How Health Insurance Companies Benefit from CDPs
By Concord

As the health insurance industry evolves into a digital-first marketplace, advanced analytics solutions are serving up online experiences customers expect. Increasingly, marketing and IT professionals are gravitating toward Customer Data Platforms (CDP) to collect and leverage reliable data to make key decisions, while curating personalized digital experiences for customers.

A CDP delivers a single source of truth from multiple data sources, while providing seamless interactions for policyholders and potential customers. The real-time insights a health insurance provider can extract from a CDP provides a unified 360° view of the customer—including information about interests, online journey behaviors, preferred channels, means of communication, and more.

This detailed customer profile empowers marketers to develop highly targeted campaigns with individualized messaging that resonates with current and potential policyholders. A CDP delivers information users want, how they want it, and when they need it.

Engaging customers with a strategically implemented CDP creates new revenue-generating and retention opportunities through increased customer acquisition, cross-sell/upsell conversions, and lower abandoned cart rates.

Some examples of how health insurance providers might benefit from a CDP:

Scenario I
  • A user applies and pays for a new health plan but doesn’t submit all the required information.
  • This triggers the CDP to send a personal reminder to the new customer, asking for the remaining information. It reaches out to them via browser push notification, SMS, web banner, or email.
Scenario II
  • A policyholder visits their insurance company’s website, then receives a personalized message— including their name—as soon as the page loads.
  • The message offers savings on additional health insurance product offers, consistent with information in the CDP profile.
Scenario III
  • The call center contacts a policyholder about additional coverage. The customer shows interest but doesn’t complete the transaction.
  • Later, the policyholder receives an SMS notification reminding them of the special offer discussed with the call center representative.
Scenario IV
  • A health insurance website visitor begins the process of filling out a form to get a quote. They enter some information, but do not complete the application.
  • The health insurance provider engages the visitor with individualized messages related to their quote request. The potential customer is addressed by name across their preferred channels with on-site notifications, social media content, email, and SMS.

Assuming these scenarios resulted in conversions, they only represent a few of many CDP capabilities to transform an insurer’s business. Meet your audiences where they want to engage with the insights only advanced analytics solutions—such as CDP—can provide.

Get in touch for more about the value of CDPs and how one could benefit your health insurance company’s analytics, marketing and IT initiatives. We’ve also got top-shelf capabilities in all things analytics, with a track record to match. Ask how we can solve your marketing analytics challenges—we’d love to help!

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