TECHNOLOGY
“ Analytics platforms are a key tool to helping understand customer needs ”
NEIL MARTIN QBASE
Neil Martin , commercial director at Qbase , describes the role of data analytics as critical . “ Analytics platforms are a key tool to helping understand customer needs . For insurtechs , this plays a huge part in driving customer acquisition , retention , and upgrades .
“ Take customer retention for example – if your analytics platform can pull together data from customer services , review platforms , and CRM , you can monitor complaints , negative reviews , and any other behaviours that suggest you are about to lose that customer . The signs are all there , but the analytics platform will give you clarity and help you to do something about it .”
Martin explains that to deliver a strong experience , insurance companies need consistency , accuracy , and completeness of data to inform a deeper understanding of the customer . “ With the plethora of data available , manual processing is costly , time-consuming , and inaccurate . A reliable analytics platform will overcome this and help the business to make highly effective data-driven decisions .”
Data analytics platform selection According to Krista Griggs , Head of Financial Services and Insurance at Fujitsu UK , understanding the long-term strategy is key to evaluating the potential value and business case for analytics platforms , saying : “ This long-term vision needs to incorporate an understanding of the existing data and process landscape , and the ecosystems you intend to integrate with .
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