InsurTech Connect is the world’s largest gathering of insurance leaders and innovators, and I had the opportunity to join more than 7,000 of the leading minds in insurance innovation and digital transformation to discuss the hot-button topics shaping the industry.
This conference offers many fantastic opportunities to learn about a variety of ideas and issues that face the InsurTech industry, from drones to cannabis, AI to mobile apps. However, common themes marketers from any industry can appreciate were centered on the importance of the customer experience and quality data.
Here are two key lessons I learned at InsurTech Connect:
- Data is important, but it must be high quality and relevant. Everyone can agree that data can give insights that allow us to attract and retain the right customers. But data alone isn’t going to be good enough: When you are using low-quality or dirty data, your job becomes much harder the reliability of your data analysis decreases. Relevant data builds better relationships with customers by allowing you to personalize their experience, surface appropriate offers and content based on their interests, or target them when they are in market or most likely to respond. It makes your customers' lives easier--and your lives easier by extension.
- For better customer acquisition, focus on the entire customer experience. You must understand your customers’ needs, attitudes and shopping habits to be successful in customer acquisition. Utilize relevant data to not only make your customers’ journey easier throughout the sales cycle but to understand and optimize their entire experience as they want to engage with your brand. Basically, a well-honed customer experience will attract the right customers to your brand, maximize customer lifetime value, increase customer satisfaction and decrease churn.
As we know, relevant data can inform a positive customer experience that will enhance customer acquisition efforts. Click here to learn how a FinTech start-up used relevant data to expand their prospective reach by 285%, and exceed growth targets.