Two simple thoughts :
1. Is the importance of Customer Loyalty growing to the level of being the differentiator in the Insurance Industry
2. Is there a disruption happening in the way Analytics is delivered, especially in the Insurance Industry
We seek to explore the two ideas and their intersections.
Loyalty from customers in Insurance
While many industries had had it is a core value area, is Insurance is now giving it an additional boost? Does it have a significance beyond the apparent?
To define the importance of customer loyalty from the Insurance perspective.
- Loyalty is equated with good Customer Service. A company where more customers do not stay back will definitely have perception problems in service
- Loyalty increases ability to sell more products to the same customer. More cross-sell/upsell. It is impossible to sell more products to customers who anyway do not stay
- It is easily deductible that retention has a lower cost of acquisition. Thus a significant effect on the bottomline.
- Loyal customers tend have a greater propensity of paying higher prices across industries. The same holds for insurance too. Needless to mention the effect!
- It is better to sell to a customer whose risk propensity has been experienced. Especially true for an industry whose business is risk!
- Above all, loyalty creates higher brand value. In a multitude of ways
It is time Analytics services got disrupted too by Analytics products? Especially in the Insurance Sector?
The founding philosophy of Consumer Analytics is to wear the business hat. The objective of all tools should primarily be for the advancement of business.
Thus the evolution of analytics need to be towards easy to use, ready to deploy products.
Traditional consultancy was disrupted by Analytics. Quicker turn around projects giving faster value to organisations.
Customers are getting increasingly impatient. Organisations need to follow suit
Let’s analyse Analytics products from the vantage point of evolution?
- It is visual
• While data needs to be massaged, Intelligence units needs to setup, but without a frictionless UI is it possible to drive actions within the organisation?
- It is easy to deploy and provides instant decisioning tools
• Going with the speed trends
- Organisations are aware of the output formats from the very start
• Each business function gets clued in from the start
- Organisations are able to test the solutions
• No more pilots wastage of valuable time
- Automated actions and a learning loop
• Self learning – Enhances the internal drive again
- Ability for organisations to customise fast according to their own needs
- Ability for organisations to follow a faster self service model
• Democratization of analytics
- Above all it keeps ‘business first’
And thus the disruptions through Insuretech. The fintech revolution, which began with start-ups, has disrupted the banking sector since a decade. “Insurtech” has now arrived with a bang. Technology-led, data-led, intelligence-led processes and organisations specific to Insurance. Functions with lower cost, reduced operations, and providing coverages to a more digitally savvy target segment.
To combine the growing importance of both Insurance Loyalty and ready to use Analytics products, Pentation Analytics chose to dig deep into this phenomenon to come up with a solutions typical to the industry, using the latest in technology and analytics.
Insurance Analytics Suite – creating value across the insurance lifecycle
The ‘Insurance Analytics Suite’ from Pentation Analytics is an innovative predictive analytics product which integrates into the core business function of retention.
A single platform for all policy data, structured and unstructured, enabling end-to-end solutions for insurers. Using Artificial Intelligence, Machine Learning and Business Intelligence, it helps create instant growth for insurance selling organisations.
Significant features of the product :
- Rich user interface
- Heirarchy based usage
- Streamlines customer, policy and third-party data
- Propriety algorithms of AI/ML
- Utilizes unstructured data such as feedback (text/voice), claims (files/images) and web activity data
- Policy level intelligence: deep insights into each policy and customer. Easily foldable to any segmentations
- Enable multiple interventions across the renewal/sales process
- In-built data model handles data from multiple sources, form, volume and variety
- The modular product is ready to deploy (on premise or on cloud) and provides subscription based revenues
It also adds cross sell and claims persona building modules.
Part of a new generation in Analytics, the management of Pentation The team an eclectic mix of business, data sciences and technology. Anirban Roy, founder director amd CEO, a management graduate from IIM, Lucknow, has 20 years of experience, majorly in retail insurance. Kamal Kishore Das, founder director and COO, an alumni of IIM, Calcutta and IIT, Kharagpur, has 18 years of experience across analytics, financial services and supply chain. Dr. Pameet Singh heads the Data Sciences team. He holds a PhD. from University of Maryland, Washington DC and is an IIT Kharagpur graduate. Pameet holds two US patents, and has over 14 years of experience across analytics. And several others of repute from from different streams.
The stated principle of ‘Business First’ for the clients, is not just a philosophy, it runs in the veins throughout the organisation.