Amodo sponsored the 2nd motor insurance telematics conference in Munich, which brought together many leading industry experts. During the event Amodo’s CEO delivered some interesting insight on Data, Customer engagement and key value propositions for insurers.
Telematics, Customer Engagement Data and Devices
As smartphone technology has significantly changed the way people function over the past few years, it has also changed the way Telematic platforms are applied. There is now no significant difference between on board and smartphone devices in terms of data collection and overall functionality. The main difference between the two sets of devices is that smartphones have lower entry barriers, given ease of use and no added costs.
For insures, the use of data in terms of customer engagement has also evolved. Traditionally, relationships with customer centered on selling the insurance policy, claim handling and renewals. Telematics create positive touch points which facilitate interaction between customers and insurance company beyond the conventional sense, which enriches the relationship for both parties.
Why is Customer Engagement important?
Data driven customer engagement is important as it allows Insurers to understand customers using product need analysis, thus enabling the development of new tailor made, informed cross sell and up sell campaigns and risk reduction.
Although risk reduction is a key feature, Telematics can go beyond that and deliver much more. The focus need to shift towards portfolio growth, increasing promotional opportunities which derives more value for both Insurers and consumers.