How can you use data visualization to help customers understand policy renewals?

1 Why data visualization matters for policy renewals

Policy renewals are a critical moment in the customer journey, as they offer an opportunity to reinforce trust, loyalty, and satisfaction. However, they can also be a source of confusion, frustration, and churn, if customers do not understand the benefits, costs, and changes of their policies. Data visualization can help you to overcome these challenges by making policy renewals more transparent, engaging, and persuasive. By using data visualization, you can show customers how their policies have performed, what value they have received, how their premiums are calculated, and what alternatives they have.

2 How to choose the right data and metrics for policy renewals

When creating effective data visualizations for policy renewals, it is important to choose the right data and metrics that matter to your customers. This may vary depending on the type of insurance, but some common ones include claims history, coverage details, premium breakdown, savings and discounts, and risk assessment. Claims history looks at how many claims have been made, paid, and denied, and for what amount and reason. Coverage details examine the limits, deductibles, exclusions, and endorsements of the policy. Premium breakdown analyzes how the premium is determined and what factors influence it as well as how it compares to the market average. Savings and discounts look at how much money has been saved by the customer through loyalty programs, bundling, or other incentives. And risk assessment evaluates the customer's risk profile as well as potential scenarios and outcomes that can reduce their risk.

3 How to select the best data visualization type for policy renewals

The next step is to select the best data visualization type that suits your data and message. There are many options, such as charts, graphs, tables, maps, dashboards, and infographics, each with its own advantages and disadvantages. Generally speaking, charts and graphs are good for displaying trends, patterns, comparisons, and distributions; tables are useful for showing precise numbers, rankings, and categories; maps can be used to show geographic or spatial data; dashboards are ideal for presenting multiple data points in one view; and infographics are great for conveying a story or concept with data.

4 How to design clear and attractive data visualizations for policy renewals

The final step is to design your data visualizations in a way that is clear, attractive, and consistent, so that customers can easily read, understand, and remember them. To achieve this, use colors, shapes, and sizes to highlight important data and create contrast. Labels, legends, titles, and annotations should be used to provide context and explanation. Additionally, consistent fonts, styles, and formats should be used to create harmony and coherence. White space, grids, and alignment can also help create balance and order. Interactive features like filters, sliders, and tooltips can allow customers to explore and customize the data.

5 How to present and share your data visualizations for policy renewals

When creating data visualizations, you must present and share them with customers in an engaging and effective way. You can use a variety of channels and formats, such as email, web, mobile, or print, depending on the customer's preferences. To ensure success, use a clear and catchy subject line or headline to capture attention. Additionally, provide a short and friendly introduction to explain the purpose and value of the policy renewal. Make sure your data visualizations have a logical and coherent structure that guides the customer through them. End with a clear and strong call to action to prompt the customer to renew, upgrade, or contact you for more information. Finally, use feedback and follow-up mechanisms to measure the impact and response of your data visualizations.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?