Insurers have a near-constant stream of unstructured data at their disposal that can be used to drive growth by improving policyholder retention and identifying cross-sell and upsell opportunities. One of the challenges for insurers is sorting through this mountain of unstructured data quickly to gain an accurate understanding of the sentiment of their customers in real time.
Cross selling is a natural extension of trying to get a larger share of the customer's wallet. After acquiring a new customer, the sales and account management teams put their entire effort into: 1. Ensuring that the customer spends more with them; and 2. The customer buys another product or a service from them.