This article on the slow progress insurance is making towards cross-selling effectively caught my eye today. The article highlights many of the problems that insurers face in broadening their relationship with their customers and with then using their data and experience to effectively cross-sell them new products.
There is a role for Enterprise Decision Management in this kind of environment. Once you have the data and are managing it around a customer-centric view, what do you need to be effective in cross-selling?
- Good predictive models for which products will be attractive to which customers
- Good predictive models for risk and fraud to make sure you can price these products correctly for those customers
- Good segmentation models for tiering etc
- Business rules to make sure that you don't offer products to people excluded by law (federal or state) or company policy
- Perhaps very fluid rules based on what's current, the news of the day etc
- Delivery of scripted or automated cross-sell offers at your call center, your agents, your website etc.
- The agility to change all of the above quickly as you see what works and what does not.
In other words you will need an EDM platform.