The insurance industry is in a constant state of flux as it tries to deal with a complex raft of issues. The problems range from changing economic conditions to increased regulation. Stiff competition and the absence of clear strategies add to the roadblocks. As the players wade through market volatility they also witness internal challenges such as high operational costs. Despite their best efforts to survive and thrive, customer retention, renewal, and high churn rates remain major concerns.
Often, customers play the role of a disruptive force. Their needs, expectations, and knowledge have expanded exponentially and they are spoilt with overwhelming choices. Hence, loyalty is no longer a given. This indicates that the traditional approach of selling protective products may not work; instead, a focus on service-based models and products led by innovation will lead to growth and a sustainable competitive advantage.
Why TCG Digital
Drawing on our wide experience, we empower insurance companies to focus on untapped markets and discover opportunities that deliver steady and sustainable growth. With our capabilities in advanced analytics, we ensure that insurance companies leverage data to glean valuable business insights and understand the potential risks, market trends, competition, and customers.
Driving Improved Decisions and Better Performance
Our self-service, end-to-end analytics platform, tcg mcube helps in Data ingestion, Data pre-processing, Storage, Analysis, Visualization, and AI/Machine Learning. It enables insurance companies to:
- Determine what is cumbersome for the insurance product buyers
- Gauge true customer sentiment
- Figure out customer interactions that need to be revised
- Decide on the acquisition strategies
- Identify channels that should be rewarded or discontinued
- Plan how to increase wallet-share of existing customers
Key differentiators of tcg mcube:
- Comes pre-built with a library of use cases, which can be used by customers across industries to jump-start their transformation projects
- Reduces the deployment time considerably, thus, bringing down the time-to-market
- Helps leverage the available customer data from all source systems to generate a single view, automate reports, analyze business issues, and predict trends to strategize prescriptive measures
Our capabilities and expertise go beyond managing data to unleashing tcg mcube’s full potential
For most insurance companies, acquiring new customers is getting increasingly expensive. Hence, the strategic focus is on cross-selling new products to existing customers. Our advanced and intuitive models look at a combination of text, psychographic, and survey data and web logs to identify potential opportunities for cross-selling. We use predictive modeling to understand the behavioral attributes of existing customers and identify the profitable ones who need to be retained for profit maximization.
For most players, renewal remains the primary source of revenue. Moreover, it is the quality of claim experience that decides the behavior of the policyholder. Our predictive models monitor policies that near expiration and group customers into high, medium, and low segments based on the policy renewal probabilities. With these insights, insurance companies can identify policyholders who are at a high risk of non-renewal and direct efforts towards creating tailored retention messages for each of them. They can send across these messages well in time before the customer’s churn score increases to a level from where retention is not feasible. These scores combined with the customer lifetime value scores help insurers to strategize effectively and reduce churn among the high value customers.
Technology acts as a lifeline for forward-thinking insurers when they turn to behavioral segmentation in order to group customers into segments based on the actions they share. Our advanced analytics capabilities help insurers to look beyond historical data and determine the affinities per segment, which help anticipate the next action a consumer might take. Along with suggesting a balanced product mix category, we also help insurance companies to undertake sentiment analysis, which in turn, enables them to identify sudden demand for a product type, classify complaints according to products and services, ease out the claim management process, and enhance customer experience.
Insurance companies have often turned to our advanced analytics abilities to grow their sales or expand their customer bases. These goals have been successfully achieved through the effective implementation of cross-selling and up-selling options as directed by our analytics models.
At TCG Digital, we leverage company data with Predictive Analytics to profile customers. We aggregate all information about the different customers in the database along with their historical purchase patterns, and then apply algorithms like Decision Trees or Logistic Regression to train the predictive models. The models are, then, able to separate the customers in the database into ‘interested’ and ‘not interested’ profiles. This helps companies to identify the interested profiles and target them appropriately. Consequently, it results in successful cross-selling or upselling to the existing customers.
Customer Sentiment Analysis
Automated Statutory & Regulatory Reporting
Customer Sentiment Analysis
We apply state-of-the-art text mining techniques to analyze customer sentiment. Our models leverage social network data and satisfaction surveys to understand the true voice of the customer. The objective is to lead insurers toward more focused action and improved customer loyalty. With our fine-tuned analysis, insurers can classify complaints received according to products and precisely customize the approach to address pain points.
Insurance companies have often turned to our analytics solution to streamline claims settlement and they have benefitted from our expertise in predictive and prescriptive analytics. We understand that customer satisfaction and efficiency of the claims process are closely related. By monitoring data in real-time, we ensure that the set of interactions at each touch-point is seamless and hassle-free for the claimant.
We leverage historical data to calculate CLTV accurately and identify the most loyal customers with whom a long-term relationship needs to be maintained for continuous revenue. Our machine learning models also use techniques such as profitability analysis, survival analysis, and forecasting to predict CLTV of new customers. These insights drive insurers toward more well-informed, data-driven decisions that promote savings, revenue growth, and efficiency.
Automated Statutory & Regulatory Reporting
In insurance, statutory and regulatory reporting takes up a major share of an insurers’ time, money, and effort across all departments; be it actuaries, finance, claims, operations, etc. The norms related to the reporting regulated by the Insurance Regulatory and Development Authority of India (IRDAI) are stringent and must be compiled in a proper and timely manner, failure to which may leave a major impact on the companies. We, at TCG Digital, provide a fully automated statutory and regulatory reporting framework which spans across all departments and makes manual work for reporting negligible, saving time and ensuring efficient compiling with complete data checks and validation. The quality of data is ensured by structuring it for reporting purposes. Also, visualization is enabled on the tcg mcube platform through easy access to dashboards made available to multiple stakeholders including the senior management.