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Big data analytics in Insurance using social , analytics ,mobility
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Insurance
Brands
From Bermuda triangle of businesses
to magic triangle of businesses
Using SOCOTO’s SAM triangle Social Analytics Mobility
Insurance pain points
millions of complaints
‘delay in settlement of claims’
“Complaints are due to a gap between the expectations of customers and service delivery of company.
We must get into the details of what the complaints are and readress them,” said S K Roy, chairman of Life Insurance Corporation of India.
Value
Analyze huge unstructured complaints from forums and social channels
Insights about complaints categories and readdress them
Inputs for complaint management workflow
Reduce the time by 20-25 % Speed up the processing Increase the satisfaction index of
consumers Save millions of dollars
Fraud detection
ClaimsSurrenderPremiumApplication
Billions of dollars
Case study The common styles in which the questions on
an application form is posed are
1. Do you consume tobacco products?2. Do you smoke? 3. Have you used a tobacco product in the last five
years?4. Have you ever consumed tobacco products?
Found that many customers were given wrong information !!!
Solutions approaches
Social network analysis
Predictive analytics
Social CRM
Technologies
Text mining Sentiment analysis Content categorization Discovery Social network analysis
,
Value
Reduces frauds Better than traditional methods Save millions of dollars
Mobility the new line of business
Real time
Reach
Responsiveness
The bliss
Predict Alert Act React Real-time
Analytics-Predict
potential insured events
Health data
Weatherdata
Vehicle data
Eventdata
Socialdata
Mobiledevices
Trafficdata
Historic data
Mobility the new line of business
Weather predictions say heavy rainsa head…
A tree crushing a parked car during a rain storm
Your car got crashedJust now!
Sending notification for claim ,OK…
Do you like to book a cab ?...
Value
Increase efficiency Increase customer experience Real time , self service Personalized
Shared experiences
Ultimate moment of social marketing
FROM SOCIAL TALKS TO
SALES TRANSACTIONS Social
Discovery
SalesStimulu
s
Experience
ShareExperie
nce
Awareness
Real time monitoring - Problems
Needs 24/7 manual monitoringDedicated resourcesDomain expertise Delay in response
Think and discovery- Solutions
Q&A system
Think and discovery- Solutions
Social media influencers marketing
Value:Understand the influence of
a consumer and use it as social capital for marketing
activities like brand ambassador .
Social media personalized marketingwith Interest graph
Value:Leverage the interest graph
for better intimacy and personalization leading to
better sales .
Best experience blending analytics , social and mobility
State of art technologies , data scientists ,domain expertise
ROI
Embrace the future digital experiences
Benefits
