Sigorta may 2015 Agenda Introductions amp Background Understanding Customer Life Time Value Detecting Claims Fraud Managing Call Centres Interactions The Digital Insurer Agenda Introductions amp Background ID: 740529
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Slide1
The analytical insurer
Eureko
Sigorta -
may 2015Slide2
Agenda
Introductions & Background
Understanding
Customer Life Time ValueDetecting Claims FraudManaging Call Centres InteractionsThe Digital InsurerSlide3
Agenda
Introductions & Background
Understanding Customer Life Time Value
Detecting Claims FraudManaging Call Centres InteractionsThe Digital InsurerSlide4
39
#1
13,700
TOP9375,000+US $ 3.09 b23%94%
World’s Best Multinational Workplaces
list
SAS employees worldwide
of the top
100
companies
on the
GLOBAL
500
LIST
Annual reinvestment in
R&D
Continuous Revenue
Growth since 1976
Years of
BUSINESS
ANALYTICS
World’s
privately held
software company
LARGEST
Customer sites in 139 countries
Annual customer retention
rate
1,100+
+
Insurance customer globallySlide5
ANTICIPATE OPPORTUNITY
ANTICIPATE OPPORTUNITY
What does sas help you do?Slide6
TAKE ACTION
WHAT DOES SAS HELP YOU DO?
ANTICIPATE OPPORTUNITYSlide7
DRIVE IMPACT
WHAT DOES SAS HELP YOU DO?
ANTICIPATE OPPORTUNITY TAKE ACTIONSlide8
“FCCI Insurance Group anticipates a
1%
to
1.5% percentage point improvement in their combined ratio by using business analytics.”For FCCI this would equate to between $4.6m and $6.9m per annumSlide9
Claims
Customer
Risk
ActuarialThe analytical insurerSlide10
Agenda
Introductions & Background
Understanding Customer Life Time Value
Detecting Claims FraudManaging Call Centres InteractionsThe Digital InsurerSlide11
Understand your customers better than anyone else
Navigating large data volumes by specific data attribute(s) in order to gain insights and market most effectively to the
customer.
1
2
Apply predictive and descriptive modeling techniques in order to understand
customer
behavior more deeply.
3
Improving retention, cross-sell &up-sell by identifying social communities based on relationships between clients; measure, segment & target clients based on social influence.
4
Provide an integrated
environment to manage big data as a valued asset for operational processes & strategic decision making. Slide12
Understand your customers better than anyone else
Navigating large data volumes by specific data attribute(s) in order to gain insights and market most effectively to the
customer.
1
2
Apply predictive and descriptive modeling techniques in order to understand
customer
behavior more deeply.
3
Improving retention, cross-sell &up-sell by identifying social communities based on relationships between clients; measure, segment & target clients based on social influence.
4
Provide an integrated
environment to manage big data as a valued asset for operational processes & strategic decision making.
BUSINESS PARTNERS
Slide13
low
highCustomer Value
Probability
of cancelation
0
No
services
No
discounts
Cancel
actively
Do
nothing
Expensive
to keep these
customers
Limited
services
Low
discounts
Do
nothing
Medium
services
Medium
discounts
Approach
actively
Focus
customers
High
services
High
discounts
high
Typical segmentation
low
Slide14
UNDERSTANDING GARANTI’S CUSTOMERS
Garanti interaction opportunities for Eureko insurance offers
Garanti in-branch
Garanti web siteGaranti social media (Facebook, YouTube)Bank statements (messaging & inserts) – can you mine bank statement?ATM messagingDirect mail/outbound calling (collection of renewal dates/months)Take-up of banking products (example = car loan + auto insurance)OtherSlide15
UNDERSTANDING GARANTI’S CUSTOMERS
SAS Analytics - identify segments for targeting
Segments
life style/ life stagemap to existing take up of insurance products (find similar)Surrogate dataCar loan – motor insurance (infer renewal date)‘Next-best’ offerTime specific offers linked to renewal datesSlide16
Analytical
enablement
Focus on delivering superior service and not competing on price
Discovered that 22% of customers contribute 80% of profit. Concentrating on this group saw a 25 to 50% uplift in cross sell response rates.Segment customers and provide actions to agentsThe portion of A and B customers could be increased by 20% in 20 months while the percentage of D and E customers could be reduced by 20%
Case studiesSlide17
Analytical
enablement
Case studies
“For us, the predictive capability of SAS is essential. It’s vitally important for us to be prepared for churn and capable of launching retention initiatives quickly.”Ángel Marín, Autos Technical Director, Caser Seguros, Spain“Customers … do not want to be overwhelmed with information they do not need. That is exactly what we can ensure in the future, which gives us a decisive competitive advantage.”Christian Radtke, Head of CRM ERGO CRM, Germany
“SAS means we can collect far better and more transparent performance data on campaigns and channels, and use that learning to target people more effectively.”
Andy Mills, Head of Marketing Analysis, Swinton, UKSlide18
Agenda
Introductions & Background
Understanding Customer Life Time Value
Detection Claims FraudManaging Call Centres InteractionsThe Digital InsurerSlide19
SAS Fraud detection & prevention
Solution for insurance
15% of all claims are estimated to be fraudulent
SBM will address x-carrier fraudInsurers are viewed as an ‘easy target’ by criminal gangs and individualsThe SAS Solution offers an end-to-end framework which: decreases fraud losses - save up to 2% annual claims spendincreases efficiency in the claims handling processa second-line of defenceSlide20Slide21Slide22Slide23Slide24
High level business case for eureko
2014 Motor Claims Paid – Net reinsurance = 162m TL
Estimate that 10% of claims fraudulent = 16.2m TL
Existing Eureko fraud processes (SAS guess ≈ 10%) = 1.6m TLSAS Analytics (2nd line defence) ≈2% claims spend = 3.2m TLSlide25
Analytical
enablement
Analytical
enablementCase studiesDetect additional fraud cases and improve investigator efficiencyFirst 6 months identified additional 1,161 fraud cases worth CZK 62 millionInvestigated 26% more casesSubmitted 40% more fraud cases for criminal prosecutionFull case study here
Increasing effectiveness of SIU., Facilitating the detection and prioritization of suspicious claims in order to help protect legitimate policyholders and claimants.
Over $6.4m saved to date
Plus 101 new provider cases launched with over $18 million
More accurate detection & fewer false
positives
Full case study
hereSlide26
Agenda
Introductions & Background
Understanding Customer Life Time Value
Detecting Claims FraudManaging Call Centres InteractionsThe Digital InsurerSlide27
Renewal
Mid-Term Adjustment (MTA)
Mid-Term Cancelation (MTC)
New Business
Claim - FNOL
Claim - UpdatesSlide28Slide29
EXAMPLE – DETECTING POSSIBLE FRAUD AT FNOLSlide30
Provide quality leads to agentsSlide31
Agenda
Introductions & Background
Understanding Customer Life Time Value
Detecting Claims FraudManaging Call Centres InteractionsThe Digital InsurerSlide32
The digital insurer
Much has been written on this topic
Still evolving
Insurers are starting on this journeyBNP Paribas Cardif in Italy offer Habit@t – insurance package that uses technology to secure customers homes – sensors for fire, smoke , water etc.
Direct Line in the UK is one of many insurers promoting the 2nd wave of telematics
US healthcare insurer Humana have partnered with Apple to share health data about the customer – which can lead to lower premiums for Humana’s customersSlide33
Much has been written on this topic
Still evolving
Insurers are starting on this journey
“For me, the insurer that is digital is the insurer that is very capable at smartly using data”Nicolas AubertAIG COO for EMEAGoogle has obtained license to sell insurance in 48 US states.There are 4.8 million insurance telematics policies in force in Europe at the end of 2014 with a compound annual growth rate of 42.8% and expected to reach 28.1 million by 2019.“44% of insurers estimate that the volume of data managed by their organisation has grown by 50% or more over the last year.”The digital insurerSlide34
The Digital
I
nsurer
High Performance AnalyticsBig DataSlide35
Results in numbers?
Traditional Data – claims, policy systems
Third Party Data
Telematic DataWeb DataSlide36
Global commercial lines insurer
data - variety
BUSINESS GOALS
Streamline time to market when developing, testing and deploying predictive modelsCreate a replicable, accurate analytical processGain and expand cultural adoption of analytics over more traditional methods within the insurance operations and lines of businessRESULTSEnhanced accuracy in pricing, service and claims reservingImproved risk analysis and exposureDrive opportunities in new lines of business “With SAS we intend to delve into more data in ways that were once unimaginable, to glean unique insights we can use to drive profitable growth .”SVP, Strategic AnalyticsSlide37
Tier 2 European insurer
data - veracity
BUSINESS GOALS
Resolve data-quality issues to support customer needs and improve marketing effortsRESULTSGained a set of data-quality rules for concepts like entities, products and addressesSolution was flexible enough to allow users to be self-sufficient in creating and changing business rulesClean, accurate, updated data easier for customers to understandImmediate intervention at sources of poor data quality“We achieved our goal of having customer data that is more accurate, complete and reliable with a tool that is easier to use.”Business Solutions ManagerSlide38
data - velocity
BUSINESS GOALS
Needed to analyze telematics data to gain critical insight into the large number of variables that contribute to how customers drive
RESULTSEnhances pricing and marketing accuracy Better understanding customer profile and driving behavior“Our telematics box collects up to 25 times more data than traditional telematics devices, and this is why we needed the powerful analytics solution we found in SAS.”CEOUk telematics insurerSlide39
data - Volume
BUSINESS GOALS
Integrating at least 5 disparate data systems into a single user-friendly platform
Faster, more accurate data to empower employees and improve decision makingRESULTSNearly four times as many people now supported with analytics and reportingTeams empowered with self-service reporting and analysisIncreased speed and efficiency due to reliable data“SAS is instrumental in helping us achieve a more accurate view of our data – allowing us to move faster and be more competitive.”Group Head of Pricing and Management InformationTier 1 uk insurerSlide40
Deliver a real-time personalised experience
Customer
Data
On Line Behavior
Enrichment Data
Real-Time Advanced
Analytics & Scoring
Prospective Client Returns To Home Page
Create Real-Time Trigger (Inbound)
Personalize Website Experience
Targeted Personalization for
John Smith
Prospective Client Reaches Conversion PageSlide41
Analytical
enablement
Analytical
enablementCase studiesAllianz uses SAS high-performance analytics for real-time marketing – and moreIncludes personalized travel insurance (for example, through booking of a flight or vacation via a Web portal) – personalised offer to pop within 1 second1.1 billion offers2% take-upGrowing by 35% per annumFinding the right question to deliver the next best offer, advise or service to customerDiscovering ways to increase the value of the customer portfolio, including defining customer lifetime valueFighting fraud with data
“The strategy of Allianz is to leverage scale, skill and scope. Real time is changing the game. The customer expects instant gratification…you have to deliver service in real time.”Dr. Ralf Schneider, CIO, Allianz Group
Full story can be downloaded hereSlide42
Thank you