JULY - AUG 20238IN MY OPINIONTHE TRANSFORMATIONAL POWER OF INSURANCE ANALYTICSTraditionally, the life insurance industry hasn't been recognized for its innovative marketing, leading edge technology, or flexible infrastructure. Its reputation has more resembled that of the Ever Given container ship recently stuck in the Suez Canal. When it comes to mentioning analytics in life insurance and its related products, it was historically viewed as part of the actuarial side of the business.All that has changed, at increasingly fast rates over the past couple of decades, due to exponentially increasing computer speed, the internet of things, virtually unlimited cloud computing data storage capacity, artificial intelligence, the prevalence of social media, and digital behaviors.Each company in the industry has a treasure trove of accessible data ready to be analyzed. Data offers many opportunities and levers to pull. However, often challenges lie in interpreting it, or even developing the appropriate strategy for leveraging it. Our company's strong focus on growth and striving to deliver the perfect client experience provides unlimited areas to explore data and execute collaborative sales and marketing initiatives. Analytics has transformed the role of marketing in our business, moving it from an art to a science. No longer can we rely on gut instinct and personal preferences when we have data and so many tools to experiment on what works best.The Science of Email ManagementGone are the days of blasting random individual messages to clients or prospects. Today's email marketing automation tools afford us the opportunity to evaluate our analytics and improve the success of our programs. We can:· Precisely target messages to the most likely to respond recipients ­ based on factors like prior sales activity, response rates, expressed interests, and more· Test features of messages to continue to finetune the text and graphics to improve future open and click rates ­ and scale campaigns based on knowledge and learning· Efficiently customize messages by adding or deleting components of a message based on its relevance to specific groups· Use email campaigns to manage By Larry Knapp, Vice President, Platform Solutions, Crump Life Insurance ServicesLarry Knapp
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