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Client experience : p & c insurers rely on analytics before social media


Justine Montminy

3 August 2018 13:30

According to a survey of Willis Towers Watson, 79 % of property and casualty insurers, canadians will seek to improve the customer experience by leveraging internal data, while 47 % will use social media to do so. In addition to these two methods, 74 % of them intend to use the interactions and surveys with customers.

According to the survey, canadian insurers have recognized the importance of improving the customer experience and say that they are trying to do in using the data to improve the speed of service (90 %), to facilitate access to information (74 %) and to offer experiences more personalized (68 %), as well as mobile applications user-friendly (58 %).

“Pampered by the retailers, online environments and applications, consumers expect today to services faster and more personalized, and insurers are beginning to address ways and means to provide such experiences,” says Nathalie Bégin, director, advisory services, insurance and technology at Willis Towers Watson.

However, according to a study conducted by the ORGANIZATION earlier this year, 21 % of the québec consumers would opt for a digital channel to communicate with their insurer or broker in the course of delivery. This is the phone which remains the privileged channel of the respondents with 62 %.

Learn how to use the artificial intelligence

Insurers are also increase the use of artificial intelligence in order to recognize the folders more risky, save time for the employees, better understanding of risk factors, and implement risk models leading to better decision-making processes and to recognize customer behaviors that can reduce the risks.

“Advanced analytics and new data sources are transforming the activities of the insurers and the clients’ experience, but it is not enough to add more data, do more in-depth analyses and provide new insights, ” says Ms. Bégin. “The data are what brings the most value to the analytical, but the insurers need to keep abreast of new technologies that improve the analysis capabilities and the connectivity of the systems,” she adds.

Greater use of the next 2 years

This is 67 % of the respondents who expect to appeal by two years in advanced analytics to assess the risk of litigation, specific claims, while only 7 % are already doing so.

Insurers also expect that the pricing in the following the use is not limited to the automobile insurance. They plan to have recourse to telematics and related technologies to the Internet of things to customize the risk assessment of the home owners and commercial properties.

Degree of understanding moderate

The survey also reports that 93 % of the respondents agree that their level of understanding of the models of advanced analytics is moderate, and even very limited.

“The advanced analytics provides obvious benefits, but insurers should be able to access the data and transmit them to the right people at the right time to get the maximum,” said Nicolas Beaudoin, senior director and head of the Insurance sector p & c, Canada at Willis Towers Watson. “They still have a lot to do to ensure that all stakeholders understand the benefits of advanced analytics, focusing on their sources of data to give priority to new data or better the experience, the future results and the reactions of consumers. “

Ten leaders interviewed

The survey questioned executives of insurance companies, harm canadian on the future of advanced analytics. These are 19 insurers who participated in the online survey at the end of 2017, or 16 p & c insurers, an insurer specializing in corporate risks and the two specialized insurers and risk to individuals.

Among the respondents, 9 of the 20 largest property and casualty insurers in Canada.

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