As the world becomes more digitized and the reliance on technology and data increases, it is necessary for insurance companies to look at customer data management as both a problem and a key enabler for core functions. There are multiple points throughout the insurance lifecycle (marketing, underwriting, claims, etc.) that customers will communicate with your brand, or vice versa. Because each of these touchpoints likely occur with different teams within your business, it is entirely possible for a customer to have a vastly different customer service experience with each department. At the same time, information collected from each interaction can be different than what is stored in another database, even within the same company. To create an exceptional experience, it is vital to have a single, comprehensive view of your customer.
When you view a customer record, you probably take it at face value that you are seeing the “truth” about that individual. This information, however, is often outdated or incomplete, and as I mentioned above, can be inconsistent with data stored and used in other parts of the business. There may be multiple records with the same or similar names, or different name and address combinations for the same individual. These data inconsistencies and variations (address, DOB, etc.) make it challenging to accurately identify individual consumers.
Improving the Customer Experience
The quantity of consumer data is only increasing over time, so managing and understanding this information is critical to facilitate customer interactions. Implementing a single customer view is an essential step in creating an improved, personalized customer experience. By building a complete picture of customers and their journeys, you will have a more insightful guide to growing sales and refining future customer interactions. When you improve customer service, you see better conversion and retention rates, and increase the overall customer lifetime value.
The Power is in the Linking
From a customer’s perspective, dealing with a single company, whether in-person, online, or via phone. Customers do not split their interactions with a company into separate experiences by channel, but rather experience the company as a whole. It is therefore incumbent on the part of the carrier to create a single, comprehensive view of each customer.
LexisNexis® Risk Solutions is in a strong position to assist with your customer data management needs. Our robust data assets combined with our proprietary linking technology allows us to build a complete and comprehensive picture of more than 283 million U.S. consumers, powered by LexID®. LexID® is a unique, persistent identifier that works in conjunction with our proprietary linking technology to resolve, match and manage identity information with over 99% confidence. Our databases not only contain historical identity information for U.S. adult consumers, but they also are refreshed regularly with more than 80 million new records per month from various data sources.
When applied to your own data, LexID® enables you to connect, understand, and use your existing customer data more effectively by providing:
- A persistent methodology for standardization and matching of consumer data across multiple databases
- Verified, normalized data to assist with entity resolution and data hygiene issues
- Coverage for nearly every individual in the U.S. population ages 18+ with a public records footprint
By consolidating details about a policyholder, carriers can see all points of a relationship with that person’s household and provide a more relevant and customized service experience. Having more accurate information on hand helps insurers understand the lifetime value of a customer throughout the customer lifecycle and promotes more targeted and efficient direct marketing programs.
Learn more about how LexID can help you to build a single, more comprehensive view of your customers. Contact your account representative today or call/email us at 800.458.9197 or email@example.com.