Smart growth is not just about the market or the product; it’s about connecting with prospects and customers in a valuable and personalized way over multiple channels. With the incorporation of new data into products, as discussed in my last blog post, insurers can turn the additional data they gain on a customer’s behavior and preferences into valued advice and timely offerings. Insurers that also incorporate information from their ecosystem into those communications not only deepen relationships with their own customers, but also expand their reach into their partners’ networks at a relatively low cost.
The key is to expand the potential of each customer relationship by making every point of contact relevant to that recipient. That is ultimately what smart growth is about—relying on a more granular view of the potential and current customer to offer the products, services and partnerships that lead to the type of profitable growth that is sustainable in a fast-changing market.