In today’s hyper-connected world, consumers interact with brands – including insurers – across multiple touchpoints. While this in turn creates multiple opportunities for carriers to collect more data about their customers, that data is often stored in departmental and functional silos, making it difficult to maximize it to its full potential. If a carrier is unable see the complete picture across the enterprise, it can be costly in terms of risk decision-making and customer experience. When it comes to customer data management (CDM), carriers of all sizes face a similar challenge of maintaining and protecting large databases of consumer information.
How Can Customer Data Management Help?
Customer data that an insurer has collected is the lifeblood of your business, one of your greatest assets and competitive advantages. Centralizing the management of your customer information is critical for your business’s continued success. A customer data management program allows you to collect, manage and analyze customer data from various sources to form a single, comprehensive view of each customer. In addition to helping drive profitability and a differentiated customer experience, an effective CDM strategy serves as a catalyst for compliance in a world of evolving customer privacy laws and regulations. With proper customer data management, all functional business areas that access and manage customer touchpoints have a “single source of truth” when it comes to customer data, and are able to use it to deliver a consistent and seamless customer experience.
Customer Data Management Challenges
As I mentioned above, many insurance carriers maintain various internal databases with consumer information. Each of these disparate databases may contain missing, outdated, incorrect or inconsistent information for a single consumer.
A few of the challenges we hear from customers include:
- “We cannot link together information about our customers that exist in multiple systems.”
- “Our customer data is not standardized, causing matching issues and duplicate counting.”
- “We have old information about our customers, and are not able to accurately identify unique individuals.”
Issues like these can jeopardize the health of your business and customer relationships. When details about a policyholder are found in disparate databases, an insurer is unable to see all points of your relationship with that customer. Having more accurate information can help you understand the lifetime value of a customer throughout the customer lifecycle and promotes more targeted and efficient direct marketing programs.
What is LexID and How Can it Help?
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
Interested in learning more about LexID and how it can help you gain richer, more accurate insights to improve your competitive advantage and offer your customers a better, personalized experience? Contact your account representative today or call/email us at 800.458.9197 or