Insurers have a lot of customer data across different systems peppered throughout their enterprise. Customer data would typically live in multiple systems like CRM, Billing, Policy Administration, and so on. This approach however suffers from multiple challenges:
- Duplicate data across multiple systems
- Multiple Versions of the same data point
- No Single source of truth
- No correlation between cause and action
- Completely under utilized customer interaction data
Imagine a structure so flexible and scalable that, that it could bring all your data sources together, irrespective of the data formats, tie in with the customer key result areas (KRAs) and at the same time deliver predictable insights at the point of decision. In real time.
Enter single customer view. Or as we call it – Customer OneView.
Customer OneView is part of Aureus data analytics platform called CRUX. OneView is not anything like a CRM. While a CRM would show only static information, OneView delivers intelligent, usable and real time insights that can be put to use immediately.
OneView can integrate with (atleast) four broad event data streams:
Nitin had written about stream based data integration on his insightful post titled “Cheers to Stream Based Integration“
These data streams could originate across multiple data systems – Policy Admin, CRM, Billing, etc.. Between them, these four cover some of the most critical customer data, that often lies under utilized. OneView not only brings these data streams together, but it also helps build a comprehensive customer life journey showing important milestones, critical customer interactions, sentiment at each interaction or transaction level as well as at a relationship level. While OneView is a powerful insights delivery framework, it also helps to deliver the output of predictive analytics models in a form that is usable by the business users. OneView can help translate the output of the analytical models into usable insights. Imagine a customer sales representative talking to a customer, or a field sales agent going to meet a customer. OneView will give them unambiguous insight into the customers history, sentiment and even potential action to take, without burdening them with the Hows and Whys.
Imagine a typical customer cross sell scenario. Most organizations tend to throw (figuratively speaking) the entire product catalog at the customer without any consideration for their lifestage needs, portfolio, demographics etc… Not only is this a highly ineffective cross sell approach, but it is a terrible customer experience approach. With OneView the customer service representative or the field service agents knows exactly what the customers latest and overall sentiment is, what her product portfolio looks like and which product the customer is most likely to buy.
The end goal of any activity is to make the end customers experience epic. By knowing how a customer is likely to behave, modeled on her previous behavior, insurance companies can ensure that the customer experience is always moving to the right.