So many industries, so many similarities…
Predictive modeling across industries and how this trend affects the insurance industry
2River was pleased to speak at the 2013 LIMRA Insurance conference in Philadelphia this past week. We spoke on the use of predictive modeling across industries and how this trend affects the insurance industry.
It was clear from participating in many of the industry-specific workshops that the insurance industry faces similar challenges and concerns as many other industries 2River has the opportunity to work with. Below are some highlights:
Industries are in a time of change. As a result, many senior leaders’ biggest concern is leading their organization through significant organizational change without alienating their workforce or their customer.
Individual consumers are at the center of many industries’ growth strategies. Companies across industries do not know the end-customer as well as they need to.
Retaining customers is a critical lever to generating profitable growth. Companies across industries put a premium on acquiring new customers. But that often forces them to pay less attention to building loyalty and investing to retain current customers.
Innovation is easy to talk about but hard to do. Keeping an eye out for “tangible” innovations in a local market or in a different industry is one way to begin a detailed conversation. Whether a company will create a novel business model or a unique bundle of services, there is huge value to introducing a tangible improvement and testing it aggressively.
Interested in the workshop – check out the slides here.