The Challenge
Insurers have been undergoing digital transformation for years, but COVID-19 has forced them to accelerate their digital agendas. The pandemic has reduced face time and increased customer demand for seamless digital experiences.
The limitations of legacy systems, complex operating environments, data siloes, and costs of digital transformation have hindered insurers’ progress in leveraging AI and ML analytics for insights and actions that drive customer satisfaction and growth.
The Solution
with pre-built use cases for faster time to value.
CI&I provides access and analytics across siloed data, enterprise systems, and IoT devices so that insurers can deliver the personalized products and experiences customers seek. It leverages AI and ML to optimize underwriting, pricing, claims, and distribution.
CI&I discovers customer behavior, such as when a customer is searching for a protection plan or other touchpoints across devices and locations, based on their consent. With complete data privacy support, CI&I uses customer life stage and preferences to dynamically optimize propositions and conversions in real time.
Insurers can use CI&I in parallel with their digital transformation initiatives to unlock legacy data, and chart individualized protection and wellness journeys.
Benefits
- Drive growth by delivering highly personalized protection and wellness experiences
- Engage under-protected, under-invested members with value-added recommendations
- Identify members likely to cancel coverage, and take proactive measures to retain them
- Simplify claims management and processing with predictive analytics
- Mitigate fraudulent cases in claim processing by analyzing insurance data trends
- Improve campaign success with relevant real-time, contextual offers and recommendations
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