What is Your Data Story REALLY Telling You?

With the ever-increasing role of technology in every aspect of our daily lives, driving your data story has truly become paramount to enhancing your business processes and delivering the right messaging. In this session at RIMS 2021, Steve Rhee, Chief Digital Officer at Gallagher, discusses major data trends in 2021 and how to implement them to optimize your customer’s experience.

Five Data Trends Driving Business in 2021

1. Digital omni-channel and real-time data interaction is critical.
2. Data exchange is now a two-way street.
3. Remove friction and be where your customers are.
4. AI and predictive modeling will drive customer personalization.
5. COVID-19 has changed the way we use data and digital tools.

COVID-19 & Recovery Accelerates Data & Digital Strategy

Social media or business media, like LinkedIn, makes it easier than ever to interact with your customers, prospects and partners. But having a successful omni-channel presence isn’t about quantity—it’s about relevant and thoughtful messaging to ensure your audience is receiving the appropriate messaging. Remote work tools have also made engagement and collaboration more accessible during the pandemic. Enhancements to video conferencing and e-signature technology have made business processes easier with teams not meeting in person. Digital delivery has helped restaurants survive during troubling times, but it’s also provided the healthcare system with accessible options, like telehealth. When factoring in convenience and safety, digital delivery services are here to stay. Lastly, changes in buyer behavior have shifted into a new normal with no signs of slowing. Whether it’s thorough research into a product, provider or employer, everyone is looking into how companies interact digitally.

Using Data to Build a Better Customer Experience

When discussing how to build the best customer experience, it’s important to recognize how your own consumer buying experience is influenced. How are you making educated buying decisions? What are your needs, and when do you need them? Ask these same questions when building your own customer experience. Remember that data sharing is a two-way street, with consumers seeking more information about the companies they do business with. Data exchange also means it’s imperative to interpret data and provide thoughtful content at the right time and place. You want to create a culture of data internally and a foundation where data and digital unite together.

Insurance Digital Experience and Expectations

Considering what customers seek in their insurance experience can really be broken down into five key areas:

1. Personalization – Insurance tailored to their needs, with the knowledge of their pain points and business model.
2. Speed and Ease – Process should be efficient and reduce the amount of time they spend on it every year.
3. Human Touch – Relationships matter. Customers want to talk to someone when they need them.
4. Timely Information – Customers want the right info at the right time and the ability to make the decisions when they can.
5. Simple Language – Include jargon-free language, making it very easy to understand what’s covered and what’s not.

Tell Your Risk Management Story Internally

In today’s landscape, if an organization is unable to adapt, it may encounter problems such as:

• Trouble conducting business
• Difficulties reaching the right audience
• More complicated business processes
• Challenges demonstrating to customers the value of their data

No one likes unforeseen surprises or uncovered claims, and with ever-evolving technology, preventing them has become easier. Slips, trips and falls impact everyone with a $17 billion impact in the U.S. alone, but data technology can help reduce their impact. Digital technology around incident tracking can help reduce fraud, analyze incident trending and forecasting, outline proactive/preventative actions ahead of triggers, like the weather.

Key Ways to Drive Down Your Total Cost of Risk

1. Benchmarking – Compare your risk program against your industry peers.
2. Insurance Placement – Optimize your insurance program across carriers.
3. Claims Analytics – Analyze your loss history and related impacts.
4. Real-time Monitoring – Plan, monitor and respond to your property risk.