Case Study - Understanding the role of a CDO Devas… · Case Study - Understanding the role of a...

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Case Study - Understanding the role of a CDO

Anthony Devassy SBI General

SBI General – Company Background

• The Company issued its first insurance policy on 25th March 2010 • Direct and Intermediated business – General and Health Insurance • Approximately 1.5 million new policies being issued every month. • Insurance sold through 21,000+ SBI branches & 4000 Agents & Brokers • 90+ dedicated branches • 2,500 employees

Where we fit in?

Data @ Indian Insurance Industry – A Challenge

• Customer & Policy data quality highly intermediary dependant.

• Poor awareness on benefits of Data Quality and the impact it has on various aspects on business.

• Data Quality not part of the overall business strategy.

• Considered to be a fancy word!

Data @ SBI General – Challenges • Employee prior conditioning. Rapidly increasing employee force and branch

network.

• Huge volumes of policies sourced through intermediary with little control on the data captured at source.

• Company’s strength being reach in Semi Urban and Rural areas where data availability and accuracy a challenge.

• People Empowerment

• Information Management Governance – Sustenance

DQ part of Org Strategy A) DQ - A core strategic objective B) Top Down + Bottom Up Strategy

1

Data - A Core Strategic Objective

Branch Manager’s Balanced Scorecard

Timely and Reliable Information (X %)

Department Heads Balanced Scorecard

Timely and Reliable Information (X %)

Corporate Balanced Scorecard

Timely and Reliable Information (X %)

DQ - A core strategic objective 1

IM Principles & Practices A) Put a structure in place – Information

Management Governance . B) IM Principles, Policies & Standards

2

Structure - Information Management Governance

IM Champion - CEO

IMG Facilitates

IM Governance Structure 2

Principles, Policies & Standards

1) Information Quality Principle - Ensures that the culture of the enterprise supports quality information production and maintenance.

2) Information Security Policy - Sets out SBIGI’s approach to preserving the confidentiality, integrity, availability and auditability of SBIGI information assets.

3) SBIG Data Definition Standard - Data is consistently defined. Implemented by having the Enterprise Data Dictionary.

4) SBIG Data Entry & Validation Standard - Use of this standard in both existing and

future systems ensures consistency in the capture of data.

5) SBIG Information Asset Classification Document – Classify SBI General’s information assets to ensure that they are protected accordingly.

6) SBIG Record Retention & Destruction Standard - Information is available to those who need it to perform their duties and the right information is available to the right place at the right time in the right context

IM Principles, Policies & Standards 2

Change Management A) People Empowerment – Awareness &

Control B) Centralisation of Data and Information

Management – CBIT (Centralised BI Team) C) Continuous Communication D) Incentives – on Data Quality to Branches

3

How CBIT helps business !!

1. Centralised Information - Single version of truth across the organisation.

2. Increased User Satisfaction - Accuracy and Timely delivery of reports build trust.

3. Increased decision making speed

4. Single point of contact for information – Business focus on their core deliveries.

5. Enhancing Context to Data – More holistic view of business issues

Centralisation of Data and IM 3

HoD message on Intranet

Continuous Communication on Intranet 3

Data Quality on Intranet Continuous Communication on Intranet

3

Data Quality on Intranet! Continuous Communication on Intranet

3

Communication – Emailers to Employees Continuous Communication on Intranet

3

DQ Branded at SBIG

Meet DEEKEW ! The DQ mascot at SBI General

Incentives - Data Quality Awards to Branches

Quality Management Principles & Practices A) Being Proactive than Reactive – Focus on source

and process! B) Team Ownership. Not just an individual/function

responsibility C) Measurement – Monthly Data Quality Scorecard

& Dashboard D) Continuous Improvement – DQ Programme , Data

Enrichment Programs & Unique Customer View E) Cost of Quality – CSAT Score, Return to Office,

Rework monitoring

4

Focus on Source & Processes

1. Work with teams acquiring and entering data. Intermediaries as well!

2. Continuous feedback taken from branches on the challenges faced at

ground level.

Stage 2 Stage 3

Being Proactive than Reactive 4

Data Quality Awareness & Training

1. Data Quality messaging part of the employee induction program.

2. New branch offices induction

3. Senior Management support on Data initiatives

Being Proactive than Reactive 4

Mantra for Data Quality success is ‘Team Ownership’

Focus on branch teams assuming responsibility. Not individuals! The branch gets measured for overall branch performance. Rewards are given to the branch.

Team Ownership 4

What gets measured gets done!

Measurement 4

25

Cost of Quality

Individual Party Valid Mobile %

Invalid Mobile %

Unique Customers

Lost Opportunity Customer Count

Number of Policies 87% 13% 2,88,244 1,28,121

System Policies (excl PA) Endo % Policies Issued* Policies Reworked Cost Incurred (in Rs)

DQ Endorsements YTD FY17 1 % 5,00,000 5000 1,60,000

DQ Endorsements FY15-16 5 % 16,00,000 80,000

25,00,000

Cost per endorsement = Rs 42 i) paper cost +printing cost + envelope cost + dispatch cost = Rs 20 (0.34+0.8+3.8+15 (avg)) ii) employee cost to pass 1 endo = Rs 32

1. Non contactable customer = lost opportunity for renewals, cross sell and up sell

2. Endorsements initiated due to Data Quality Error

*Numbers used in the above slide are not real and have been presented only to convey the message.

Cost of Poor DQ 4

Data Quality Enhancement Program • Enterprise wide program to enhance the quality of data captured at source.

• The objective of the program is to sensitize employees on Data Quality and instill a culture of self monitoring

• Team followed top down plus bottom up approach

1) Top Down by involving CEO as Data Champion along with email communication to all branches from him

2) Bottom Up by inducting all branches by running Data Awareness programs

Continuous Improvement 4

Data Enrichment Programs

Customer Enrichment Incentive Program (CEIP)

• Being run since Nov14 by the call centre team to update mobile no. and email id on every call received from customer

• High performing teams are being recognised.

• Incentives/movie tickets planned for best performing agent.

Data Enrichment through Credit Bureau

• Tie up with the bureau to enrich the customer contactability

• Enriched data being currently used for retaining customers.

• Enriched Data used for Marketing campaigns and Cross selling

Continuous Improvement 4

Unique Customer View

• Continuous Customer Merge Process

• Sensitise customer to capture unique IDs

1 • Improve campaign effectiveness

2 • Conduct accurate and target cross sell and upsell

3 • Retain most profitable customers

4 • Deliver superior customer experience at the point of service

5 • Save unwanted mailer costs and effort

With enhanced 3600 view of the customer, SBI General can -

Continuous Improvement 4

Analytics delivered from CDO’s Office

1. Centralised team for providing insights to entire organisation

2. Key business issues addressed through analytics

• Retention Propensity

• Customer Cross Sell

• Industry & Competitor Analysis

• Product Profitability

• Identify New markets

3. Data visualization for conveying insights to Management

REWARDS and OUTCOMES

Outcomes

• Customer Contactability – Quality of customer data improved by 20% over the last 2 years

• Driving Revenues for the Organisation – Higher Renewal Rates with increasing Customer Contactability and Analytics.

• Better Customer Matching – Unique Identifiers captured help in Customer

Merging process critical to analytics and marketing campaigns.

• Successful Campaigns – Marketing Campaigns have seen success with improved customer data and analytics being applied.

• Data Getting Attention - Data issues discussed in all performance review meetings

DQ Asia Pacific Winner (2012) & Runner up (2014)

Learnings -

• Data First. Analytics Second.

• Think Big but Set Small Targets.

• Focus on Quick Wins. Build Confidence.

• Communicate. Build Visibility. Get the Mindshare.

• Get the Senior Management Support.

• Invest in Awareness and Education

• Cost & Revenue Impacts. Business follows that Language!

• and……..don’t give up!

Thank You