Insurance firms are failing to capitalise on customer data

Insurance companies are failing to capitalise on the customer data they hold on record, according to research by IBM.

The company’s survey found that 84% of senior IT decision makers within UK insurance companies said their company does not integrate customer information into a single database.

The report said the lack of a ‘single view’ of each customer was making it impossible for the organisation to respond to their varying needs and offer a personalised service.

“Insurance companies often operate in silos for each line of business. In order to strengthen the brand perception in each customer interaction, IT and marketing need to work together to provide that consistent experience that reflects the insurer's overall business strategy. The IT and marketing teams have to be the glue and enabler to a consistent customer experience by looking at their customer holistically across line of business,” said Danny Lee, worldwide insurance industry smarter commerce leader at IBM.

“There are company-wide aspects to business intelligence and customer insight but the insurer must also accommodate the needs and access that vary department by department.  That is why business and IT alignment and integration are critical elements to better selling and servicing the insurance customers.”