Behavioral data enables you as insurance carriers to place the right products to the right customers at the right time in the right way. The three main steps in that process are:
- data segmentation,
- customer communication,
- and engagement.
By following those steps, you’ll be able to create valuable, lasting, and profitable customer relationships.
All that is possible because the customers’ smartphones collect data, serve as a communication and engagement tool. Follow this 3 step strategy to build strong customer relationships and achieve your business goals.
Segment the data
According to research made by DIA: With all the new data streams from connected devices, everyone agrees that these technologies are pivotal in any scenario for the future of the insurance sector. New data streams from e.g. connected devices (like smartphones) need to be turned into new insights and these new insights need to be turned into new propositions and services; in order to really become part of customers’ daily lives. This is where insurance carriers need to explore opportunities beyond their traditional primary process to really help to solve the real problems that customers are facing.
The Amodo technology supports you in using the collected data for segmentation and estimation of purchase probability. Based on the analyzed data, you typically have around six months to turn new app users into more loyal users and potential policy buyers. You can segment users based on their behavior and target them with different messages, engagement tactics, and proposals.
Let’s take speeding as an example for data segmentation, and later on, communication and engagement.
Here you can see a statistic of trips with speeding incidents in the first two quarters of 2020.
You can get insight into the number of speeding events over several months and the distribution of breaking events daily and hourly for each user. After analysis, you can label users as dangerous or unsafe and start a communication strategy based on that behavior.
Moving forward with our fast and unsafe drivers, you can mark them in our platform’s communication dashboard and send a warning message about speeding.
Personalized messages are the critical starting point for building customer relationships. Virtually all (96%) marketers agree that personalization advances customer relationships. Eighty-eight percent say they’ve realized a measurable lift in business results from their personalization campaigns. These communication strategies make it easy for your customer to see the value in your product. Communicating product value to the customers is sharing problem solutions and product benefits.
Custom messaging triggers and rules can be created and applied to dynamic customer segments, eliminating manual work and optimizing the customer experience. There are two ways to send messages directly to your customer with the smartphone: push notifications and in-app messages.
In the case of a speeding warning, we recommend in-app messages. Keep in mind that the user can disable push notifications since they are delivered to a user who downloaded the app and opted-in to receive notifications, so you should use them wisely.
Engage your customers
According to the research done by salesforce, at this point, the modern customer expects personalized engagement from companies and is willing to share the data for value.
As you can see, 62% of customers expect you to adapt to their behavior. How? By applying engagement tactics, which in the insurance industry’s case means personalized rewards leading to personalized policies. Customer engagement tactics in the Amodo platform serve to add value to the existing value proposition you as an insurance carrier offer to your customers.
If your main value proposition isn’t aligned with customers’ needs and expectations, engagement tactics won’t be as successful as desired. Customer engagement is also a tactic used for accomplishing goals as buying policies or changing customer behavior.
Customer engagement uses GAMIFICATION and INCENTIVIZATION tactics that trigger intrinsic and extrinsic motivation using different tools to adapt to your business strategy!
The primary motivation behind gamification is rewards won after the user completes a specific objective in a goal-minded task. It usually includes continuous engagement and satisfaction.
The Amodo platform offers the following gamification tactics:
- Stickers – rewarded after a particular activity like the first recorded 50 km.
- Scratchers – small surprises rewarded after specific activities.
- And reward contests – bigger prizes after reaching more significant milestones for frequent users.
Incentives include rewards after an objective is reached, and they are not continuous. These tactics include vouchers given within the app and reward points, which can be redeemed for vouchers and rewards.
Going back to our customer with the speeding problem, you can offer stickers for XY number of recorded rides without speeding and changing the user behavior. If you want to take it up a level, you can provide vouchers for a more extended period without speeding.
In conclusion, these three steps will help you reach your customers in a personalized and targeted way to show them your products’ value.
All this is made possible by the Amodo platform. You’ll start collecting relevant customer behavioral data and segment it an easy way within our dashboard. Keep in mind that you choose how the data will be segmented. After that, the platform enables you to act on your communication and engagement strategy to turn users into customers. You will benefit from data monetization and have different cross-sell options with highly engaged customers.
Fill out the form below for more information on how you can start this easy 3 step process with the Amodo platform: