Leveraging data & analytics for experience 2.0.2.0 in a privacy conscious world

Marketing and analytics experts from the BFSI industry share their views on the use of data and analytics to redefine CX at Finnoviti 2020. The session was moderated by Sowmya Dwibedi, Partner, Deloitte.

- Ravi

The frequency of customer interaction determines how much you know about your customer and what your customer wants. So, it is pertinent for BFSI companies to continue to engage with the customers and understand their needs and wants. In the recent past, there is a change in customer behaviour, especially with the rise in the eCommerce business. Customers want their banking or insurance transactions to be as easy as online shopping.

DATA IS THE NEW ELECTRICITY OR GOD?

Customer data and customer engagement program are based on the customer lifetime value ie, the total of all revenues that you expect to earn from customers over the lifespan of the relationship. Establishing and realizing this value is the purpose of all marketing efforts. The challenge is how do you provide an omni seamless, frictionless and intuitive experience to the customer.

Customers have very modest requirements from a life insurance company; they just want insurers to do things right at the first time. They want insurers to recognize them as individuals and not as a policy number.

Rakesh Wadhwa, chief customer & marketing officer and head of Products at Future Generali India Life Insurance, reveals the importance of customer data: “Data is the new electricity. Data is not an initiative for us, it is the base of everything that we do. The entire contract of insurance is based on utmost good faith; it is dependent on the disclosure by our clients. The better the disclosure the better is the pricing. It is the foundation stone for us. The longitudinal association of customer is high in life insurance, as the customer stays with you for 10-30 years.”