Business Drivers for Insurance
For general insurers, it seems that change is the only constant. Established property/casualty and life insurers want to become more customer centric, but struggle with legacy systems built around policies. Clients want more choices for conducting business online, and faster, safer access to policy and claims information. New market entrants are driving pricing pressure. The time for action is now. General insurers must leverage their information as a strategic asset in order to adapt and evolve to dynamic market conditions.
IBM InfoSphere MDM Solutions for Insurance
Learn how InfoSphere MDM helps make insurers smarter.
5 Ways MDM Makes Insurance Companies Smarter
Master data management helps make insurers smarter. MDM enables insurance companies to connect disparate pieces of customer information across policy lines, business channels and service locations. Armed with a complete picture of the customer relationship, insurance companies can:
- Reconcile a client’s policy holdings, to determine the best opportunities for cross-sell and upsell
- Provide consolidated account information to customers, enabling convenient self-service at lower costs
- Identify relationships among affiliated entities, to better manage risk hierarchies and understand customer profitability
- Enable agent networks to offer multi-policy discounts and improve customer retention
- Accelerate the introduction of new products, bundles and promotional offers for target market segments
The Results?
IBM InfoSphere Master Data Management helps insurers improve customer service and satisfaction, boost profitability, and increase strategic agility.
- A leading European financial conglomerate created a single view of customer information across its insurance and banking business, improving service levels and driving better cross-sell / upsell capabilities.
- A North American insurance cooperative accurately identifies household relationships, enabling customer-facing staff to offer relevant incremental products in real time and improve renewal rates.
- A major Asian financial group consolidated duplicate account records to improve marketing campaign effectiveness without increasing spending.
- A US-based insurance and annuity association creates new insurance products faster and more flexibly, to better adapt to clients’ changing needs.
- A leading North American general insurer centrally manages customer privacy and opt-out preferences, providing better customer satisfaction at lower cost.
Case Studies
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