How to Keep and Delight Fickle Customers in a Competitive Insurance and Fintech Markets
Are your customers fickle? How well do you anticipate their needs, proactively offer packages at a competitive prices, react to regulatory and competitive changes before they leave you?
Today’s banks, insurance and financials firms operate in a fast moving, highly competitive and rapidly changing market. Disruption is everywhere and the customers have choices they can make in an instant from their smart phones. Losing a customer to a more nimble competitor can be as quick as a cup of coffee with a few finger swipes at a Starbucks patio.
Particularly in the insurance market, customer interactions are precious and few. An insurance company rep needs to not only delight their customer when an opportunity arises, but also upsell them by offering them a personalized product or service tailored to their need virtually instantly.
Doing the same thing as before is a certain way to lose business
Nimble competitors now use the latest AI and analytics technology to rapidly discover and deploy intelligent decision systems which can instantly predict customer needs and customize the offering and pricing relevant for the customer at the right time.
To achieve and sustain such flexibility, a financial organization needs to modernize its underlying systems. Best companies build a living decision intelligence into their systems, ready to be updated on a moments notice.
If a competitor offers a better deal, customer has an life event or data analysts discover a new pattern for risk or fraud, core systems need to be updated virtually instantly. By having an intelligent, AI-driven central decision management system as the heart of your core system, anyone in your organization can have the latest intelligence at their fingertips. Intelligent systems will help verify customer eligibility, provide custom product or a bundle offering at a competitive price, speed up and automate claim adjudication and automate loan origination across all sales and support channels.
The heart of this solution is a modern, AI-driven decision management and rule engines platforms that use the latest AI and analytics techniques, have sophisticated cloud offerings providing unparalleled flexibility and speed. Best systems are no longer just for the IT – they allow most business analysts to view, discover, test and deploy updated business logic in a real time.
A modern organization needs the latest decision analytics tools
These tools will allow you to discover new patterns from the historical data using machine learning, connect and cross correlate multiple sources of data and incorporate predictive models from company’s data analysts. Updating and deploying new logic is now as easy as publishing a web page and does not require changing the application itself, just the underlying business logic.
Sparkling Logic SMARTS AI Decision Management is the third and the newest generation of the decision management and rules engine offering using cloud, AI, decision analytics, predictive models and machine learning. We currently process millions of rules and billions of records for the most progressive companies. Find out how we succeeded in creating the ultimate sophisticated set of decision management and decision analytics tools that every modern financial institution should have in their competitive tool chest.
Learn more about Decision Management and Sparkling Logic’s SMARTS™ Data-Powered Decision Manager