Life is moving faster than ever before. High-speed internet, the frenetic pace of technological developments, and buying online in a single click. We all want everything just the way we like it – and we want it all now. This means that it’s vital for businesses to offer ever more personalised and streamlined services so that they can keep up with consumers’ demands.
Originally published at Insur-space.com
The good news is that they’re not facing the challenge alone. In fact, the technological revolution and changing consumer trends have given us an enormous reserve of data to tap into in order to improve customer service. The key is in using technology itself to exploit the data and make better decisions.
This is exactly what the Polish startup Synerise is doing. It was set up in 2013 with the concept of “offering an end-to-end solution that responds to the types of products, sales, and marketing challenges businesses across all industries are facing” explains Synerise partner and Country Lead, Tomasz Smardzewski. Their solution uses “data and artificial intelligence to help brands better respond to the needs of their customers, using automation, business intelligence reporting, and communications and personalisation tools, as well as pricing policy management”. And all of this is done in real time, at scale.
This is because in spite of having astronomical amounts of data available, businesses often have to tackle issues with information silos and data fragmentation. Synerise has found a solution, using artificial intelligence algorithms that “analyse and segment millions of interactions on customers’ buying journeys, so that recommendations can subsequently be personalised”, says Smardzewski.
This means Synerise “improves the customer experience, increasing sales with personalised recommendations in real time, and improving customer loyalty”, he explains. It’s done through a mobile app and online, and they’re already working with international brands such as IKEA, Orange, and Carrefour, in countries such as Hungary, UAE, Russia, Greece, and Spain. A total of “more than 100 European companies within the automotive, financial, telecommunications, and fashion industries, among others” he specifies. They are now focusing their global expansion on North America, Latin America, and the Middle East.
In the case of traditional insurance companies, there often aren’t many customer interactions, meaning they have little data available to them. This is where Synerise’s solution comes in. As Smardzewski explains, thanks to “their capacity to connect customers’ data and their interactions from multiple sources, they can build a window into the customer experience”. He also expects “an even more promising future thanks to insurtech and the Internet of Things”.
Insurance company MAPFRE is fully committed to technology, which is why Synerise is now taking part in the insur_space acceleration programme, an opportunity they’re particularly excited about because “it’s a challenge to keep growing and learning. Not only will it give us new value, it gives us the opportunity to learn about Spain and the needs of its customers”.