It looks like data is becoming more and more of a make-or-break component for insurers. We all know how crucial data is when it comes to underwriting and insurance pricing; now new research highlights its impact to digital customer experience (CX).
A survey by NTT DATA UK found that 69% of insurers see data as the biggest challenge to their ability to make customers’ online experience better. Among the top concerns are data privacy, security, and a lack of data experts.
Other issues include managing real-time interaction data and integration of data across products and channels.
“Our research found that customers of whatever age were keen to see improvements in their digital CX and insurers need to look at how they can deliver those enhancements” noted Kim Gray, head of insurance and head of diversity & inclusion. “We have not been surprised by the results, but the solutions are there.”
As for the consumer side, the study found that 45% of the older demographic wished there were more insurance companies online; 77%, the younger demographic. In fact, 86% of the latter would move their financial services relationships if the digital customer experience was better.
“We believe firms need to reassess how they view data,” said Gray. “Increasingly clients see data as having a value and insurers need to recognise the value that data can deliver both to them and their clients.
“It comes down to the creation of a vision around how best that data can be leveraged and used as a business tool, enhancing the customer experience and with it the attraction of the digital platform to consumers.”
Meanwhile the consulting and systems integration provider announced that Sarah Wood (pictured), who has been with NTT DATA for half a decade, has joined the UK insurance team as a client partner. NTT DATA UK is part of Tokyo-based global IT firm NTT DATA.
