PREDICTIVE ANALYTICS FOR INSURANCE
The use of predictive analytics has become more common in the insurance industry in recent years. Predictive analytics for insurance entails the use of special technology to sift through and analyze historical data and consumer trends in effort to project future behavior. By studying the behavioral tendencies of varying demographics under differing sets of environmental circumstances, companies can learn what products those people might be inclined to buy and how best to reach them.
In Q1 2015, Capgemini and Pegasystems commissioned research to decode the attitudes and behaviors of young people as consumers, employees, and citizens.
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In today’s highly diverse insurance marketplace, consumers are looking for more personalized offerings for their insurance needs. Broad, generic marketing campaigns are no longer effective. Predictive analytics for insurance can help insurers tailor their product offerings to fit the needs of specific customer segments. As a result, marketing and sales teams become more effective as they gain a better understanding of how and what to offer each individual client. Insights from predictive analytics can also be integrated into insurance product configurator applications. New product offerings can be created, tested, and customized based on the endless stream of consumer data insurers receive on a daily basis.
Predictive Analytics for Insurance: Next Best Action Marketing by Pegasystems
Pega’s Next Best Action Marketing solution seamlessly incorporates state-of-art predictive analysis to empower insurers to deliver exactly the right offer to the right customer, at the right time, through the right channel. Customers receive the personalized attention and products that they’re seeking, while marketing campaigns become more focused, efficient, and productive.
For sales operations, Pega’s insurance software incorporates tracking capabilities that allow insurers to effectively monitor their sales division to see who is producing and how they are doing it. Using predictive analytics for insurance, Pega’s solutions for sales support can recommend specific sales tactics to individual sales people in real time, during the course of an interaction with a customer or prospect. Detailed analysis of individual accounts also allows for recommendations on relevant upsells and cross-sells in any sales interaction.
Predictive Analytics for Insurance: Knowledge is Power
By applying predictive analytics, insurance carriers of all types gain a leg up on the competition. No matter what segment of the industry you call home, there is abundant data on which you can draw in order to accurately project customer behavior and thereby improve your marketing, sales, and customer service effectiveness. A carrier using Pega life insurance software may be interested in very different data sets than one using our commercial insurance software. But across the board, Pega insurance solutions with embedded predictive analytics can help you transform historical data into actionable intelligence that grows your market share, increases customer loyalty and retention, and boosts your bottom line.