Investing in Data Insights

Are you turning your customer data into actionable insights?

In today’s financial services and insurance markets, you have access to massive amounts of information from multiple sources about your customers. The Internet of Things has led to an exponential increase in data types and sources, and assembling that information into usable insights can provide powerful knowledge about your potential or existing customers. Data empowers your salesforce, providing your representatives with details about your customers’ lives, needs, and goals.

Because so much data is available, collecting information has become easier. That collected information can be used to improve service, fill gaps with appropriate products and apps, and drive revenues. Unfortunately, the siloed nature and inconsistent quality of most of this data (such as social media posts) makes it virtually impossible to achieve these goals. Meaningful insight into the information is needed to draw useful conclusions.

In PwC’s 2017 Global Total Retail Consumer Survey, big data insights are one of the 10 investment areas recommended for retailers to focus on when building for the future. According to the report from that survey, 10 Retailer Investments for an Uncertain Future, 39% of retailers ranked “ability to turn customer data into intelligent and actionable insight” as one of their greatest challenges. This means that a number of companies recognize the problem, but haven’t found solutions. Investing in insights into the data, and not just collecting the data, is important.

By investing in insights and effectively using this data, companies can gain a complete view of their customers. The report from the PwC survey states that “more than a third of retailers are struggling to implement a strategy to provide a single view of the customer, with a further third seeking to improve in this regard.” This is another demonstration that companies are aware of the problem of effectively using data, and that there is room for improvement in some solutions companies have found.

NexJ offers a Customer Data Analytics & Intelligence (CDAi) Platform that solves data insight problems for financial services and insurance organizations. NexJ CDAi provides customer-centric dashboards, reporting, and analytic solutions across multiple technology platforms that turn data into actionable insight. These solutions allow companies to check their organization’s health at a glance with a dashboard containing metrics and key performance indicators, or to review insights in any customers’ individual data set. Companies are able to identify areas that need attention and drill down into detailed reports to pinpoint the source of the problem. They can discover truths hidden in the data through data mining and see what the future may hold through forecasting and predictive models.

Additionally, NexJ Customer Relationship Management (CRM) can provide a single, unified view of your customers that integrates data from all of your legacy sources and external sources. This information can then be accessed in a single place, through the customer’s profile in NexJ CRM. By focusing on integration, NexJ has provided a product that can grow and expand with your organization as your requirements change.

By investing in a strategy that provides insights into extensive amounts of data and also collects that information into a single location, your company can maximize the value of its data and provide more tailored, personalized service to your customers.

Author: Adam Edmonds

Vice President, Products

With almost 2 decades of experience developing customer management solutions in financial services and insurance, Adam Edmonds is responsible for establishing overall product vision and designing easy to use solutions that solve real market problems.

Adam is excited to share the lessons he has learned and his insights on where the industry is heading with readers of his blog. He encourages readers to join the discussion or reach out to him with their own insights, best practices, and solutions to industry challenges.