Digital strategy and advanced analytics creates new business potential
The Danish insurance company Alka has created a new business strategy which marks a change from traditional communications channels to focus on digital channels. This involves a new product strategy and a digital channel strategy underpinning the business transformation that the company is undergoing, and is monitored by advanced web analytics and data mining.
Alka wanted to ensure they weren’t left behind by the increasing digitisation of the insurance market, ensure their continued growth and maintain their position as one of the leading insurance companies in Denmark. Therefore it was crucial to set goals for the digital channel and to establish a clear strategy and a web channel analysis platform to ensure that the performance of the channel was monitored and optimised.
Digital strategy and web analytics
Alka chose to involve eCapacity’s strategy consultants to help with the development of a new product strategy and to create a strong foundation to base the development of a new digital customer interaction on.
As a result, eCapacity developed, in close cooperation with the management of the online channel, the digital strategy that set the direction and ambitious goals for the new channel.
The strategy defined the key areas for action and the specific strategic projects that Alka’s online organisation should focus their efforts on, and also set a clear direction for the organisation during the period of planning.
Within the strategic planning period eCapacity has served as a partner and produced the ongoing monitoring of the online business by implementing two web analytics platforms: Adobe Analytics and Marketing Cloud.
Based on this analysis a channel reporting tool has been developed that connects the online channel data to Alka’s business:
- Developing frameworks and models for strategic and tactical reporting
- Defining the strategic KPIs and the underlying business drivers which are essential to monitor developments in the business and how to measure them
- Presentation, setup and automation of channel reporting from Adobe Analytics
Based on the strategy Alka has emphasised the online channel’s role clearly in relation to the other channels and created a strategic foundation for the further development of the channel.
The results of the strategic initiatives and the efforts to separate the online channel is monitored continuously against stated objectives and there is a constant focus on how to adjust and carry out improvements.