There is still so much untapped data. Investment in transaction analytics is increasing to better understand customer behaviors and to develop more sophisticated models that can predict what is happeningAdrian Oest, Partner, Oliver Wyman
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Europe banking expert Adrian Oest sits down with Australia insurance partner Louise Portelli to share insights on how data and technology are driving hyper-personalization strategies in these sectors, enhancing customer experience and product innovation.
Louise Portelli
Welcome Adrian, great to see you in Sydney.
Adrian Oest
It's great to be here. It's been a little while and I’m really happy seeing clients and comparing notes to what we're doing in Europe and what we're seeing in Australia. Love to hear more about hyper-personalization in insurance in your space.
Louise
Sure. I love what people like Shannons are doing for vintage car owners around Australia. They got this online chatbot that engages customers in conversation and in the background is able to do complex underwriting, and shape and update policies real time.
Adrian
I think this whole experience economy, assistive economy, is going to be a fantastic space. In banking, we're seeing a lot of work on personalization of financial products, a lot of work on personalization on the reward side of things, and propositioning. Some really exciting propositions like wage streaming really help specific customer segments with their needs. It's a really interesting space at the moment.
Louise
How are customers in the UK and Europe responding to hyper-personalization strategies?
Adrian
I think they're walking with their feet. They're really listening to the customer, they're reacting well. Hyper-personalization capabilities are really strong. Given a lot of the products are free, they're trying it easily and getting engaged. They're talking about it; there's a real buzz around it and they're not even realizing it is hyper-personalized. They're just reacting to that experience and enjoying it.
Louise
Yeah, absolutely. It’s great to see how some financial services firms are getting better at using their partnerships to enable them to hyper personalize as well. I love what Suncorp did in the floods in 2022 here in Australia. They were able to get so much better at anticipating specific flood impacts on specific homes thanks to their partnerships with ICEYE and Arturo.
Where do you see hyper-personalization in banking heading in Europe and the UK?
Adrian
There's still so much untapped data. The sophistication around data is still being learned; the investment in transaction analytics to learn about customer behaviors and to get more sophisticated models to predict what's going on. There’s still a lot of low hanging fruit and connecting those into the propositions. Thinking the whole way through to the customers is really the next frontier, and data and technology are just making that easier.
Louise
Absolutely. I think the same can be said for insurance in Australia. Insurers are getting better but still need to get better at drawing from a broader set of data sources in a compliant way, of course, but to really make a difference in those key moments around pricing, comms, servicing, claims, and prevention.
Adrian
What's the one bit of advice you'd give to insurers on their journey of hyper-personalization?
Louise
There’s something about going back to the first principle, on why we're doing this. It's about deeply understanding the customer and being able to anticipate needs so that your response in whatever form can really hit the mark with customers.
I think even if the data and tech landscape isn't quite there yet, insurers – if they remember that first principle – they can make sure when they do innovate in a hyper-personalization context, those innovations can really hit the mark with customers.
Adrian
I think that's a great point. You've got to start somewhere. You've got to experiment. You've got to try to get an end-to-end data pipeline working so that you can at least get it going. And then over time, those capabilities will build, for sure.
Louise
Absolutely. Well, thank you Adrian, so much for the chat today. I've really enjoyed our coffee.
Adrian
It was great to catch up with you and I'm really looking forward to meeting clients this week and learning more about what's happening in the Australian market.
- About this video
- Transcript
Europe banking expert Adrian Oest sits down with Australia insurance partner Louise Portelli to share insights on how data and technology are driving hyper-personalization strategies in these sectors, enhancing customer experience and product innovation.
Louise Portelli
Welcome Adrian, great to see you in Sydney.
Adrian Oest
It's great to be here. It's been a little while and I’m really happy seeing clients and comparing notes to what we're doing in Europe and what we're seeing in Australia. Love to hear more about hyper-personalization in insurance in your space.
Louise
Sure. I love what people like Shannons are doing for vintage car owners around Australia. They got this online chatbot that engages customers in conversation and in the background is able to do complex underwriting, and shape and update policies real time.
Adrian
I think this whole experience economy, assistive economy, is going to be a fantastic space. In banking, we're seeing a lot of work on personalization of financial products, a lot of work on personalization on the reward side of things, and propositioning. Some really exciting propositions like wage streaming really help specific customer segments with their needs. It's a really interesting space at the moment.
Louise
How are customers in the UK and Europe responding to hyper-personalization strategies?
Adrian
I think they're walking with their feet. They're really listening to the customer, they're reacting well. Hyper-personalization capabilities are really strong. Given a lot of the products are free, they're trying it easily and getting engaged. They're talking about it; there's a real buzz around it and they're not even realizing it is hyper-personalized. They're just reacting to that experience and enjoying it.
Louise
Yeah, absolutely. It’s great to see how some financial services firms are getting better at using their partnerships to enable them to hyper personalize as well. I love what Suncorp did in the floods in 2022 here in Australia. They were able to get so much better at anticipating specific flood impacts on specific homes thanks to their partnerships with ICEYE and Arturo.
Where do you see hyper-personalization in banking heading in Europe and the UK?
Adrian
There's still so much untapped data. The sophistication around data is still being learned; the investment in transaction analytics to learn about customer behaviors and to get more sophisticated models to predict what's going on. There’s still a lot of low hanging fruit and connecting those into the propositions. Thinking the whole way through to the customers is really the next frontier, and data and technology are just making that easier.
Louise
Absolutely. I think the same can be said for insurance in Australia. Insurers are getting better but still need to get better at drawing from a broader set of data sources in a compliant way, of course, but to really make a difference in those key moments around pricing, comms, servicing, claims, and prevention.
Adrian
What's the one bit of advice you'd give to insurers on their journey of hyper-personalization?
Louise
There’s something about going back to the first principle, on why we're doing this. It's about deeply understanding the customer and being able to anticipate needs so that your response in whatever form can really hit the mark with customers.
I think even if the data and tech landscape isn't quite there yet, insurers – if they remember that first principle – they can make sure when they do innovate in a hyper-personalization context, those innovations can really hit the mark with customers.
Adrian
I think that's a great point. You've got to start somewhere. You've got to experiment. You've got to try to get an end-to-end data pipeline working so that you can at least get it going. And then over time, those capabilities will build, for sure.
Louise
Absolutely. Well, thank you Adrian, so much for the chat today. I've really enjoyed our coffee.
Adrian
It was great to catch up with you and I'm really looking forward to meeting clients this week and learning more about what's happening in the Australian market.
Europe banking expert Adrian Oest sits down with Australia insurance partner Louise Portelli to share insights on how data and technology are driving hyper-personalization strategies in these sectors, enhancing customer experience and product innovation.
Louise Portelli
Welcome Adrian, great to see you in Sydney.
Adrian Oest
It's great to be here. It's been a little while and I’m really happy seeing clients and comparing notes to what we're doing in Europe and what we're seeing in Australia. Love to hear more about hyper-personalization in insurance in your space.
Louise
Sure. I love what people like Shannons are doing for vintage car owners around Australia. They got this online chatbot that engages customers in conversation and in the background is able to do complex underwriting, and shape and update policies real time.
Adrian
I think this whole experience economy, assistive economy, is going to be a fantastic space. In banking, we're seeing a lot of work on personalization of financial products, a lot of work on personalization on the reward side of things, and propositioning. Some really exciting propositions like wage streaming really help specific customer segments with their needs. It's a really interesting space at the moment.
Louise
How are customers in the UK and Europe responding to hyper-personalization strategies?
Adrian
I think they're walking with their feet. They're really listening to the customer, they're reacting well. Hyper-personalization capabilities are really strong. Given a lot of the products are free, they're trying it easily and getting engaged. They're talking about it; there's a real buzz around it and they're not even realizing it is hyper-personalized. They're just reacting to that experience and enjoying it.
Louise
Yeah, absolutely. It’s great to see how some financial services firms are getting better at using their partnerships to enable them to hyper personalize as well. I love what Suncorp did in the floods in 2022 here in Australia. They were able to get so much better at anticipating specific flood impacts on specific homes thanks to their partnerships with ICEYE and Arturo.
Where do you see hyper-personalization in banking heading in Europe and the UK?
Adrian
There's still so much untapped data. The sophistication around data is still being learned; the investment in transaction analytics to learn about customer behaviors and to get more sophisticated models to predict what's going on. There’s still a lot of low hanging fruit and connecting those into the propositions. Thinking the whole way through to the customers is really the next frontier, and data and technology are just making that easier.
Louise
Absolutely. I think the same can be said for insurance in Australia. Insurers are getting better but still need to get better at drawing from a broader set of data sources in a compliant way, of course, but to really make a difference in those key moments around pricing, comms, servicing, claims, and prevention.
Adrian
What's the one bit of advice you'd give to insurers on their journey of hyper-personalization?
Louise
There’s something about going back to the first principle, on why we're doing this. It's about deeply understanding the customer and being able to anticipate needs so that your response in whatever form can really hit the mark with customers.
I think even if the data and tech landscape isn't quite there yet, insurers – if they remember that first principle – they can make sure when they do innovate in a hyper-personalization context, those innovations can really hit the mark with customers.
Adrian
I think that's a great point. You've got to start somewhere. You've got to experiment. You've got to try to get an end-to-end data pipeline working so that you can at least get it going. And then over time, those capabilities will build, for sure.
Louise
Absolutely. Well, thank you Adrian, so much for the chat today. I've really enjoyed our coffee.
Adrian
It was great to catch up with you and I'm really looking forward to meeting clients this week and learning more about what's happening in the Australian market.