Implementing behavioral analytics to drive customer value

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Imagine. Two customers phone into your call center. One customer recently inquired about increasing coverage when she got married, then researched policy cancellation on the website. The other customer searched for payment options. With this information, you can presume that different interactive voice response (IVR) options are appropriate. Yet when these customers phone into the center, they are presented with identical and equally frustrating automated responses. Because the technology fails to recognize the behavioral pathway that led to the call, the experience is generic.

Automated responses are often developed to replicate the call routing in the absence of behavioral context. In this day and age, customers expect more. Their experience outside of insurance has taught them that information and help can be context-specific — or, in their words, relevant. Fortunately, by applying analytics that assess both the characteristics and behaviors of their customers, insurers have powerful tools to meet higher customer expectations.

Our view is that behavioral analytics in combination with automation will create a compelling value proposition. Insurers  would be well advised to invest in understanding and piloting now. Customers are increasingly benefiting from the consistency and efficiency of automation. That automation often is not yet smart enough, as anyone who has struggled with an automated response system will attest. Yet, the technology and expertise has reached a state of maturity where the future is possible now — and customers expect nothing less than the most tailored experience that can be delivered. Focusing on areas where context-sensitive, targeted, quick-service differentiators will point insurers to highvalue use cases like cross-sell, upsell and digital self-service applications. Capturing those opportunities will generate immediate value and position insurers to deploy the technology more widely.

EY Omni-channel report 2015

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