The client is a leading insurance intermediary in the general insurance a space.Policy renewal is a yearly process for the client that requires a lot of strategyformulation, marketing and resource efforts. However, owing to less transparencyand a single view of processes, various questions remain unanswered. The reasonsfor losing customers, points at which customers were lost, the need for earlyalerts, control over processes, were some of the identified gaps.
- Transparency in the processes
- Policy segmentation based on risk of renewals
- Automation of manual processes for optimization reduced operationalcosts and added efficiency.
- Data collection - Past 1 year data was collected from various sources togenerate insights.
- Descriptive Analysis - Data was analyzed to understand patterns and the rootcauses of non-renewal Vis a Vis renewal.
- Segmentation - Statistical techniques were applied to segment each policyinto 5 segments i.e. Very High Risk, High Risk, Medium Risk, Low Risk andEasy targets.
- A dynamic view of the policies was created by using the feedback data. Anyunstructured data, if present, was converted into structured format foranalysis. There are chances that the policy can move across various risksegments from time to time, hence dynamic view proved to be an advantage.
- Multiple intervention options in process were co-created with the businessthat led to success of the campaign.
- Increased number of renewals by 5% (month on month).
- Portfolio Segmentation: Policies were segmented based on risks, which enableda more focused approach
- Process monitoring: Helped in generating various intervention points, thatgenerated value across the insurance value chain
- Reduced operational costs: A better control and transparency in the processeshelped in optimum utilization of resources, thereby reducing operational costs.
- Role based Use: CXO, Manager, Team lead, Caller, agent served with role basedmodules.
- Increase renewals
- Data driven operations
- Intervention for improvement in renewal process
- Insurance Analytics Suite - A single platform that uses unique predictive algorithms to understand risk of renewals, generate process alerts and enables intervention points in the process.
- Increase in Renewals by 5% (month on month)
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