Is a Unified Customer View Possible Without Identity Resolution?
The 360-degree view of a customer has been the holy grail through the evolution of the digital era. All brands consider this single customer view as the key to increasing customer acquisition and improving customer experience. It may not be a realistic goal to achieve for most organizations with well-entrenched legacy systems that operate in silos. Changing it all overnight is neither possible nor logical. Of course, the price tag of a complete overhaul would be steep. Does that mean unified customer data will remain a buzzword for such organizations? Take heart, there is a solution.
Customer touchpoints and identity resolution
Identity resolution technology can combine multiple identifiers of a customer into one identity so that carriers can get a holistic view. Let’s look at a few of these touchpoints to understand why identity resolution is not just a gimmicky buzzword.
A typical insurance customer can fill in an inquiry form on the insurance website, send an email to the support team, call them directly or even text them on chat. The same customer can also have a personal policy plan and simultaneously come under a family or employer plan. A lead can enquire about policies and eligibility information directly with an insurance agent, respond to a social media campaign or create an account for themselves directly on the website. Same customer but different touchpoints. Digital technology has opened up a variety of channels that have made it easier than ever before for customers to engage with insurers. However, more channels also mean a higher risk of data duplication. How do insurance companies consolidate each customer touchpoint to build a truly unified customer view? The answer to that lies in identity resolution.
Identity resolution is the technological process of gathering identifiers from every customer touchpoint and collating them into a single profile. Regardless of what channel the customer uses to raise a query or how many touchpoints a lead has before converting, all of it is distilled into a single consolidated view.
Customer Data Platform (CDP) can be revolutionary for insurers
A CDP is a fairly recent entry into the Martech space as a response to a better customer experience. Marketing technology, also known as MarTech, describes a range of software and tools that help in achieving marketing goals. CDP is purpose-built for API-driven ecosystems.
The advantage of a custom data platform is that it can also be integrated with offline sources as well as legacy databases and infrastructure.
Identity authentication through the use of a Customer Data Platform can integrate customer interactions even if the customer is not registered on the database. For example, a customer visits the insurance provider’s website and finds out the quote for his auto insurance but then drops off without completing the process. Since this is a discovery phase, the CDP records the activity and assigns an anonymous ID. The customer will then receive a personalized app push notification. If the individual were to complete their application, the Customer Data Platform would identify the mobile device ID or browser cookie and integrate both interactions into a single journey. This avoids duplication and offers insurers a holistic view of customer interactions.
Read the rest of the article about the challenges to effective identity resolution here:
Originally published at https://www.simplesolve.com on November 30, 2021.
