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How Marketers Can Prepare for the Future of Consumer Insights with the Verisk Product Team

Personalized marketing is here to stay. In a recent survey, 99% of marketers believe personalization will be important to improving the consumer experience, and 76% of consumers say  they get frustrated at the lack of personalized offers.

So the question is: How can marketers achieve highly relevant personalization at scale amid an ever-changing landscape of consumer data, identity, privacy, and behavior?

At the VIA 2023 Consumer Insights & Experience Summit, members of the Verisk Marketing Solutions product team shared details about we are building innovative solutions to reach the right customers with the right offer at the right time. Check out some highlights of the discussion are below or…

Watch the full session on-demand now.

The Foundational Building Blocks of Consumer Data

To achieve relevant personalization at scale, you have to start with the building blocks of foundational consumer data. In 2023, brands spent over $9.2 billion on identity resolution—signaling a recognition for the need to get identity data right.

This is where Verisk Marketing Solutions comes in. As a leading provider of foundational data for marketers, we offer insights across the three core components that power personalization:

  • Who | Identity Resolution — Through identity resolution, marketers gain a clearer understanding of who they want to target. Resolution unites disparate identity markers, such as name, phone, address, email, mobile ad ID, and IP address, into a persistent person or household identifier.
  • What | Attribute Enrichment — With identity fundamentals in place, we enable marketers to add attributes that help define their ideal customers and drive profitability. Attributes include everything from demographics and lifestyle information to home and vehicle ownership and financial risk indicators. Marketers can use this information to personalize messaging and improve relevancy.
  • When | In-Market Signals — Timing in marketing is everything. Even the most carefully crafted, personalized messages will fall flat if they don’t reach the recipients when they’re in the market for the promoted product or service. This is especially true of considered purchases with longer buying journeys.

“Having the right foundational data about a person is really the building block to be able to effectively pull off personalization into the future.”

Eli Schwarz, Chief Strategy Officer, Verisk Marketing Solutions

Consumer Insights Packaged and Delivered

Panelists discussed Verisk Marketing Solutions’ stack of novel, evolving products that deliver on the value of who, what, and when for brands, including:

  • Real-Time Decisions — Marketers gain the ability to instantly discern the quality and TCPA compliance of a potential lead, the accuracy of a contact, how best to segment campaigns, or details that determine how to engage with an otherwise unknown inbound inquiry.

CASE STUDY: See how Real-Time Decisions helps Biologistic Software Solutions ensure TCPA compliance and provide evidence of consumer consent.

  • First-Party Data Enrichment— Marketers can identify their most profitable customers and the best ways to engage them. We help verify and complete contact data for existing customers and prospects in you CRM, as well as append hundreds of attributes such as demographics and lifestyle information to home and vehicle ownership and financial risk indicators. Our data enrichment includes elements focused on foundational identity data, appending data to find ideal customers for a given product, and tailoring outreach to engage those actively in-market for your products/services.
  • Data Licensing and Syndication — We securely deliver data on premise so enterprises can build and strengthen their own identity powerhouse. Specifically, marketers license our data to find and grow valuable customers based on robust modeling and segmentation. This helps improve targeting and relevance, and update and resolve identities to create world-class in-house identity graphs.

CASE STUDY: Discover why Consumer Orbit calls Verisk Marketing Solutions’ identity graph their “Rosetta Stone of consumer data.”

“We’re now bringing together 30 years of consumer history, we’re able to have shopping insights on major life purchases, and we also have a brand-new component that looks at Verisk assets previously unused for marketing purposes.”

Heather Geffen, Product Leader, Data Licensing, Verisk Marketing Solutions

Prioritizing Consumer Data Security

Consumers may prefer personalization, but not at the expense of privacy and security. Therefore, diligence around privacy and security underpins all of our consumer identity data work.

Specifically, Verisk Marketing Solutions employs the highest levels of security in the handling of sensitive customer data. We have fortified our process for building data assets in a secure cloud environment, using both the AWS platform and Snowflake. All consumer data is dynamically masked so no one can see or access personally identifiable information. In addition, we encrypt all data we deliver, and customers have encryption keys that are unique to them.

“We take multiple steps to ensure that our data is secure. Our clients can depend on that.”

MJ Yafchak, VP, Data Strategy, Verisk Marketing Solutions

Watch the full discussion now.

 

 

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