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7 customer data types in insurance (with tips for collecting data)

7 customer data types in insurance (with tips for collecting data) | EasySend blog
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7 minutes

Insurance companies are in the business of managing risk. To do this effectively, they need to have a clear understanding of their customers.

Yet, there is a lot of friction around customer data collection. Any process from quote and bind to claims management can be a potential barrier. Many insurers still rely on paper forms and phone calls to collect data. This process is not only time-consuming, it’s also error-prone.

Insurance companies need to adopt a more modern approach to data collection that is frictionless for the customer and efficient for the business. In this post, we will discuss 7 types of customer data that are important for insurance companies, and tips for collecting this data.

The goal is to make the customer experience as smooth as possible while also collecting the data you need to manage risk. Here are seven customer data types that every insurance company should collect:

In most cases, it is the insurance company that holds power and the customer who feels like they are giving up their privacy.

There are many different types of data that insurance companies can collect about their customers. Here are seven of the most important customer data types in insurance:

1. Personal information.

This includes a wide range of data points and is usually collected when a customer first applies for coverage.

  • Contact information: This includes names, addresses, phone numbers, email addresses, and other contact information. It’s important to collect as much of this information as possible so that you can reach out to customers when necessary.
  • Financial information: This includes income, assets, debts, and credit scores. This information is important for assessing risk and determining premiums.
  • Medical information: This includes health history, current health status, and any pre-existing conditions. This information is important for underwriting purposes.

2. Policy information.

This type of data includes the details of a customer’s policy, such as the type of coverage, the effective date, and the expiration date. This information is important for servicing the policy and managing renewals.

However, policy information can also be used to proactively reach out to customers. For example, you can use policy information to remind customers of their upcoming renewal date or to offer them discounts on new products.

3. Claims history.

This is a record of all the claims that customers have made with your company. It includes the date of the claim, the type of claim, and the outcome. Claims history is important for underwriting and risk management.

4. Payment history.

This is a record of all the payments that customers have made to your company, including the date of the payment, the amount, and the method of payment. Payment history is important for customer service and accounts receivable.

Collecting customer data in insurance | EasySend blog

5. Interaction history.

This is a record of all the interactions that customers have had with your company, including phone calls, emails, live chats, and social media messages. Interaction history is important for customer service and marketing.

6. Signatures.

These can be either physical signatures or digital signatures. They are important for legal and compliance purposes. Today, more and more insurance companies are using digital signatures, which are easier to collect and store. Signatures are required to bind coverage and to make changes to a policy.

7. Agent information.

This includes the name and contact information of the agent who sold the policy to the customer. It’s important for companies to keep track of their agents so that they can be properly compensated and held accountable for their performance.

7. Attachments.

These can include photos, videos, or documents that customers have attached to their accounts. Attachments are important for customer service and claims processing. Often, they can be helpful in resolving customer issues.

Tips for collecting customer data in insurance

Insurance companies need to collect all of this data in order to manage risk effectively. However, it’s important to keep in mind that customer experience should always be a top priority. When it comes to collecting customer data, it’s important to strike a balance between being too intrusive and not collecting enough information.

Here are a few tips to help you strike the right balance:

  1. Make it easy for customers to update their information. Customers' contact information, financial situation, and health status can all change over time. It’s important to make it easy for customers to update their information so that you always have the most accurate data.
  2. Digitize data intake: Insurance companies have a lot of paper documents. To make data collection more efficient, it’s important to digitize as much as possible. This will make it easier to store, search, and share customer data.
  3. Get consent before collecting sensitive data: Before collecting sensitive data, such as medical information, it’s important to get the customer’s consent. This will help build trust with the customer and ensure that you are collecting data ethically.
  4. Use data collected from other sources: In addition to collecting data directly from customers, insurance companies can also use data from other sources, such as public records, credit reports, and medical records. This can help to supplement the data that you already have and give you a more complete picture of your customers.
  5. Be transparent about how you use customer data. Customers should always be aware of how their data is being used and why it’s being collected. Insurance companies should have a privacy policy explaining how customer data will be used.
  6. Keep customer data secure. Customer data should always be stored securely to protect customers’ privacy. Insurance companies should have security measures in place to prevent unauthorized access to customer data.
  7. Integrate all sources of data. Insurance companies should integrate all sources of customer data, including data from other departments, to get a complete view of the customer. This can help to improve customer service and make it easier to resolve customer issues.

It’s important for insurance companies to collect accurate and up-to-date customer data. By following these tips, you can ensure that you’re collecting the right data while maintaining a high level of customer service.

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About EasySend

Evolve complex forms into easy digital experiences with EasySend, trusted by Fortune 500 financial organizations. Our powerful no-code platform revolutionizes complex forms, seamlessly converting data collection processes for loan applications, account openings, and chargebacks into effortless digital experiences.

About EasySend

Transform the entire policy lifecycle, from quote to renewal, with EasySend. Trusted by Fortune 500 insurance companies, our no-code platform revolutionizes data collection processes. Effortlessly capture customer information, generate quotes, facilitate policy applications, streamline claims management, and simplify policy renewals to deliver a seamless, user-friendly experience.

Vera Smirnoff
Vera Smirnoff

Vera Smirnoff is the demand generation manager at EasySend. She covers digital transformation in insurance and banking and the latest trends in InsurTech and digital customer experience.