Enhanced Customer Coverage Through Riders

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Features and benefits

Assist customers during critical life moments​

A rider upgrade does not only help customers reduce potential expenses that come with certain life changes, but it also allows the insurer to strengthen the relationship with the customer by acting as a personal advisor who is there at critical life moments when needed. ​

Identify additional revenue opportunities ​

By consistently listening to changes in the customer DNA, the IEP automatically recognizes significant life changes allowing the insurers to utilize upsell opportunities within their existing customer base while uncovering additional revenue opportunities. ​​

Create long-lasting customer relationships ​

One way for insurers to increase customer retention is to expand a customer’s portfolio, which can be done by supplementing existing policies with additional coverage plans while giving customers peace of mind as their current and future needs are catered for.

Journey Objectives
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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.

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