BFSI companies are building a customer data platform (CDP) that will bring in data from various touch points with cx – marketing data pre-acquisition, sales /customer support interaction, cx profiling, post-acquisition trading data, and profile enrichment third-party data.
Pratik Rokade, Director at JM Financial Products delves into this: “We have a centralized data warehouse where many machine learning models will be built to personalize our services. We are tracking minute marketing and sales-related events about every customer. Based on this we are building a BI engine that will allow us to create reports and insights on the fly for every stakeholder. This will provide tools like segmentation, funnels, retention, cohorts & impact analysis to analyse data in real-time to make data-driven decisions.”
Customer-centric solutions in insurance
The insurance industry continues to evolve, some of it driven by the changing customer behavior and some of it driven by the availability of new technological solutions. New-age technologies such as AI and ML are helping in creating customer-centric solutions and helping drive newer products and services for the insurance customer.
Girish Nayak, Chief Customer Service, Operations & Technology at ICICI Lombard GIC shares: “At ICICI Lombard, we have been early adopters of technology, and this has helped us in digitizing data over multiple years. This structured and unstructured data over the years has helped us in developing multiple solutions.” ICICI Lombard has been experimenting with telematics-based solutions for the last several years both in the private car insurance space as well as in marine cargo insurance. Adds Girish: “Data collected over these years has helped us in developing an indigenous driver-based scoring model for identifying good and not-so-good driving behaviour basis distance, speed, rash acceleration, hard braking, and other factors.”
He further added: “These models have helped us in rolling out our ‘Pay As You Use’ and ‘Pay How You Use’ products. The former product will incentivize customers with low driving usage and the latter product will give attractive discounts to customers with good driving behaviour scores.”
Investment Analytics & Recommendations
The analysis of the income and the holding pattern of the customer helps to understand the financial strength, using it along with a customer target (like the children’s education, home, retirement) to recommend the investment options.
Biju Balakrishnan, CTO, FIA Global shares the customer-focused use case: “Investment analytics are in tandem with our mutual fund’s investment, which is calculated based on income, target, and tenure. If the customer wants to save for their kids’ education, and they have about 18 years to save for the children’s higher education. For example, if the income is 10k, we advise them to save about 10% and reach the target by the end of say 8 years. We then advise them to save about Rs500 more to get more ROI from their investments based on return calculations. This is the analytics for mutual funds solutions.”
Specialized Products
FIA Global has introduced gold-based mutual funds products. Biju provides the details: “Underlying MF entity for this product is gold. As we know recently gold prices have stabilized or dropped. For our customers, we calculate this risk to return ratio and suggest investments.”
FIA’s reconciliation team looks at the current income patterns of an agent and the commissions earned along with transaction patterns to calculate their monthly income. It also suggests ways to earn more.
ICICI Lombard recently introduced the ILTakeCare app which has surpassed 2 million downloads. This app offers customers a one-stop shop for their insurance and wellness needs.
Girish provides the details: “While it started as an engagement platform, we always envisioned it as a one-stop shop for a customer’s insurance needs. Accordingly, we have started leveraging the app now for cross-selling, up-sell, and renewal. Sophisticated ML algorithms are using consumer behaviour on the app and customer profile as well as past purchase behavior is helping us to identify the right consumers and pitch them the right products.”
Speech & Voice Solutions
Speech and voice-based solutions are playing a significant role today in customer service and engagement. Leveraging unstructured data such as voice and text is playing a key role in creating such solutions. At ICICI Lombard, voice bots are helping the insurance company in servicing requests that come to the call centre. Speech recognition technology is enabling bots to understand long narratives and provide a contextual response for specific use cases such as intimating claims as well as understanding the status of a claim.
Girish says: “Such solutions are also now used for welcome calling to customers to inform them about policy terms and conditions and procedures to intimate a claim. We continue to remain invested and build solutions using new-age technologies such as IoT, AI/ML, and big data that are helping us design new products and services as well as improving the experience of our stakeholders.”
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