CuOne for Insurance

Overview

CuOne for Insurance is a solution which has an integration of multiple platforms like Customer Insights, PowerApps, Power BI, which can benefit insurance businesses to achieve a single 360 view of their customer. CuOne offer features such as unified view of customer profile across multiple disparate sources, profile enrichment, AI-Driven insights. This helps in rapid segmentation and measurement based on customers’ lifestyle choices, data driven customer analytics along with data protection and compliance.

Like in any other industry, in Insurance industry too people expect fast, personalized services wherever and whenever they need it, and to compete, insurers need to offer the best, most seamless experiences possible across technologies, apps, communications, and customer service. The insurance user experience must start with a customer-centric approach. CuOne for Insurance focuses on helping companies to solve industry challenges such as tailored offerings as per customer needs, focused marketing, maintaining customer loyalty and provide seamless customer experience, personalized customer services. CuOne for Insurance also generates insights for business to help them identify and nurture customers with revenue potential.

Improvise Insurance user experience with customized approach for each customer

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CuOne solution primarily has 3 building blocks to achieve the outcome of 360-degree view of the customer.

Identify the list of internal/ external applications from which data can be pulled in to enrich the customer profile. Unification of data (transaction, behavioral and observational) from disparate systems to provide a personalized customer experience to the customer while understanding how customers are using company’s services and products.
Once the identified data is pulled in, this data is integrated with the existing data through the Map-Match- Merge feature in the application.
Once data is integrated with the existing data in the system, out-of-the-box AI/ML models can be applied on the data to derive insights. Customer insight has some inbuilt models like Customer life cycle value, Product recommendation, Subscription churn, transactional churn, sentiment analysis. Apart from these inbuilt models as part of CuOne solution it has custom models for the specific needs of the insurance industry such as–
- Health score of the customer is calculated based on the customers health parameter inputs like BP, Sugar levels, BMI, cholesterol levels etc.
- Similarly, Heart disease prediction model is built which will predict the likelihood of the customer getting any heart disease in near future.

Customer segments can be created based on these predictions and personalized offerings can be provided to the customers based on their health score readings

As part of CuOne solution power apps Application enveloping these features together along with Power BI which can be pulled in to visualize data through powerful reports.

Challenges & Solutions

As customers see a brand, not a department today, so with the help unified profile view which helps business to understand their customer better and enable business to make informed decisions to serve their customer better, customer engagements across channels are contextualized and personalized, Increased efficiency of self-service transactions and operations.

CuOne’s 360-degree view of the customer is a reliable omni-channel platform. It shows all insurance product’s information, tracks & updates customer’s personal information along with process of buying/renewing a policy across channels with the help of activity timeline feature. This allows service representative to help their customer in less turnaround time.

Segment Insights feature which allows insurance salesperson to compare members of multiple segments and enable to penetrate in niche customer segments (E.g., Sedentary Lifestyle, Active Lifestyle with Risky Disposition), calculate the total ROI for entire campaign across all channels. Identify similarities and dissimilarities among customers. Segment overlap – which customers appear in multiple segments, Segment differentiators - which profile attributes and measures distinguish the selected segment.

Defining key business and customer KPIs, helps to better understand business performance and customer behaviors. CuOne for insurance has variety of out-of-box model options that leverage AI and machine learning such as customer lifetime value - Predict potential revenue of a customer, product recommendation (product suggestions based on past purchase behavior, Churn (Probability of a customer discontinuing). CuOne offer business capabilities to that improve customer experience, and revenue streams.