Customer incentive programs can be a rich source of data to strengthen loyalty
AI is the enabler for enhanced customer engagement for insurers, fleets, and the mobility sector
Customer satisfaction is critical in business. And, with the costs of attracting and gaining new customers much higher than retaining existing ones, it’s easy to see why many businesses focus their resources on keeping current customers satisfied. For insurers and mobility companies, an incentive program is the ideal way to engage and excite users. For fleets, it is a useful way to motivate drivers and incentivize safer, more eco-friendly behaviors. Even better, an incentive program itself provides useful data insights to facilitate effective business decisions.
The idea of launching an incentive program might seem daunting. With artificial intelligence (AI) it doesn’t need to be. Using cloud-based AI and analytics, insurers, fleets, and mobility providers can apply an incentive program to their existing customer base. This is without the need for any policy change or IT integration.
Shining the spotlight on driver risk
The crucial element of any self-funding data-driven driver incentive program is risk. Without accurate insights into risk, companies cannot identify which drivers to reward. That’s why the recommended starting point for a successful driver incentive program is pattern AI. At Greater Than, our AI algorithms predict crash likelihood and cost. The resulting data not only shows insurers, fleets, and mobility providers where the risk is, but opens up many business opportunities. A program that rewards good driving behavior is just one example.
Deeper driver risk insights also enable cost savings at a higher business level. Insurers and mobility providers can identify their risky policyholders and price coverage fairly. By passing on cost savings to customers, insurers are more likely to benefit from improved acquisition and retention rates by engendering loyalty. For fleets, identifying the riskiest drivers enables them to target training where it’s needed. This helps to reduce crash risk, the associated costs and minimize workloads through effective targeting of actions. Similarly, by identifying the least eco-friendly drivers, fleets can tailor fuel economy training accordingly.
Strengthening customer engagement through gamification
In a market that is highly competitive, anything that helps motor insurers engage customers is good for business. Therefore, an app that encourages drivers to regularly check on their own performance and achievements is a great way to maintain regular contact.
Offering reward points or discounts for safer, cleaner driving encourages the customer to interact with the company frequently. It also encourages the driver to improve their behavior, contributing to safer roads for all.
Boosting personalization with an incentive offering
The collection of real-time driving data enables companies to fully understand their customers’ behaviors. And armed with greater insights, companies can tailor their products to deal with real problems and opportunities ensuring customers’ actual needs are met and exceeded.
For example, an insurer that is able to identify its risk groups at a much greater depth can explore new ways to reward customers who regularly have safe trips. For the safest drivers this might lead to a reduced premium, or insurance excess/deductible, recognizing their lower cost to the business.
Applying an incentive program to an existing customer base
At Greater Than, our cloud-based incentive program, Enerfy Loyalty, is ready to apply to an existing customer base. Companies that run the program immediately gain access to a direct and deep risk insight per user. And, of course, it’s an amazing tool for rewarding and retaining customers who drive safely.
The connection of a whole portfolio or user base is simple. GPS data is collected via SDK, API, smartphone app, or existing telematics or GPS enabled dashcam device. By downloading an app, the end user can start to collect points after just one click. This simplified connection makes Greater Than’s incentive program a perfect CRM tool to attract new customers while providing instant risk and CO2 analysis for each connected user.
Selecting an incentive program that works for you
Get up and running in no time with our white-label app solution. Gain actionable real-time insights and analytics of your entire customer base so you can easily make the right strategic and tactical decisions. Popular app features:
Contact Greater Than or book a meeting with me to learn how our AI can help you access unrivaled driver risk insights and incentivize safer, cleaner driving via a customer incentive program.
Written by Andrew Bennet
GLOBAL DIRECTOR INSURANCE and CEO Greater Than, UK
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