Insurance Sector

Industry Requirements:
Insurance Industry is becoming increasingly competitive in offering portfolio of products to its prospects and customers. The customer acquisition is by and large driven by brokers and agents, who are always under pressure for faster service to meet the rising expectation of the customers . Prospect data supplied by the agents to the marketing department and acquired Customer data is their key asset which the industry players leverage to identify market segment and come out with product offerings. During this process they have to deal with the poor data quality and duplicate records of customers or prospects. Besides a person can share multiple relations with the insurance company such as a Insurer, Insured , Co-Applicant, Nominee etc.This leads to policy underwriters having inaccurate data of the customers for risk assessment, affecting customer service, missing revenue opportunities and faulty compliance reporting. There are also huge instances of fraud of multiple claims due to this reason .

Though the existing technologies usually built in the customer acquisition system or CRM system has a component to check prior existence of the customer, these are rudimentary in nature. These are not only unable to handle the burgeoning volumes but also require huge computing resource besides performing basic checks. As the fraudsters are increasingly getting sophisticated, it requires a very strong identity resolution technology to correct such inaccuracies and prevent multiple relationship numbers being alloted to the same customer and avoid duplicate records creeping in.

Posidex Solutions

Posidex Single view of the Customer Traditional Identity Resolution techniques like fuzzy logics based on simple phonetics and match codes employed or embedded in insurance customer acquisition system are not being entirely efficient to detect any previously existing relation ship of the acquired customer. As volumes increase rapidly , these techniques are consuming huge computing resources besides inaccuracy and a slow response time. Posidex provides a solution which can integrate with the exsiting CAS and help the organization to instantly know the any existing relationship and the same time match against any external or watch list of the organization . This system will help the underwriters and the business manager to take a sound decision. To know the overall customer exposure, Posidex deduplicates the entire customer data and cluster it with a unique Id. Any prospective customer also can be checked against this cluster data for the overall customer exposure. The solution also allows for realtime field update of the customer data to clustered database so that the information available is upto date and accurate.

Posidex Prospect Master Solution The Marketing division of Insurance companies deal with huge volumes of sales leads called prospects and require a master database of prospects. These leads are in the form of lists dealt by the internal sales team, agents and other channels. These lists are obtained from various sources of business and tracking a prospect across all these lists will help in building the networth of the prospect. This will help the marketing department to build campaigns and target their products effectively. Lack of a process in detailing with this data leads to Agents giving duplicate data and Client has not only to pay for duplicate data but it will also result in multiple sales calls . This gravely affects the image of the company given the stringent Do Not Call compliance.

Posidex solution can integrate the multiple lists from various sources and build the unique prospect profile which can track the information of the prospect across the list. This profile list shall combine the information and give the 360 degree profile of the prospect.

Solution for Rural Urban Classification To achieve financial inclusion in India , One of the regulatory compliance is to have certain percentage of insurance policies in rural sector. Insurance companies are required to report this figures accurately as part of this compliance. Posidex has developed solution where in the rural areas can be identified and reported accurately. This in spite of the errors and variations reported in the address field of the policy holder. With the majority of the population still residing in rural areas, the development of rural insurance will be critical in driving overall insurance market development over the longer term.

Posidex provides a solution which can connect to the contract database and match the addresses of the policies with census data of district, tehsil and village which provide the basis of rural urban classification. This solution helps the companies in cutting down months of verification time to just in a week and accurately report the compliance. This also helps the insurance companies for accurate analysis to bring out compatible products to target the rural insurance sector.

Benefits: With the help of Posidex solution, the insurance companies will be able to

• meet the KYC compliance accuarately in realtime
• achieve single customer view and complete customer exposure
• prepare master data of prospects and empower their marketing and sales
• report accurate data for BI analytics
• meet compliance requirements effectively