Analytics for Insurance

Chapter 6Analytics and Marketing

It is said that any business requires only two functions – innovation and marketing. As with other parts of this book, the topic of marketing is an entire subject in itself and there are excellent textbooks and sources which exist to supplement the reader's knowledge. Analytics in marketing has become increasingly relevant to insurers as more customer-orientated information becomes available which complements an organization's insights into the most effective (and profitable) channel, product or service. Such information also helps to improve the customer experience.

Insurers increasingly have an understanding of the characteristics of the end consumer from information they have captured through their sales and service process. When added to other unstructured information such as social media these help provide a richer picture of their existing or potential client and the sales opportunity which might exist. Although customer analytics might seem at face value to relate to retail insurance, it remains valid to use analytics in B2B marketing by understanding:

• The role of the potential purchaser as an individual and the key drivers that affect them.
• Other key stakeholders within the organization that might be key influencers.
• The nature of the business and particular business issues which pertain and which are covered in the annual report or investors' presentation.
• Specific issues relative to the business client's operating environment, for ...