We asked that question to André Schill, Senior Client Manager at InsightOne, who works on a number of segmentation projects in the banking and insurance industry. Below he has listed the top reasons why many insurance companies use external enrichment data like Mosaic™.
1. When is which insurance suitable?
Mosaic™ data greatly helps insurers understand the unique situation of their customers and prospects. Based on lifestyle, interests, values and life stage, it is possible to offer customized insurance that resonates with individuals at every stage of life – Always with surgical precision.
2. Masterful risk management
Mosaic™ data allows insurers to proactively manage risk and provides comprehensive insights into behaviours, demographics, geographic uniques enabling accurate risk assessment which ultimately leads to more competitive and robust insurance offerings.
3. Insightful decision making
By leveraging Mosaic™ data, insurers unlock the ability to make data-driven decisions that benefit both the end customer and the business, and drive innovation and efficiency in the right direction.
4. Improved Engagement
With Mosaic™ data both on the customer base and in the market, it is possible to use a common language throughout the organization that describes the end consumer. This aims to have a common view of the different customer segments and to promote meaningful conversations that revolve around customer preferences and ambitions, which strengthens the relationship with the policyholder.
Curious about how Mosaic™ data can help your business? Get in touch and we’ll tell you more.
