Accelerating DIGITAL FIRST strategy for lndia First life insurance

Accelerating DIGITAL FIRST strategy for lndia First life insurance

“The power of ADAPTify and a dedicated Digital Lab helps india’s leading life insurer deliver its digital journey”

INDUSTRY PERSPECTIVE
___

The insurance industry in India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. Gross premiums written in India reached INR 5.53 trillion (US$ 94.48 billion) in the last financial year, with INR 4.58 trillion (US$ 71.1 billion) from life insurance. With the expansion of the insurance industry, there is tremendous competition to enhance penetration particularly in the non-metro cities and among the less-affluent segments. Most insurers are aiming to leverage digital as a major strategic focus to drive efficiencies to address the need of the mass segment. Digital strategies are being leveraged for new customer acquisition, servicing existing customers and cross-sell. In addition, digital is also playing a key part in enhancing operational efficiencies.

About the Client

IndiaFirst Life Insurance (IFL), is one of India’s youngest life insurance companies serving over 1 million retail customers and has US$ 2B of assets under management (AUM). IFL offers a diversified suite of 35 need-based products  catering to varied customer segments, leveraging multiple distribution capabilities and augmenting various investment options. In all, propositions under the categories of Protection, Assured Savings, Wealth, Pension, Health and Group Funds for Employee Liabilities form a complete suite of offerings that help IFL customers prepare for the certainties of life. The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced.

Accelerating DIGITAL FIRST strategy for lndia First life insurance

Business Impact
___

  • Data is the foundation of digital – the initiative helped IndiaFirst Life, create a single source of data for all digital initiatives
  • Drive customer centricity by creating a customer 360-degree view of the data and making it available to all stakeholders
  • 50% reduction in time and effort for creating organization MIS and dashboards
  • Significant save in legal and compliance costs up to US$ 1 miilion

Challenge
___

IndiaFirst Life is a key player in extending insurance covers to the mass segment in metro cities and beyond, the company effectively leverages the bancassurance and alternate channels to reach and serve customers. IndiaFirst has adopted a digital first approach across all business functions. It has also identified that creating an effective single source of data to serve all digital applications is a fundamental building block for the success of its digital initiative. Given this background, it faced the following key challenges

    • The time and technology resources required to create a single internal data repository that would serve the need of all data consuming applications

    • Creating a single source of truth for all operational metrics across the organization and automating the creation of all such metrics

    • Creating an effective customer 360degree view which can be leveraged across all functions

    • Manage its distribution chain effectively so that distributors can easily obtain information about commission, sourcing volume, pipeline etc.

    • Create a strong audit and compliance framework that will proactively identify any anomaly in structuring a policy

Solution Delivered
___

The enterprise data lake

ADAPTify was used to build the enterprise data lake and a set of use-case-specific data marts for driving each of the downstream applications. The pre-built connectors in ADAPTify were configured to:

    • Ingest data from all source systems in batch mode and near-real-time
    • Enable 10x faster data fetch from the source system through transaction replication
    • Optimized the available compute infrastructure for faster ingestion

Once a single source of data across all source systems has been integrated in the enterprise data lake, pre-built utilities in ADAPTify were used to:

    • Apply data validation rules to publish a data hygiene report at a pre-determined frequency
    • Create physical and logical data marts using simple drag-and-drop data wrangling utilities
    • Storage and processing of large sized data at scale
    • Use the expose-as-webservice component to serve data needs of downstream applications at extremely fast response times

The in-built security features of ADAPTify were used to encrypt data at-rest and data-in-motion. The platform enabled business analysts at IndiaFirst, to bring-in data, build data marts and visualization using simple drag-and-drop utilities without the need to write a single line of code. The unique features of the solution and the consequent business benefits are outlined below.

Customer 360

To drive a customer-centric strategy across the organization, IndiaFirst Life wanted to develop a single source of all customer data and serve the same to all stakeholders within the organization using a unified platform. The enterprise data lake within ADAPTify provided the source data to create various data marts, each representing a specific aspect of the customer’s relationship with the organization (e.g. policy mart, transaction data mart, interaction data mart, etc.). The data marts were connected to the customer 360 applicant (IVOC) developed by Voxco Intelligence’s dedicated Digital Lab for IndiaFirst. IVOC, was integrated with other applications like the dispatch of policy, customer query resolution, etc. The solution has been designed as a foundational platform that is also used to create next-best-product, next-best-action, NPS tracking, customer sentiment measurement, etc. The key features of the solution and the unique business benefits include the following.

Distributor management

The enterprise data lake also serves as the foundation for enhancing the efficacy of distribution channels. Voxco Intelligence’s dedicated Digital Lab has helped IndiaFirst Life develop a unique solution to provide on-demand information to its channel partners. The solution roadmap entails additional components like geo-potential analysis, lead scoring, cross-sell and a chat bot for providing on-demand data in response to chat. The key features of the solution and the unique business benefits include the following.

ADAPTify – a new paradigm for dashboard creation at IndiaFirst Life

Using the power of ADAPTify, IndiaFirst Life wanted to completely transform its approach towards dashboards and reporting. Instead of the traditional approach of creating specific dashboards, ADAPTify’s dashboard framework was used by Voxco Intelligence’s Digital Lab to create a framework wherein individual graphs and charts are made available as building blocks to an admin with responsibility for a specific function. The admin creates dashboards by putting together these building blocks. The framework also allows

    • Admin to add drill down capabilities with a single click
    • Add as many levels of drill-down as one wishes
    • Have a data view and chart view for every visualization
    • Allow a business leader to add comments to a chart which can initiate a tree of conversation within the group
    • Create business groups and sub-groups so that specific dashboards can be pushed to the right user group

All dashboards are connected to the use-case-specific data marts within ADAPTify which eliminates any need for custom coding. The key features of the solution and the unique business benefits include the following.

Accelerating DIGITAL FIRST strategy for lndia First life insurance​

Congratulation on the Success and Go live of IVOC Phase 1. This was a visionary project of India first, and this has involved more than 5 systems integration. Data cleaning, data organization, representation skill, and skillful writing of microservice to fetch the data from huge data set without making the users feel about the latency. The product ADAPTify has really helped us in getting the data in data lake and organizing the same. The application is secured easy to use and reduces manual effort. The promised next releases would definitely make the system more organized and easy to use and we will be using the system not only for data lake but also a Reporting and analytics platform. We must congratulate the complete Voxco Intelligence team for making phase 1 possible with out any delay.

Shopping Basket
Great Research
Fast Insights
Best-in-class ROI

Voxco’s platform helps you gather omnichannel feedback, measure sentiment, uncover insights and act on them.

Join 500 + global clients across 40+ countries

Great Research
Fast Insights
Best-in-class ROI

Voxco’s platform helps you gather omnichannel feedback, measure sentiment, uncover insights and act on them.

Join 500 + global clients across 40+ countries