Use Business Intelligence in Retail Insurance Selling
Insurance trade serves the risk management wants of all sorts of organizations
, individuals or group of individuals. In doing so, it develops various insurance product meeting varied insurance needs and strive to supply these merchandise to various people or groups. Therefore, there are retail markets for insurance product through which insurance firms do significant half of their business.
Understanding the customers or cluster of shoppers and approaching them with applicable products in effective manner are vital success factors in retail insurance marketing. Business Intelligence techniques help in doing these.
Business Intelligence techniques are literally mathematical and statistical techniques that are used in business. Analytical techniques are in use in business for quite long time now. However Business Intelligence techniques differ from them. While using analytical techniques, users have some queries or needs in mind and they apply the techniques to urge the solution to those pre-set questions. However, in case of Business Intelligence techniques users aren't clear concerning the questions itself. These techniques realize valuable hidden patterns in the info that may be employed in taking business advantage.
Using these techniques one will cluster the retail customers and formulate promoting methods appropriate for various clusters of customers. Insurance professionals specially working in retail insurance or micro insurance sector know the importance of market segmentation and formulating varied ways based mostly on the segments. By using simple market segmentation techniques Insurers can segment the market primarily based on some criteria pre-decided by them.
But, they'll not be positive that the factors selected by them is the most effective one. Clustering used as half of Business Intelligence Technique mines the data and identifies valuable clusters that otherwise would possibly have been ignored.
Similarly, there might exist numerous hidden association patterns in the data. It might be that if a collection of conditions are met the prospect of meeting another set of conditions are very high. Such patterns can be converted to association rules and used in insurance product style, services packaging, client relationship management etc.
Business Intelligence techniques, if properly applied in retail Insurance promoting will lead to a situation in that every customer can feel that the insurance policy has been designed keeping his needs in mind. Customers can get the feeling that they are individually being cared. Insurance companies will design and launch varied Insurance product customized to the necessities of numerous market segments. Any important amendment in client preferences can be quickly identified and Insurance firms can get ready to handle that.
There are numerous Business Intelligence tools on the market as integrated half of the software utilized by Insurance companies. These tools can be effectively place on use to take the above business advantages.
Use Business Intelligence in Retail Insurance Selling
By: Ernie Morales
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