The insurance industry is going through a major transformation. All the industry reports suggest that in the next 3-5 years, there will be a 40-50% increase in the number of customers buying insurance through digital channels.
To follow the trend and to become part of this transformation, a majority of insurance firms across the world are going big on digital. Parallelly, new companies called InsurTechs are also solving insurance industry problems across the value chain(image below).
Digitization is not restricted to a few products within the industry. For almost all the products, companies have streamlined product offerings.
Lemnisk and the Insurance Industry
Lemnisk works with many of these digital-savvy insurance companies. Our goal is to enable growth with big data marketing. Our clients use Lemnisk to handle digital personalization. This includes delivering personalized messages across multiple channels, tracking user-level behavior for each marketing message, and improving customer experience. This results in substantial improvement in customer experience, an increase in leads and sales, and an increase in cross-sell/up-sell opportunities.
Lemnisk personalizes the user experience with highly customized messages across multiple channels. Some of the use cases/case studies include :
1. Quote-level Personalization:
Coverfox drives down “Cost of Acquisition” with Quote Based Personalization
2. Product-intent based Personalization
3. Cross-sell to Existing customers
Personalization at Scale
To achieve best results, personalization has to happen at a very large scale. This means
- Systems should crunch billions of data points to understand customer requirements, interests, and likes/dislikes.
- Derive hypothesis as to what will work and what will not in a very short time.
- Personalize the user experience for millions of users across all marketing channels in real-time.
- Show billions of personalized messages.
Lemnisk is able to achieve digital personalization at scale through a combination of the following:
1. Integrated or Full Stack: Lemnisk has a single Integrated stack with verticalization and AI as its core.
2. Insurance-specific user-level Data points: The product architecture is built to onboard, clean, and use hundreds of user-level verticalized data points from a variety of data sources.
3. Auto-scalable Infrastructure: Infrastructure can automatically scale to handle any volume of data. This is world-class and can handle billions of data points.
4. Decision and Orchestration Layer: This is the AI-driven layer that decides things like bid price etc. This intelligent system will grow bigger and smarter in the coming months.
5. Personalization of every channel: Every marketing channel is designed to support user-level personalization. This means if the user is not reachable on one channel, the client can reach the user on an omnichannel channel with a highly personalized message.
6. Real-Time: Systems can generate personalized messages in real-time. This is possible only with next-generation big data architecture.
Future of Personalization in the Insurance Industry
The insurance industry is going through a big change. Internet, Mobile, and Tech-savvy customers are pushing this industry to constantly innovate and disrupt. Personalization in the insurance industry was always driven by insurance agents who knew the user well. Digital Personalization will further help insurers win the user’s mindshare. This will result in long-term loyalty, better brand recall and an increase in cross-sell/upsell opportunities.