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Celent Reports Examines Effect of Big Data on Customers

Staff Writer | March 13, 2014

Are insurance policyholders interested in taking advantage of the mountains of data that carriers have compiled on their policyholders and the flow of information that comes with it? Celent sought to understand whether customers were ready to receive messages from the insurance industry that advances in analytics, Big Data, and social technology could allow. The answer from over 2,500 U.S. and UK customers was no.

According to Celent, on a scale of hating carrier messages to loving them, the mean response to the survey was at best neutral, and, for most of the messages, much nearer to the hate end of the scale.

“Most people will hate receiving messages that imply the organization has gone a step further in understanding their data. Either we’re too early, or this must be an opt-in process,” says Craig Beattie, senior analyst with Celent’s insurance group and author of the report, “What surprised us, though, was that each message had people who would love to receive it. Given that this was typically in the younger age groups, we’re going to be seeing this kind of interaction in the future.”

In the report, “Customers Don’t Want to Buy Insurance from Big Brother,” Celent examines the responses and seeks to help insurers understand how to recognize groups likely to respond well to them, and those that would respond badly.

This report looks at the prospect for more context-aware messaging to customers linked to financial products, and the likely more favorable responses to such messages in the future.

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