Actionable Insights From APT's Retail Practice

Learnings From Across Industries: Insurers Tackle New Technologies and Tech Startups

September 11th, 2017 | Posted by APT in Insurance - (Comments Off on Learnings From Across Industries: Insurers Tackle New Technologies and Tech Startups)

With more than 80% of insurers planning to invest in new technology this year, the trend of InsurTech—the application of technology to traditional insurance practices—is sweeping the industry. This trend is evident not only as incumbent insurance players adopt cutting-edge technologies, but also in the rise of insurance tech startups, which are creating a new kind of competition for traditional insurers.

Insurers are not the first to face industry disruption, especially in the form of pressure to adopt new technology or respond to the competitive threat of tech-focused newcomers. Similar changes have emerged in other sectors, from hospitality and banking to retail and telecommunications.

As insurers contemplate how to refine key business programs in the face of such industry disruption, they can apply best practices from their peers across industries. Leading companies in many sectors have turned to business experimentation to innovate strategically in response to new technology and emerging competitors, and insurers can emulate this approach to optimize their responses to the changing industry landscape.


Answering the Billion Dollar Question: Optimizing Insurance Marketing Spend

August 16th, 2017 | Posted by APT in Insurance - (Comments Off on Answering the Billion Dollar Question: Optimizing Insurance Marketing Spend)

For some insurers, marketing is a billion dollar question. Today, many insurers may dedicate a large chunk of that budget to mass media spend, such as radio, TV, print and billboard campaigns. But as marketing strategies increasingly focus on more personalized channels, such as digital and direct mail, leading insurers are refining their outreach strategies across platforms, and re-allocating budget accordingly.

As insurance executives shift their marketing priorities, it will be critical that they understand the true impact of their personalized outreach. From there, they can develop a better understanding of how to focus their marketing spend, and smartly distribute budget across personalized outreach, mass media marketing efforts, and more for maximum impact. Further, with any form of personalized outreach, there are many different combinations of levers to pull, including communication platform, messaging, cadence, and creative. So how can decision-makers develop an understanding of which campaign variation will be most effective with which policyholders?


Taking Your Customer Analytics Beyond Campaigns

July 31st, 2017 | Posted by Haley Jackson in Analytics | Financial Services | Hospitality & Travel | Insurance | Marketing & Media | Restaurants | Retail - (Comments Off on Taking Your Customer Analytics Beyond Campaigns)

Researching. Browsing. Transacting. These are all components of the customer journey, and now more than ever, they are taking place beyond physical channels. While the process of researching and browsing increasingly shifts to online and mobile platforms, the majority of consumers still prefer to transact in brick-and-mortar locations. As a result, while physical channels certainly remain relevant – to a varying extent – the way organizations across industries evaluate new programs and initiatives must be customer-centric.

Many best-in-class organizations have already established a standardized test vs. control approach with which to evaluate new initiatives. Business experiments at the customer level are common in areas such as marketing, where leading companies leverage customer analytics to measure the true impact of their campaigns. But as the question for executives shifts from “How do we collect more data?” to “How can we use our data more effectively?”, decision-makers must think outside of the box in their application of customer analytics.


AI Comes to Life in the Insurance Industry

May 5th, 2017 | Posted by APT in Insurance - (Comments Off on AI Comes to Life in the Insurance Industry)

The robots are coming! According to a recent report from Accenture, 75 percent of insurance executives surveyed believe artificial intelligence (AI) will transform or bring significant change to the industry over the next three years. While insurers are already using some elements of AI, new teams and departments within these organizations are also starting to leverage the technology. As insurers strive to remain on the cutting edge and continue to evolve their use of AI, it is critical that they fully understand how it impacts existing processes before investing in widespread implementation.


Game On: Insurers Increasing Gamification

February 3rd, 2017 | Posted by APT in Insurance - (Comments Off on Game On: Insurers Increasing Gamification)

In the insurance industry, gamification is gaining traction as a tool to engage policyholders and agents alike, channeling the fun of playing games – points, prizes, and all – into interactive educational platforms.

Incorporating game-design elements to appeal to individuals’ sense of competition and achievement has many useful applications across the insurance industry, from incentivizing agents to sell new products to enticing current and future policyholders to take a more active interest in their insurance investments.