Life insurers who are customer experience leaders have been growing faster and more profitable than customer experience laggards.
The biggest challenge in Group life insurance is the limited data and information available at each member level as it is the Group policyholder who takes coverage for their members.
Living benefits represent a majority of voluntary sales and are growing faster and delivering higher ROE than death benefits
Policyholder retention is an important metric for any insurer and a straight-forward concept. But most life insurers struggle with retention despite their best efforts.
By identifying policyholders that are at risk of non-renewal, and proactively communicating with those policyholders life insurers can:
It's a known fact that the more coverages you have with a policyholder the higher their retention rate. But cross-selling and upselling is tough.
So when is the best time to cross-sell or upsell a customer?
Customers buy an insurance product only when they need it. So it is critical for insurers to know where exactly a customer is in his life stage, and anticipate the needs at that stage. This can be accomplished using:
According to a Bain & Company survey Customer Behavior and Loyalty in Insurance: Global Edition 2017, the average Net Promoter Score for life insurers in the U.S. is 4.5%.
To improve NPS, the customer service team needs a better understanding of the customer sentiment across segments. This requires the capability to run advanced analytics across multiple segments such as products, geographies, and customer segments
NPS data can also be combined with interaction data from all available data sources including both structured and unstructured data to:
According to a recent survey, the technology that will have the greatest impact on improving the claims experience for both policyholders and insurers is machine learning and artificial intelligence.
Life Insurers can develop customer risk profiles to determine which claimants should receive the highest levels of review - before a claim is filed.
This approach of leveraging the power of machine learning and AI helps improve the customer experience for legitimate claimants while making it harder for dishonest claimants to go undetected.
Fraud not only hurts an insurer’s bottom-line; it can also have a direct effect on customer experience. While fraud losses continue to mount, most insurers still rely on statistical models to identify fraudulent claims within their anti-fraud programs.
The result is higher premium costs for customers making it difficult for life insurers to retain existing customers and obtain new customers in a highly competitive market.
Insurers are increasingly concerned how fraud can impact honest customers. Identifying fraudulent claims
Our customer testimonial list is growing
"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."