Insurance

In Smartup we have seen in the last 15 years working for the sector, how the generation of innovative versus sustainable products has given rise to the fight forCustomer Lifetime Value, overcoming the traditional struggle to reduce the cost of acquiring new customers at the expense of having fewer resources for their retention through the personalization of the service.

According to Capgemini's Capgemini report, Property and Casualty Insurance Top Trends in the coming year, insurers will strategically prioritize digital transformation initiatives to strengthen their capabilities and navigate challenging macroeconomic volatility.

The aforementioned report establishes three areas of concern in the sector: 

• customer-centricity, a path that is always unfinished but of obvious relevance.
• the introduction of more intelligence in the operations of this industry: drones and associated image AI management, risk prevention models or machine learning to further improve predictive models are some examples.
• improvement of business management in areas such as the securitization of customer data, new immersive environments (virtual and augmented reality, multiverses, etc.) and, once again, by promoting change management and attracting the right talent. 

One of our main facets of action as experts in digital transformation is training. The teaching that we develop in Universities and business schools in Spain and Mexico in a constant way, forces us to update our learning, adapt them to our methodology so that we can generate a working tool to share with those who attend our sessions.

Some of the attendees to these trainings are the top management of prestigious insurance companies and, in some cases, we have even developed continuous programs for them over the years. This combination of a recurrent execution of digital projects, advice to the management of these companies and their continuity over several years, has given us a very interesting picture of what are the barriers that, recurrently, have to overcome to advance in their growth as a company. The elements common to all of them fit perfectly with the trends mentioned above.

What do we at Smartup propose for each of these trends in the insurance sector?

In terms of putting the customer at the center, we split it into two approaches.

•  On the one hand, the identification of new sources of information to complete the correct identification of the behavior of existing customers, which serves to determine much more effectively, the next recruitments. 
• And on the other hand, the generation of what we call behavioral itineraries in customer activity (contacts, complaints, cancellations or requests), which give rise to intelligent models for maintaining the relationship from a perspective of obtaining information and generating new opportunities.

Regarding the adoption of technology and processes that drive the acquisition of corporate intelligence, we propose to our clients the cross-referencing of information between the different existing services, through joint data models, which allow us to reconsider the path taken with the client by each of them separately.e each one of them separately with the client..

Finally, with regard to management optimization, we have our own methodology in the field of people analytics, adapting the analytical capabilities provided by Big Data to the detection of talent, its retention or the improvement of team productivity, among others.