LEF perspectives: Know your insurance customer better
The DXC Digital Directions series of papers provides insights into achieving new levels of innovation, productivity and investment as companies scale their digital efforts.
Read an excerpt below from the position paper, Reimagine insurance by engaging customers in the digital age.
New par
adigms are emerging for how the insurance industry can learn who its customers are, what they hold most dear, and what they will pay to protect.
Data science and user research are enabling businesses to understand why their customers do what they do. Industries like insurance are already tapping into mobile and internet of things (IoT) data for quantitative behavioral learning. They are also increasingly adopting digital tools for qualitative research into the customer experience through on-the-go diaries, photos and videos that consumers share about their perceptions of their world.
New methodological hybrids such as quantitative semiotics are also emerging. Quantitative semiotics uses cutting-edge machine learning and computer vision techniques to elicit cultural meaning from vast quantities of unstructured data. Semiotics is a classic qualitative technique that enables researchers to get inside customers’ heads and deeply understand how customers make sense of the world. Like all qualitative techniques, its main drawback is the time it takes to collect and process even small amounts of data (by hand).
By contrast, the limitation of quantitative research has always been that it stops short of explaining why consumers behave and think as they do, no matter how precisely it tells companies what, where, when and how they do it. Emerging digital toolsets and blended research methods that make the most of both sides of the research coin enable insurance industry decision makers to develop insightful customer user types and segments that reflect consumers’ changing preferences and behaviors, and to do it faster than ever before.
Continue reading the position paper, Reimagine insurance by engaging customers in the digital age.
Leading Edge Forum (LEF) is DXC Technology’s independent cross-industry think tank.