CIO Bulletin

Enabling Insurers to Deliver Superior Customer Intelligence and Experience: Aureus Analytics

In this age of increasing competition with other businesses, customer intelligence (CI) is becoming a prominent competitive advantage. We have already known that being customer-centric is paramount for the growth of any SaaS company. But there are various facets of becoming a customer-centric organization. Customer intelligence empowers your business to make smart, strategic decisions based on what you know about your customers and their experiences when interacting with your company. Overall, customer intelligence boosts customer loyalty, improves your sales efficiency, and helps build a more relatable persona for your brand. When customers feel like they’re having an excellent experience with your company, it makes you more than a brand, it makes you their friend.

Aureus Analytics is one such Customer Intelligence and Experience Company that primarily enables Insurers & Agencies to deliver superior customer experience leading to more excellent customer retention, loyalty, and lifetime value. The company's proprietary algorithm SentiMeter™ uses deep text analytics and AI to measure the customer experience in real-time for all policyholders. Aureus Analytics was born to fulfill the need to do more with your data but with lesser tools. What started as a need to have access to real-time insights at the point of decision has now blossomed into a smorgasbord of highly energetic and restless individuals.

Best-In-Class Customer Intelligence Solutions

Retention: Data analytics, specifically, which incorporates both structured and unstructured data and combines customer and distribution level interaction, can impact retention in insurance. The firm understands that the retention approach has to be consistently refined and fine-tuned to reflect the macro factors and organizational strategy and tactics. CRUX controls and manages the framework, which works at the point of decision. It empowers organizations to predict and manage the development of retention in Insurance across product lines. CRUX uses internal, external, structured, unstructured data sets to power these predictions and insights. These insights can further power other functions like customer service, collections, claims, and marketing, etc.

Cross-Sell and Upsell: CRUX tells you more. By leveraging deep text analytics on the customer data, CRUX can build a complete customer journey - right from the time they become a part of the insurer's ecosystem, up to the time they exit. CRUX makes it possible to define specific performance indicators and customer-specific, cross-sell, or upsell opportunities then. Using this intelligence in real-time, front-line decision-makers can be better equipped with cross-selling insurance products and services to an individual customer and a larger household. CRUX helps insurer’s cross-sell 80% better and four times more accurately by leveraging predictive analytics and machine learning. Its unique algorithms identify products with the highest probability of purchase, helping cross-selling insurance products more accurately.

Claims Analytics: A typical claim process comprises the following steps: initiation, assessment, adjudication, and settlement. Each of these steps impacts the claim experience for a policyholder or representatives of a policyholder. Simultaneously, each stage has a multi-dimensional impact on the insurance carrier and any intermediaries that may be involved. The claim process entails several decision points that include operations, risk management, settlement amount, and loyalty. For each claim decision step, data points are generated and are available for insurers. The available data on claims varies with the business line, the size of the business, and the defined claim process. A typical claim process encompasses data across structured and unstructured formats. Aureus claims analytics solution empowers an insurer to be aggregate structured and unstructured data sets across each step and drives impact using both predictive and point-of-decision frameworks. CRUX can model claim analytics for each insurer based on the key factors that specifically impact their business. CRUX can also work with multiple systems involved in the claims cycle and process large amounts of structured and unstructured content recorded.

The Formidable Leader

Anurag Shah is the Co-Founder and Chief Executive Officer of Aureus Analytics. With nearly 17 years of working across Application Development, Operations, and New Markets, he has almost been there and done that. He was the founding member and CEO of EdVenture before joining the leadership team at Omnitech, where he served as the COO and Head of Global Operations. Aureus Analytics is Anurag's second startup venture. He is a Business Management graduate from Narsee Monji Institute of Management Studies (NMIMS), Mumbai, and Indian School of Business (ISB), Hyderabad.