Insurance and banking are two industries that generate enormous amounts of customer data on an hourly basis. This could be transactional or interaction data, new customer data or simple updates; call center logs or even brickbats on social channels like Twitter and Facebook.
The need to have a holistic view of the customer has always been felt in the Insurance domain. More so, for processes which are either customer facing such as persistency management, complaints handling or claims interaction or processes such as underwriting wherein risk evaluation is done.
“What more?” has been a persistent questions that Insurers ask regarding customers. However due to the multi-layered and siloed approach to enterprise data management, Insurers have not been able to develop a reliable single view of their customers. A single customer having motor insurance, and home insurance, will show up as a two different customers.
Then there is the challenge of households. Insurers have not been able to successfully identify all members that belong to a common household accurately.
Developing a customer single view is not only about gathering data from across the enterprise and storing it in a common database for easy retrieval or viewing. It is also about dealing with the veracity of the data; dealing with false positives; incorrect or misspelled names or address and much more.
Aureus Analytics has developed a whitepaper which highlights the important aspects to keep in mind while developing a holistic Customer 360 view.