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The Keys to MadTech, the Road to a New Personalized UX in Insurance

HIGHLIGHT /
The insurance industry is in ceaseless innovation, constantly facing a changing environment. Every day it is more difficult to attract new customers, having to reinforce the strategies of engagement and retention. What do the top executives of major insurers such as MAPFRE and BBVA think about this issue? How are they approaching these changes in the market? What solutions are they proposing?

In the Webinar on Experience Optimisation for Financial Services held on 8 June, we had the opportunity to hear their point of view first-hand in a lively debate on the subject. We had the participation of Javier Alonso Escudero, Corporate Director for Digital Marketing at MAPFRE Group and Henrique Macedo, Head of Global Digital Analytics at BBVA. In it, they presented the roadmap towards MadTech, highlighting the need to adopt new technologies and develop internal and external tools so that insurers can connect and offer more fer more personalized experiences to users. And, the main conclusions of the report "The evolution of MadTech, much more than MARKETING + ADVERTISING + TECHNOLOGY" were presented with a multi-sector vision by Javier Arribas, Director of Digital Experience at NTT DATA. 

Here are the key points the expert shared on how to run an effective MadTech: 

  1. Third-person data is losing weight. It is more important to have a good first-party data strategy, to really know the user. A key factor would be the CDP (Chronic Disease Prediction), which they see from three points of view. An equilateral triangle, where you have user experience, technology, and business and marketing. We can't just focus on one, we have to have a strategy aligned on all three axes. 

  2. Use the Data Lake. This strategy has grown a lot in recent years due to the maturing of applications and the increasing need for companies to interact directly with users. Since users are seeking for a relationship with brands, a more personalized conversation, rather than a simple transaction. The company, then, needs to know them, know what they need and, even more, when they need it. 

  3. Connections with activation platforms. Some companies have developed them internally, but they are still more limited. So, buying a marketplace tool allows you to leverage the investment that integration vendors are making might be a very suitable option. The Cloud solutions available to many of these vendors are often more flexible than anything your own company can do. And, when the volume of information is very large, it can also give you a lot of value. So, as to decide whether it is more profitable to invest internally or externally in these platforms, you have to understand what capabilities it brings to your company, what your priority is in terms of use cases, and where the break-even point is, beyond which it is not worth investing in more internal build-out because you can create something very large that is difficult to maintain. 

  4. Analyse the monetary impact of these Data analyses and strategies. It is recommended to try to estimate what improvement could be brought based on past experiences, to put a certain monetary value on the implementation, as a speculation, of what we believe it can bring. And in those that are implemented, measure what effect they have had, in order to have a vision and comparison of before and after. 

  5. Governance models. It is no longer enough for them to be focused on a specific area. To achieve the objectives, it is necessary to assess where it is essential to join forces, such as in technology, marketing, business... And the areas where it makes the most sense to reinforce this governance in each company to achieve it. All levels must be reached, from the highest to the lowest, and all departments must be touched. 

These key points and much more interesting content on the issue are available in the webinar. If you are interested in applying these strategies in your company or if you find it a compelling topic to your company, you watch the conference at the link below.  

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Author
Ignacio Romero Gallego
Digital Experience Director at NTT DATA EMEAL
Published on 12/01/2023
~ 3 minutes
CX & Design
Author:
Ignacio Romero Gallego