Global financial services company Allianz has deployed a new analytics software for some of its insurance products in a bid to understand customer behaviour on its website and to evaluate the success of its marketing campaigns.
The new software, from web analytics and business intelligence solutions provider iJento (formerly known as Site Intelligence), also inadvertently helped the insurance provider identify and fix a problem with its back-end administration systems.
Allianz has implemented the tool for its customisable Your Cover car and home insurance products.
“Because of the modular nature of the products, it’s important to understand how customers work through the options.
“By looking at the individual metrics and understanding the customer journey we can understand the choke points. When we understand the choke points, we can widen the funnel and get more people out the end,” said Gary Lucas, channel development manager for e-business at Allianz.
In addition, Allianz can use the tool to analyse individual marketing campaigns to see which ones performed best.
One of the early benefits that the insurance provider has realised, however, occurred during the training period of the deployment.
When a customer purchases a policy online, Allianz’s back-end administration system is supposed to provide a policy number. However, by running the analytics software, Allianz found that only a fifth of customers were receiving policy numbers, which also put pressure on the company’s customer contact centre.
“We found on some days, 70 percent or 80 percent of the policies weren’t producing a policy number at the point of custom. We found an issue in the tier-processing, and [after fixing the problem] now we run 100 percent,” said Lucas.
Allianz has been using iJento for two months, and is currently in the process of developing the reports it wants to be able to retrieve from the system, including the ability to run ad-hoc reports.