The need to garner actionable insights from data is greater now than ever before, and is growing at an astonishing pace. The value of internal customer data is immense, but many insurers choose not to invest in the infrastructure and expertise necessary to realize that value. How can you use increasingly robust and complex data to better understand customers’ needs, improve service, increase retention, improve acquisition, mitigate risks, and increase sales?
Navigant Can Help
Navigant helps insurers to address this data dilemma and to navigate the challenges that may be limiting them from taking advantage of the valuable insights embedded within their own data. Our experts provide flexible reporting capabilities to help uncover insights within your data. We identify trends and showcase results through meaningful, sortable and customizable tables and graphs.
Data Science and Statistical Services
Our team specializes in complex data modeling and database analysis. We can help you increase sales through uplift modeling to help you find the most likely buyers and most profitable customers through complex regression analysis, classification, and machine learning-based algorithms. Results are communicated through scoring and ranking systems based upon your specific business characteristics as well as Navigant’s insights. Our models will help discover and explain the relationships within your data, while incorporating third-party resources, to help predict customer demands.
Our Proprietary Customer Matching Process
Given our deep experience with “big data,” we developed matching algorithms from hundreds of millions of records which allows us to provide the technical and industry experience to connect internal and external customer intelligence for an insightful holistic view. Our proprietary customer matching process is used to:
Provide insurers with a thorough view of their customers’ biographic and policy information across businesses;
Identify and fill “data gaps” that exist within customer records;
Create a common customer file across disparate business units;
Alert insurers to a customer death using our continuously updated “death database” including over 100 million death records sourced from credible data sources; and
Rehabilitate incorrect or outdated customer contact information to reduce returned mail.
The Navigant Approach
Our team’s Insurance expertise combined with a sophisticated, statistics-based approach and a suite of intuitive, executive-focused reports enables us to work with insurers not only to improve their data, but also help to better understand the intersection between their customers and their products.