Insurtech & The Future of the Online Insurance Consumer

By Kevin Dean
Infutor COO, Kevin Dean, breaks down the value of leveraging third-party data signals and technology to better target the average insurance consumer

Infutor has unlocked the science of consumer identity. With an unrivaled depth and breadth of accurate data permissibly obtained from the most authoritative sources, they deliver what brands need to know about consumers in real time to make informed marketing and risk mitigation decisions.

The buying journey of the average insurance consumer is not straightforward. If anything, it gets more complicated and convoluted every day. This rings true as the number of connected devices grows, and consumers use new channels to shop for insurance policies. Coupled with the loss of third-party cookies and the influx of new privacy regulations, insurance marketers are working with fewer insights and incomplete pictures of current policyholders and new prospects. 

Consumers need to know more about brands

Consumers expect brands to create personalized experiences across their devices, but 54% of consumers in an Akamai study said they’re highly likely to walk away from a business that requires too much personal data. To complicate things further, a recent survey revealed that 55% of collected data goes unused. 

In addition to marketers only using 45% of the data collected, insurance is not highly transactional. This almost certainly leads to data decay and inaccuracies by the next policy renewal period. With so many new channels available to consumers (i.e. Web Apps, Mobile Apps, Chat Bots, Telephony, Agents), the ability for insurers to track an individual across all these touchpoints is a challenge. Furthermore, the window for reaching a consumer at the right moment, in the right channel, with the right message, is getting increasingly smaller.

With all these hurdles, insurance marketers are fighting an uphill battle that is riddled with wasted marketing resources, increased spend, and lower conversion rates. How can insurance marketers fill in the gaps going forward? How can they leverage data and technology in order to yield valuable marketing insights and deliver more personalized experiences?

First-Party data is king, and third-party data is queen—and they rule best when they’re together

The key is leveraging third-party data to better understand where consumers are in their buying journey so you can meet them in the moment with expert advice and the most relevant insurance products to match. To do this, innovative insurance marketers turn to companies that specialize in consumer identity resolution and behavioral signals. The linking of identity data, demographic attributes and behavioral insights can help enrich and organize their first-party customer data. This helps marketers not only better understand who their customers are, but also when they are shopping for their products and when to reach out—helping marketers to confidently provide the best possible experiences.

Insurance marketers who understand the value of tapping into the expertise and data resources of a consumer identity resolution provider can begin to extract actionable insights from their entire CRM by: 

  • Filling in missing information from their first party data to build a more accurate and robust view of policyholders and prospects
  • Linking all online and offline interactions for a full view of insurance consumers and where they are in the buyer’s journey
  • Improving data analysis and gaining deeper insights on marketing campaigns, from the effectiveness of the messaging to the success of the channel
  • Expanding outreach across more online and offline channels and enhancing personalization to both policyholders and prospects

With the loss of third-party cookies and a greater emphasis being placed on data privacy and compliance, insurance marketers need new approaches for how they analyze and segment their first-party data in order to help their businesses achieve their goals. By investing in a consumer identity resolution strategy, insurers will better understand consumer-journey insights, improve retention rates, increase engagement and consistently close new business. This empowers companies to make smarter decisions and optimize every interaction for exceptional experiences.

About the author: Kevin Dean Chief Operating Officer at Infutor Data Solutions has mastered the science of consumer identity management and identity resolution. With an unrivaled depth and breadth of accurate data permissibly obtained from the most authoritative sources, we deliver what insurers need to know about current and potential policyholders in real-time to make informed marketing and risk mitigation decisions.


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