Knowing customer behaviour to deliver personalized services is key to the insurance transformation according to RGI
Milan, 18 November 2019 – “Hyper-personalization” is the keyword for the Insurers’ evolution according to RGI – Europe’s leading Software vendor in the Policy Administration System for the digital transformation of the insurance market – that has spoken about this today as part of the Insurance Summit organized by 24ORE Business School in collaboration with Il Sole 24 ORE in Milan.
The insurance market is now in a post-digital era, where technology is available to everyone and allows humans to optimize processes and save time. Therefore, the next challenge is to interact with customers through innovative touchpoints, to ensure the policyholder a personalized set of products and services.
“A recent market research confirms that more than 70% of consumers expects to have a personalized experience, based on understanding and anticipating their needs,” said Vito Rocca, CEO of RGI, at the Insurance Summit, “on the other hand, an even greater percentage of consumers buys what a brand proposes them based on their behaviour, generating a virtuous circle to share their data and get a tailor-made product and service offering. The centrality of the customer and the Italian and European Regulators, in particular regulation 41 of IVASS and the IDD directive of the European Union, are laying the foundations to create new ways of person-first interaction through innovative Customer Corner”
The customer corner is in fact the evolution of the reserved web area, which all Insurers must have to allow their policyholders to get information on their policies.
The Customer Corner is an insurance Digital Hub, based on a new Cloud-native architecture, where policyholders can find innovative, customized services, such as modular policies, teleassistance, elderly care, but also home automation devices and personalized contents based on their personal understanding.
The Insurance Digital Hub is also the place where Insurers can collect valuable information about the policyholder and his needs: thanks to Behavioral profiling techniques, the needs of the consumer can be collected with his consent through simple and intuitive surveys, in addition to the mandatory demands&needs questionnaires.
“The behavioural profiling is the science of better know your customers”, added Ugo Di Iorio, Research and Development Vice President of RGI, “and it is the basis of the behavioral survey that we are proposing to the attendees to the Insurance Summit. This app is a sample of the customer interactions that are available on the customer corner”.
RGI will talk about some examples of applications, available on the customer corner, that have people as the focal point: in addition to the behavioral survey, which incorporates machine learning and artificial intelligence algorithms, some applications for medical telecare will also be illustrated, based on data collected through the Internet of Things, for example with smart bracelets that record the health parameters of the policyholder.
The technological applications that can be integrated into the RGI Customer Corner in Cloud are countless and they depend on the business model of each Insurer, but all of them have the policyholder at the center, as the main player of data, information and one-to-one services exchange.