Join Ewelina (Evie) Mroczek, AVP, Product and Market Research at Lincoln Financial Group and Jackie Vergne from Aureus Analytics as they discuss how new technologies can help insurers learn more about their book of business and be applied to developing new products or updating existing ones.
Join Dr. Nilesh Karnik, Chief Data Scientist of Aureus Analytics and Jackie Vergne, Director of Customer Success from Aureus as they review a customer case study where the life cycle of two predictive models were developed for improving policyholder retention.
Measuring customer experience has traditionally been achieved by asking customers for explicit feedback, that is collected from online or telephonic surveys.
For organizations to truly measure and understand the CX of their customers, in addition to such feedback, it is critical to understand the feedback of customers who did not participate in such surveys.
Aureus provides insurance industry solutions hosted on an AI platform that combines both explicit and implicit data to measure the CX for all of your customers in real time to determine their "
Learn more about how the Aureus Sentimeter score is used to increase retention, improve cross-selling opportunities, and predict customer behavior.
Customer retention is a direct reflection of loyalty and customer experience.
Cross-sell analytics to sell the right product to the right customer at the right time.
Understand the portfolio dynamics at a household level instead of just the individual level.
Develop better customer risk profiles to improve settlement times.
Counter insurance fraud by predicting fraud before it happens.
Globally, insurers lose 18-20% of their customers annually. Insurance companies have taken various initiatives to improve retention rates, but the problem remains deep-rooted with no quick fix solution. It is a complex issue dictated by a combination of factors. However, poor Customer Experience has always been one of the top drivers for customer churn.
Customers buy an insurance product only when they need it. So it is critical for insurers to know where exactly a customer is in their life stage, and anticipate the needs at that stage. The key is to be able to run such campaigns at the right time and without annoying the customer.
Understanding the portfolio dynamics of your policyholders at a household level and not just at the individual level can help improve:
and minimize the risk of Errors and Omissions claims.
A typical claim process comprises of the following steps: initiation, assessment, adjudication and settlement. Each of these steps can impact the claim experience for a policyholder or representatives of a policyholder. Simultaneously, each step has a multi-dimensional impact on the insurance carrier as well as any intermediaries that may be involved. The claim process entails a number of decision points that include operations, risk management, settlement amount and loyalty.
Fraud continues to be a challenge for the Insurance industry. Even with the current process controls and specialized monitoring at insurance companies, fraud continues to happen. It is largely owing to the changing nature of fraud and the fact that most of the losses are incremental such as over-billing, overstating a loss, etc. The daily level needs to meet an agreed service level for an activity such as proposal processing, claim processing or commission payout further raises the requirement to diagnose instances of fraud on the go.
Aureus has been an active participant in several Insurtech events including the Plug and Play Insurtech program and most recently the Hartford Insurtech Hub accelerator program powered by www.Startupbootcamp.org.
Listen to the feedback from a customer experience executive that recently participated in an Insurtech program with Aureus.
Our customers are some of the best known players in their industry
"PULSE helped us improve our Net Promoter Score by 40 points thus leading to an improved overall Customer Experience."
Head Customer Service
“Aureus has been paramount in providing us with an instant solution to our predictive model using artificial intelligence/ machine learning on mortality experience. In-depth analysis from Aureus has not only helped us in proactively identifying fraudulent cases but also led to a large sum of cost avoidance in terms of claims payout. Aureus is surely the one to look out for when it comes to predictive modeling and Analytics”
Head - Fraud Prevention Unit
"Aureus’ platform helps us in creating an important analytics asset – “HouseHold Id” which benefited us in our persistency management, surrender retention & fraud control programs. It also played a key role in helping us develop lapse block propensity models."
Senior Vice President – Online Sales & Digital Strategy
“Sentiment Analytics” is an Aureus statistical/distribution model which helped us to understand the true sentiment of any customer which further helped us to deliver the output of predictive analytics models.
Aureus has given us unambiguous insights into the customer's history and sentiment which led to an increase in overall customer experience and also helped us in improving the Persistency / Retention.
They provide us the data points, with projections, as and when we need it. We have drifted beyond simple management information generation and moved into the depths of business intelligence and analytics.
Vice President - Head Renewals at DHFL Pramerica Life Insurance
"Aureus Analytics' analytics platform has been deployed (by Tata AIA Life Insurance) for our risk assessment program. The Machine Learning platform is deployed for a variety of use cases on a real-time basis.
These have helped Tata AIA take decisions and prioritize further course of action. This has helped us to manage & mitigate risk proactively & efficiently."
Head - Risk Control Unit (Operations)
"Aureus Analytics has been a true partner in achieving our retention goals. Their solutions have a direct and meaningful impact on the business and helped us increase revenue by $10M just by improving retention by 1% point."
Chief Operating Officer
"We have seen about a 20% improvement in our NPS with the introduction of PULSE into our ecosystem. PULSE not only gives us more time to analyze customer feedback and implement close looping actionable quickly, it also helps in an easier dissection of the data to seek out finer customer sentiments."
Head Customer Services
"The claim fraud prediction the Aureus solution provides us allows our investigators to focus on top 10% of early claims for investigation and is able to identify 80% of all fraud cases."
"Thanks to Aureus we have been able to leverage a huge amount of unstructured data from across different business lines in order to build a single customer view. This has helped us to know our customers better, understand their sentiment and recommend better products.”
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