Engagement marketing requires insurers to shift from marketing at many to targeting individuals—but these initiatives can (and should) be executed at scale. Marketing automation tools can help achieve this, but to unlock their true value, marketing data and analytics are crucial. For example, the Accenture CMO Insights Survey found that 43 percent of CMOs expect marketing analytics to be a core competency of marketing over the next five years.
The importance of marketing data and analytics
Insurers should begin by aggregating data within their organization. For example, many insurers still have silos between business functions, making it difficult to share information between them. Claims and underwriting are a classic example—claims departments have important information that can help underwriters at time of renewal. In addition, external data from third-party vendors can augment this customer profile with additional details, such as household income, family needs, or upcoming life changes.
With this data in hand, insurers can compose a 360-view of their customers, the products they own, and their preferences. With the help of predictive models, insurers can even predict what their customers may need in the future. This translates into an improved ability to cross- and up-sell products, and to offer the right product or service at the right time (to coincide with life changes).
That said, data and analytics capabilities can only go as far as an insurer’s data environment. For details on how to establish a customer-centric data environment, read “Engagement Marketing in Insurance: Cultivating customer loyalty (PDF).”
Join me next week as I look at the human part of the equation: empowering agents to deliver the differentiated customer experience that’s the cornerstone of engagement marketing.
- Read “Engagement Marketing in Insurance: Cultivating customer loyalty (PDF).”
- Email me to discuss how Accenture can help you compose a 360-degree profile of your target customers.