Insurance Client Manager, Northdoor
Attract New Business and Improve Customer Satisfaction with Cognitive Solutions
Experience is now key for customers of FSI organisations – how their requests and requirements are handled, how closely the offering meets their specific needs, how easy and efficient their interaction is, and why it stands out as memorable. Cognitive services can pave the way for quicker decisions on policies and payouts, enable products and services to become more personalised to the individual, as well as enhance expertise and responsiveness within organisations.
There are five key use-cases for advanced analytics and cognitive services within financial services and insurance organisations.
1. Improving customer engagement
Using advanced analytics to build a deeper understanding of customers can transform relationships, accelerating interactions and enabling fully personalised services that strengthen customer satisfaction and loyalty.
2. Increasing automation
Intelligent process-automation solutions take the strain off human resources, applying adaptable business rules to process information automatically and freeing up skilled human resources to focus on competitive differentiation.
3. Personalising insurance policies
Advanced analytics solutions help insurers to understand and model customer requirements, enabling the sale of highly tailored policies to a mass market of consumers without additional administrative overhead.
4. Tackling fraud
Using advanced analytics and machine learning empowers insurers to extract insights directly from claims audits and insert them into critical stages of the claims process, then take action to cut leakage.
5. Improving compliance
With GDPR on the near horizon, advanced analytics and machine learning can help firms discover, assess and manage compliance-related information in both structured and unstructured datasets. Together with deeper process automation, advanced analytics and cognitive technologies can help FSI organisations understand their customers’ needs more thoroughly, tailor services accordingly, execute business more efficiently and beat competitors to new opportunities.
To address these requirements, Northdoor can help FSI organisations understand the immediate benefits of advanced analytics and automation solutions, and the future potential of AI and cognitive computing. With more than 25 years of experience in the London Market, Northdoor offer proven, practical approaches to deploying analytics and cognitive solutions that deliver rapid return on investment.
About the author
Richard Jefferies has over 20 years’ experience in the IT industry, working with senior leaders across multiple industries including insurance and the London Market. At global IT advisory firm Gartner he set up and chaired the “Lloyds Market Forum” round table sessions for London Market CIOs; at international management consultancy 3gamma he set up and chaired the “Leaders of Change Forum” round table sessions for executives responsible for change in medium-large enterprises; at Northdoor he set up and chairs the “Northdoor London Market Round Table” series for executives covering technology-driven transformation. Email Richard or call 07823 345 756