#hyper personalization

[pyrus-salicifolia]

“Normal” test results are not the relief people think they are. When you wake up in pain and continue to be in pain for hours every day and your tests come back normal you don’t stop being in pain.

[newgen-software]

With Newgen, organizations can breathe new life into legacy systems, enhance operational efficiency, and offer personalized, customer-centric services that are future-ready.

[hoshizoralone]

reflection

[cohoai]

Customer Retention Management Software - Coho AI

Customer Retention Management Software (CRMS) is a pivotal tool for businesses aiming to fortify their relationships with existing customers and enhance long-term loyalty. With its comprehensive suite of features, CRMS empowers organizations to analyze, strategize, and execute initiatives geared towards retaining customers and maximizing lifetime value. https://www.coho.ai/

[cymetrixsoftware]

HOW DOES AI POWER PERSONALIZED SHOPPING FOR CUSTOMER EXPERIENCE?

Have you ever wondered how online retailers can offer you the perfect products that match your preferences and needs? The answer lies in the incredible power of Artificial Intelligence. By harnessing the capabilities of AI, personalized shopping experiences have become the norm, revolutionizing the way we shop.

Now, let's take a look at the role of AI in personalized shopping for customer experience:

AI-driven Virtual Assistants for Personalized Experience

Hyper-Personalization: Delivering Relevant Recommendations

Efficient Fulfillment: Streamlining Order Processing and Delivery

Dynamic Pricing: Tailoring Offers to Individual Customers

Inventory Optimization: Anticipating Demand and Reducing Waste

To learn more, continue reading about how AI powers personalized shopping for customer experience.

[ghost-bxrd]

Let’s amp up the “Jason says ow and the batfam thinks he must be gravely injured” headcanon.

Jason calls Bruce or Dick for fun and says nothing but “goodbye” before hanging up (maybe it’s a dare by Roy who TOTALLY suspects the reaction Jay is gonna get).

Ten minutes late the entire Justice League is scouring Gotham, on the hunt for Jason.

[purple-slate]

Coming of Age: How Gen Z is Transforming Insurance

As a generation, Gen Z is different from any that have come before and their life journeys have not followed the traditional path set by older generations. They are digital natives who have grown up in a world of instant gratification and constant change. And when it comes to their insurance needs, they are no different.

The Gen Z population desires a holistic customer experience — where digital offerings bring together products and services to help the customer manage their lives. When insurers can’t deliver that view, a gap arises between customer expectations and what insurers are delivering. Insurers need to prioritize the needs of this generation to establish themselves as trusted insurers to an aging Gen Z in the future.

Changing Insurance Landscape

From new insurance products to evolving customer needs, the insurance landscape is constantly changing. And as the needs of Gen Z customers change, so too will the insurance landscape.

Here are some of the ways that the insurance landscape is changing:

1. New Insurance Products: As customer needs change, so do the products that they demand. insurers are always looking to develop new products that meet the changing needs of their customers. For example, high percentages of Gen Z are single and living with pets. A vast majority of them are looking for products that allow them to insure their pets today and so other products such as family insurance plans are irrelevant to them.

2. Evolving Customer Needs: The needs of Gen Z customers are constantly evolving. As such, insurers must be prepared to adapt their products and services to meet these changing needs. They look for plans that specifically address their individual needs and are also ready to share personal data that support these plans. For example, a Gen Z customer investing in health insurance wants to be able to eliminate coverage they do not need and be able to reduce the cost of their premiums overall.

3. Technology: Technology is playing an increasingly important role in the insurance landscape. From online quoting and policy management to telematics and drones, insurers are using technology to improve their operations and better serve their customers.

What does Gen Z look for in insurance?

As the first generation to grow up with the internet, Gen Z has a different perspective on insurance than their previous generations. Gen Z’s life journeys have not followed the traditional path set by older generations. They have made other significant lifestyle shifts from older generations that result in different risk needs that require different insurance needs.

Gen Z insurance companies to develop in a direction that is favorable to them, aiding them in supporting the challenges of life — both individual and global. Maintaining relevance with this critical consumer group requires insurance companies to deliver comprehensive added value within their policies. Adapting tech-dependent business models is a necessity for insurers if this generation’s desire for digital individuality and flexibility is to be met, particularly during a time when younger people tend to lose interest in insurance.

Here are some of the expectations younger generations have from their insurers:

Digital Experience

As the first generation to grow up with digital technology, Gen Z has high expectations for the digital experiences they have with brands. A study by Accenture found that 78% of Gen Z consumers said they would leave a brand they love after just one bad experience.

This generation expects to be able to purchase insurance online and have 24/7 access to their account information. They also want to be able to contact their insurer through digital channels such as chat, email, or social media.

To meet the needs of this tech-savvy generation, insurers need to provide a seamless, omnichannel customer experience. This means being available across all channels, from social media to chatbots to in-person customer service.

Hyper-personalization

Accenture found that 62% of Gen Zers said they were more likely to buy insurance from a company that offers personalized services and prices. So, in addition to providing a great digital experience, insurers need to ensure they are tailoring their products and services to meet the unique needs of this generation.

One of the many reasons younger generations cite for being uninsured is cost. Traditional policies often include coverage that doesn’t apply to the customer’s personal situation and on top of that, are often costlier.

Hyper-personalization is the process of using data to create highly personalized experiences for customers. With this approach, insurers can personalize all insurance processes from customizing an insurance policy to fit an individual’s needs to provide real-time updates on claims status.

Hyper personalization in insurance is becoming increasingly important, especially for Gen Zers who have grown up with technology. According to a recent study, 78% of Gen Zers say they’re more likely to purchase from a company that offers a personalized experience.

There are a few things insurers can do to provide a more personalized experience for their Gen-Z customers:

1. Use data to understand customer needs: Insurers should analyze data on their customers in order to better understand their needs. This data can be used to develop products and services that meet customer needs and expectations.

2. Personalize Communications: Insurers should use customer data to personalize communications and interactions. For example, if an insurer knows that a customer has recently had a baby, they could send them information on life insurance policies that would benefit their family.

3. Offer real-time updates: Customers appreciate being kept in the loop, especially when it comes to their insurance claims. By offering real-time updates on claim status, insurers can make customers feel like they are part of the insurance journey and ensure transparency.

Self-service with Conversational AI

Conversational AI is revolutionizing the way insurance companies interact with their customers. By providing a self-service option that can handle simple tasks, Conversational AI frees up customer service representatives to handle more complex inquiries. This results in shorter wait times and happier customers.

Insurance companies are able to provide a better customer experience by using Conversational AI to handle routine tasks such as answering FAQs, scheduling appointments, and even processing claims. This allows customer service representatives to focus on more complicated issues, resulting in shorter wait times for customers. In addition, Conversational AI can provide a more personalized experience by engaging with customers in natural, human-like conversations.

By offering a self-service option with Conversational AI in insurance, companies have the opportunity to improve the customer experience while reducing costs. This technology is revolutionizing the way insurance companies interact with their customers and is poised to change the industry for years to come.

Product Knowledge Base

With a product knowledge repository, insurers can allow consumers to make informed decisions about the products they purchase and use. The insurance industry has been notoriously opaque, making it difficult for consumers to comparison-shop and understand what they’re buying. But that’s starting to change, thanks in part to digital tools like an online knowledge base that makes it easier for companies to be transparent about their products.

With the recent advancements in InsurTech, insurers can provide online customer portals that show consumers different coverage options and prices side-by-side and technology that provides customers with real-time insights into their claims history or the status of their policy.

As the insurance industry continues to evolve, product transparency will become increasingly important. Insurers that embrace transparency will be better positioned to win over price-conscious consumers who want to know exactly what they’re getting for their money.

Faster Claims Processing

As the world becomes increasingly digitized, customers are demanding faster claims processing from their insurance providers. And rightfully so — when you’ve been in an accident or your home has been damaged, the last thing you want is to wait for weeks or even months to settle your claim.

Fortunately, many insurance companies are starting to catch on to this customer need and are working to speed up their claims process. For example, by accessing an active customer portal through a mobile app, customers can upload photos and start their claims right from their phones and also help process claims faster with the help of AI and ML models.

Conclusion

Regardless of whether an insurer is traditional or considered InsurTech, those that make Gen Z feel safe in a world of risk will win over the world’s first generation of digital natives. Ultimately, Gen Z will be drawn to companies that evoke transparency and authenticity. This is an exciting time for insurers to build new relationships and it is imperative to exploit these opportunities with the help of smart tools and stay ahead of the competition. Get in touch with our experts at purpleSlate today to evaluate your InsurTech needs and proactively shift with these ever-evolving advancements.

This blog was originally published in: https://www.purpleslate.com/coming-of-age-how-gen-z-is-transforming-insurance/

[paperbackribs]

[hypewinter]

A small town in Illinois is suing the American government for discrimination against their race. Desperate to get out of this, the government tasks the Justice League with investigation.

[fawnsky]

"you're so quiet" i want to blow my brains out 🤍

[carm3n-carm3n]

feeling sad bc when i was a kid i had so much potential but i threw it all away bc i just didn’t care

[d3cayingdolly]

"match my freak" match my oversensitivity. match my inability to be calm about very minor problems. feel insane and like you're burning from the inside out over everything.

[purple-slate]

Hyper-Personalization in Insurance

Hyper-Personalization — What is it?

Cart abandonment is a nightmare for every online business. Though various reasons are attributed to this type of customer behavior, the major cause found was the time consumption involved in the checkout process. Customers are not willing to spend their time typing in personal and shipment details. Today, consumers expect to have those data pre-filled during the checkout process. Sounds crazy right? Welcome to Gen Z online shopping journeys.

Are these expectations achievable? If a customer has already registered with a business’s online portal, it is viable to pre-fill the data, but what if the customer does not register with the online portal? In such cases, third-party registration can be made possible with Google, Facebook, and Apple which are the de facto sign-in options for Gen Z today. Yet, these third-party data partners will not provide the consumer’s latest or other lists of shipping addresses. Wait a minute! They will not provide? Does that mean they have our shipping addresses!? The answer is a big YES! All of our data are stored. This includes our current location, search behaviors, favorites, preferences, shopping patterns, and whatnot!

We live in an era of limitless options, shorter attention spans, and rising importance placed on personalized experiences. More than ever, companies need to stand out from the competition by providing unique services while meeting customer needs.

The basis for personalization, as we currently comprehend, is static information from demographic or transactional data, such as a customer’s name, gender, age, occupation, and purchasing patterns.

With unique, timely, and contextual ideas or experiences depending on users’ location, time, or behavior, hyper-personalization goes a step further to communicate with customers in real-time.

Hyper-personalization in Insurance

Hyper personalization in insurance is the new norm. With connected devices and the help of data analytics, insurance companies can stay ahead of the curve with hyper-personalization.

“When it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the right products, at the Right time through the Right channels.”

— Capgemini

These days, insurers are reorienting their organization toward customers, and not products. This is accomplished through learning more about customers by analyzing the data gathered via telematics, IoT, machine learning, and AI-enabled devices.

Consumers prefer the best coverage at the best possible price. Hence, the use of data to identify low-risk consumers and provide them with cheaper premiums has been at the heart of some of the most significant breakthroughs in Insurance Industry in the past ten years.

Hyper personalization in insurance promises to help insurers manage their risks more effectively and offer lower premiums to the right customers. One of the most frustrating circumstances for a customer is being assigned to a customer category that is not their right fit. The other frustrating thing, as previously mentioned, is asking for too much data from the customers, while the information is already available with insurers or third-party data partners.

Customer demands are rising across the board. With the wide range of choices available, customers expect to be treated better (read: ‘as someone special).

Hyper-personalization makes this feasible by going one step further by combining a larger collection of data (such as telemetry and external data) and using it to develop a more in-depth and dynamic understanding of the customer. This information is then used to inform all elements of consumer engagement, both digital and physical.

To accomplish this, insurers must leverage data and analytical capabilities while rethinking the value chain to recognize their context — that is, taking into account their unique circumstances at any given time — and respond in an empathetic and relevant manner. The goal of hyper-personalization is to enable tailored, contextual interactions in sales, marketing, underwriting, servicing, and claims.

Using methods such as AI-powered Journey Orchestration Engines or Real-Time Interaction platforms enable companies to enhance the loyalty of existing customers. This is accomplished either by responding to changes in behavior or by predicting it using algorithms. In turn, this can enhance customer retention rate and indirectly increase the efficiency of customer acquisition.

Benefits of hyper-personalization

Insurance businesses can deliver tailored insurance coverage with the help of InsurTech solutions and platforms. Insurance firms all over the world are collaborating with InsurTechs to create highly profitable tailored products.

InsurTechs are leveraging AI, automation, big data, and analytics to create customized insurance personalization plans for travel, health, home, and other insurance products.

Benefits to Customer

Today’s consumers are flooded with choices. By providing highly relevant and targeted content, hyper-personalization provides the following benefits:

It saves customers time and money, reduces their effort, and eliminates information overload.

It improves the customer experience with dynamic and unique messages across channels.

It filters market noise and helps consumers make more informed decisions.

Benefits to Business

A properly implemented hyper-personalization (tactic) can yield the following benefits for a business:

An increased ROI of up to 8 times.

It will reduce considerable marketing spending, and lift sales by 10% or more.

It will enhance customer growth and customer engagement by tailoring the product offering to fit their needs and proactive management of renewals.

It unlocks enormous value through a customer-centric, data-driven approach.

It provides a 50% increase in the customer prospect conversation rate with tailored product offers

It increases the productivity of the agents by reducing the prospecting time considerably.

Hyper-personalization — Strategy

1. Customer-centric re-orientation

Most insurers are traditionally structured around the marketing of individual products rather than customer needs. Hyper-personalization requires taking a precisely contrasting approach. The organization must map out the complete end-to-end customer journey, align NBAs to that path, and eventually reconcile opposing goals to achieve hyper-personalization.

2. Technology

Hyper-personalization technology landscape is complex. Data is recognized as the lifeblood of hyper-personalization, powering the real-time decision engine. With data at its core, a successful hyper-personalization strategy relies on data analytics. Powered by Machine learning, Artificial Intelligence, Cloud platform, Business process agility hyper personalization makes the customer experience as never before. Tools like journey orchestration engines or real-time interaction engines will orchestrate recommendations across sales, marketing, and servicing, including underwriting and claims.

3. Customer Data — The lifeline

The underpinning component of hyper-personalization is customer data. Customer proprietary information comes from a variety of sources, including CRM and Customer Account Data, Internet and marketing data, Multi-channel interaction data, and Claims and fraud data.

Hyper-personalization capitalizes on real-time data that may include their location, time, date, and behavior. This data is sourced from

Mobile app activities

Website footprint

Social media activities

IoT data from wearable devices, telematics, etc.

Combining consumer data from multichannel will take hyper-personalization even further by empowering you to create one-to-one relationships with users. The more data you gather, the more understanding you can have of your consumers’ attitudes and behaviors, and the more persuasive your offer will be.

Finally, it’s crucial to remember that customer data is dynamic and that a process is needed to proactively gather, update, manage, and secure data. To achieve successful hyper-personalization, it is essential to establish explicit data collecting, analysis, storage, and privacy protocols.

4. Product offerings

The critical step is to tailor the most relevant offers by anticipating the customer’s needs. Information gathered from multiple data points will need to be analyzed to gain accurate insights into the attitudes and behavior of customers.

The data can be categorized to assist insurers in tailoring digital experiences to meet the expectations of their customers. Additionally, it permits them to modify insurance policies and costs to accommodate the unique needs of their customers.

Insurers can now further refine their offerings and cross-sell other products and services. It will help to create timely offerings to target their customers’ needs on the right channel like an instant message, an in-app message, or an email by the customer’s context. If customers feel they are remembered, it increases customer loyalty.

5. Market viability

The beauty of digital marketing is its ability to test different parameters easily and iterate accordingly. The marketing team can mix and match the execution with different offers, times of date, or channels to determine which combinations perform best. Based on the outcome, the offerings can be made more accurate with customer-centric messages.

The Future of Hyper-Personalization

Insurance companies that can use data to tailor and improve their products and client experiences will thrive in this information era. Insurtech roadmap should be structured to build competency to focus on customers’ needs, capturing buying signals and pain points, thereby customer satisfaction throughout the customer journeys.

While adapting to changing customer behavior, it is vital to have a technology platform that helps insurance companies stay ahead of the curve. The target is to create an insurance experience with zero human work. Get in touch with us today to start your hyper-personalization journey.

This post was originally published in: https://www.purpleslate.com/hyper-personalization-in-insurance/