Trust and innovation are vital growth enablers as market influences converge to fundamentally transform the insurance sector. In a dynamic customer experience (CX) landscape, tech-enabled disruptive innovation is the key to sustainable competitive advantage.
As digital globalisation expands and data privacy regulations evolve, using technology to get ahead of the curve will be critical for insurance companies. A customer data platform (CDP) offers a viable solution that can generate profitable growth. Firstly, a CDP unlocks the value of data in a privacy-compliant way. Secondly, the AI-powered capability of a CDP automates previously drawn-out and manual processes to accelerate CX innovation. In turn, an insurer will benefit from reduced claims processing times, increased customer acquisition and retention, the translation of data into actionable insights and improved operational efficiency. The net result is enhanced customer loyalty and lifetime value – two key growth drivers that enable leading the market.