The digital era has brought many opportunities to the insurance industry, but also many challenges including the need to keep up with ever-changing customer expectations. Market trends show that in this day and age customers prefer personalized products and services through their chosen channel, expect frictionless processes, and are highly influenced by experiences with digitally-advanced industries including the media, finance, professional services, and information and communications technology sectors.
These market trends present a series of challenges faced by the insurance industry including a lack of relevant and contextual data. This data is useful in helping to position products and services specific to each customer’s unique requirements and also enables simple and meaningful insurer-to-customer engagements and interactions.
To minimize these challenges and meet the demands of today’s customers, insurance companies are looking to use the data and insights derived from knowledge fabrics. Knowledge fabrics are a series of knowledge graphs — entities including people such as employees and customers, places, and things – that are blended together to unleash powerful insights and high-precision data about entities and their interrelationships.
In an era of information overload where customers crave simplicity and streamlined processes, a knowledge fabric can create a single view of a customer, otherwise known as a representation of data about the customer, across the organization. According to an IDC White Paper, sponsored by Pitney Bowes titled Digital Transformation and the Need for a Knowledge Fabric, November 2019, this can “enable customer outreach and meaningful interactions through new channels such as simple interactive personalized videos. Insurance carriers can thus avoid overwhelming the customers with massive amounts of cumbersome paper-based information on coverage, deductibles, and claims.”
By harnessing the information provided by knowledge fabrics, insurance companies are better able to understand customers and their individual needs and wants. This ultimately allows those in the insurance industry to further position products and services to enhance the sales pipeline and bolster customer retention among other benefits.
What else can be gained from using the power of knowledge fabrics? Read more here.