goals. Lastly we identify your solution categories & associated objectives.

Solution Design

Here we define the high level functional design. We define framework components including foreseeable propensity models and data model. We also define and select relevant use cases with functional requirements and definition of offers, experiences, and metrics.

Solution Build

NGDATA alongside our solution partners set-up your solution environment and start building entity and interaction schemas. We configure metrics, load test data, build key integrations, and text.

Validate & Deploy

After validating the solution, NGDATA deploys our IEP within clients environment while providing ongoing support, maintenance, and overall solution optimization.

01 Requirements & Planning

During this phase we’ll identify your industry pains & strategic objectives. We’ll identify operational personas, pains, and goals. Lastly we identify your solution categories & associated objectives.

02 Solution Design

Here we define the high level functional design. We define framework components including foreseeable propensity models and data model. We also define and select relevant use cases with functional requirements and definition of offers, experiences, and metrics.

03 Solution Build

NGDATA alongside our solution partners set-up your solution environment and start building entity and interaction schemas. We configure metrics, load test data, build key integrations, and text.

04 Validate & Deploy

After validating the solution, NGDATA deploys our IEP within clients environment while providing ongoing support, maintenance, and overall solution optimization.