For insurance companies, it is vital to listen and understand the feedback that their current and potential customers express through all kinds of channels and touch points. All this valuable information is known as the Voice of the Customer. By the way, we had already dedicated a blog post to Text mining in the Insurance industry.
(This post is a based upon the presentation given by Meaning Cloud at the First Congress of Big Data in the Spanish Insurance Industry organized by ICEA. We have embedded our PPT below).
More and more insurance companies have come to realize that, as achieving product differentiation at the industry is not easy at all, succeeding takes getting satisfied customers.
Listening, understanding and acting on what customers are telling us about their experience with our company is directly related to improving the user experience and, as a result, the profitability. In the post on Voice of the Customer and NPS, we saw in more detail this correlation between customer experience and benefits.