The insurance industry has been undergoing rapid change due to digital transformation. With these new technologies comes the ability for insurers to provide better, more accurate policies for their holders, engaging customers like never before. One technology that takes this a step further is Single Customer View.
With Single Customer View software, insurers can see each policyholder – the properties, claims, and behaviors that make up their account – and analyze them to get a true assessment of their risk. With this technology, insurers can focus on building customer relationships while having access to real-time data.
“By putting data to work an insurer can improve the overall quality of their underwriting efforts by identifying key exposures that might otherwise have gone unnoticed but that need to be addressed and factored into pricing,” said Mike Hofert, Managing Director of Insurance Solutions at Pitney Bowes.
In a recent report, the benefits of Single Customer View were explored including engagement and analysis. The software offers insurers the opportunity to engage policyholders by offering relevant offers, instantly responding to claims, and presenting suggestions to round out the customer’s portfolio. These insights wouldn’t be possible with traditional tools that leave data siloed.
“Not only does this result in better policies for the customer but helps improve the bottom line of the carrier,” said Hofert.
Many insurers are striving towards a digital single view system but haven’t implemented the correct technology. With customer relationship management tools and finance and billing systems, data is disjointed. With a Single Customer View system, data is compiled into one cohesive platform and analyzed to show insurers exactly what an account is comprised of. From relationship connections to claims, single view technology visualizes the customer.
