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The Philosopher's Stone: Applications of Data Alchemy—Customer Personalization, Profiling, and Retention

Kaushal Kishore Mishra (Chandigarh University, India)

Pawan Pant (Chandigarh University, India)

Harvinder Singh (Chandigarh University, India)

Sunil Kant Mishra (University of Allahabad, India)

Data Alchemy in the Insurance Industry

ISBN: 978-1-83608-583-6, eISBN: 978-1-83608-582-9

Publication date: 21 November 2024

Abstract

Purpose

Implementing big data analytics and client customization programs is causing a significant revolution in the insurance sector. This study examines how big data analytics may revolutionize the insurance industry, emphasizing how consumer customization can improve customer experiences, maximize risk assessment, and spur company expansion.

Design/Methodology

An empirical study with statistical analysis using tools like correlation and regression was carried out to ascertain the relationships between the various sets of variables—personalized customer experiences and customer satisfaction and customer profiling leads to more effective targeting of marketing efforts. We explore essential ideas like client segmentation, profiling, and retention via a thorough analysis of the literature and case studies, showcasing best practices and inspirational tales from top insurers.

Findings

The empirical study found that there is a very high correlation between transparency in data and stakeholders' trust. The study found that insurers may preserve their innovation-driven culture, strengthen customer relationships, and achieve sustainable development in a competitive market by embracing future technological innovations and resolving current challenges.

Practical Implication

Insurance companies may seize new chances for individualized client experiences and long-term success in a market that is becoming increasingly competitive by utilizing cutting-edge technology like artificial intelligence and the Internet of Things. To effectively manage the changing terrain of consumer customization in the digital age, insurance professionals, academics, and legislators will find this study highly insightful.

Originality/Value

The study is an original contribution based on literature and case studies analysis, showcasing best practices and inspirational tales from top insurers.

Keywords

Acknowledgements

Acknowledgments

We express our heartfelt gratitude to all those who have helped in this research work by giving their inputs directly or indirectly through their research works as references or direct inputs as respondents. We express our heartfelt indebtedness to the almighty God who has given us the strength to complete the research work.

Citation

Mishra, K.K., Pant, P., Singh, H. and Mishra, S.K. (2024), "The Philosopher's Stone: Applications of Data Alchemy—Customer Personalization, Profiling, and Retention", Taneja, S., Kumar, P., Reepu, Kukreti, M. and Özen, E. (Ed.) Data Alchemy in the Insurance Industry, Emerald Publishing Limited, Leeds, pp. 77-95. https://doi.org/10.1108/978-1-83608-582-920241015

Publisher

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Emerald Publishing Limited