Posts Tagged ‘insurance’

How the New Experience Economy Is Reshaping Insurance (Part 5 of 5)

Harvard Business Review defines the New Experience Economy as the fourth evolution of economic value, which includes commodities, products, services, and now, experiences. It is at this point where the product is most differentiated and pricing most premium. In a commoditizing marketplace such as personal lines, a personal experience is an opportunity for carriers to […]

Data Is the Foundation…for Everything in Insurance (Part 4 of 5)

Data fuels the engine of the digital economy. Connected experiences, in the context of the customer relationship, are driven by a robust data set that confidently presents integrated, diverse data to enable actionable insights that can be automated across the customer’s journey. Internally, data creates the foundation for increased analytic application of fraud detection, at-risk […]

Using Personalization To Create Authentic Relationships in Insurance (Part 3 of 5)

While the thought of changing policies can be daunting, carriers are throwing hundreds of millions (if not billions) into advertising budgets to make the consumer aware of ways to save by switching. As a result, the industry is experiencing a decline in brand loyalty in favor of pricing. A brand may bring a customer in […]

Insurance Operating Models Need to Put the Customer in the Middle (Part 2 of 5)

In my last post, I discussed how insurance companies that demonstrate empathetic knowledge of their consumers and deliver tailored, real-time solutions will build on their noble purpose and gain competitive advantages in a digital operating environment. So, where can you begin? It starts with putting your customer in the middle of your operating model. Instead […]

Achieving Data Democratization in Financial Services (Part 4 of 4)

Over the last three blog posts, we discussed the importance of data democratization in financial services. Today, we want to share a few final words. To maximize the value of data resources, they must be discoverable by those who require the information. Once a needed data source is identified, it is best to have an […]

A Digital Environment Is Essential For Insurers to Gain Competitive Advantages (Part 1 of 5)

Insurance serves a noble purpose: to protect individuals & businesses and their property, liability, and financial obligations. At their roots, many of the large, well-known carriers today began by serving the distinctive needs of businesses and individuals who could not find coverage elsewhere. Rural residents paying city insurance rates, government employee affinities, and experiences tailored […]

Connecting Data Governance to an Enterprise Search Tool in Financial Services (Part 3 of 4)

In our last blog post, we shared a proven approach to architecting a metadata search solution. Today, we’ll share a few high-level details about a solution that Perficient built, which can allow all types of financial services companies to jump-start their data democratization programs. Perficient has developed a highly capable abstraction layer called Handshake, which […]

Architecting a Comprehensive Metadata Search Solution for Financial Institutions (Part 2 of 4)

In my last blog post, I introduced data democratization. Today, I’ll share an approach to architecting a metadata search solution that enables data democratization. There are a number of ways to craft a comprehensive guided search of a firm’s data catalog and governance metadata repositories, each with its own cost/benefit profiles. For example, creating a […]

Data Democratization in Financial Services (Part 1 of 4)

In my 30-plus years of leading and supporting data programs for major financial brands, data democratization has gone from wish lists to a must-have. Over the next few blog posts, I will discuss the concept of data democratization and why it’s critical for financial institutions, from banks to insurance companies, to embrace it. Data is […]

Personalization

6 Steps FSIs Can Take Now to Achieve End-to-End Personalization

Previously, I described the benefits of personalization and outlined the changes a company should make to successfully implement a personalization program. Today, I will outline what companies should be doing right now to prepare. While many financial institutions are conceptually “on board” and heavily investing in various facets of customer intelligence, the “Netflix” of banking […]

Personalization

Personalization in Financial Services Works, but Changes Will Be Required

My previous blog analyzed customer intelligence and the benefits it provides. This blog will show the benefits of personalization and outline what’s required to implement a personalization program. Financial services companies that have implemented personalization report positive results, including: 60% increase in revenue per customer 81% increase in customer retention 87% increase in customer engagement […]

Customer Intelligence

The Rise of Customer Intelligence in Financial Services

My last blog dove into the customer data management challenges financial companies might encounter when starting the personalization journey. Today, I’ll address customer intelligence and the benefits it provides. Personalization requires a solid data management and analysis foundation, and financial services companies are starting to leverage customer intelligence platforms to collect, analyze, and contextualize vast […]

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