CIO Bulletin

A Customer Intelligence & Experience company that enables Insurers & Agencies to deliver superior customer experience leading to greater customer retention, loyalty, and lifetime value: Aureus Analytics

Risk Management is a core function within the insurance industry. It is a vital responsibility of the underwriting team. Insurance companies collect data scattered across different business units in various formats – some of which are paper and digital, most of which are typically unstructured. The underwriting team doesn't have immediate access to the information required for internal and external decision-making, resulting in delays in making decisions and costly mistakes. Underwriters spend a lot of time searching for information necessary to complete their work. Due to the sheer volume and complexity of unstructured data, manual analysis is costly, time-consuming, and tedious. This data and information disconnect makes maintaining compliance, avoiding fines, and preserving brand reputation even more difficult for insurance companies in an ever-changing regulatory environment. Manual processes can't scale alongside the scope and speed of business growth in any industry. Insurers are digitalizing data and historical records, resulting in increased knowledge and savvier knowledge management.

By implementing artificial intelligence (AI) and machine learning (ML) across their operations, they are creating compelling experiences for their team that are personalized to their client's risk profile. Founded in 2013 with operations in the United States and India, Aureus Analytics is the customer intelligence and experience company that enables insurers to deliver superior customer experience leading to higher customer retention, loyalty, and lifetime value. The platform has processed more than 61 million insurance policy data points from customers globally.

Customer Experience Analytics

CRUX is a SaaS-based model with a subscription-based pricing model. The data on Pulse is secured using state of the art cloud infrastructure of Microsoft Azure. All Pulse customers benefit from the network architecture and data center redundancies built in. As Aureus Analytics’ customer, you will have complete ownership and control of your data at all times. Aureus is also responsible for implementing strong logical and physical measures for ensuring data privacy and security. CRUX brings all your customer interaction data including payments, policy changes and claims into one place in real time. By leveraging the power of Hadoop and R, CRUX is designed to work with data sets of any size and type.

Understand your customer's journey, sentiment, and experience across all channels.
Leverage natural language processing to analyze structured and unstructured data from a variety of internal and external data sources.
Discover trends and patterns of behavior for each individual policyholder and across specific segments.

In addition to predictive analytics capabilities, CRUX is designed with Natural Language Generation and Machine Learning AI that enables business users to easily consume output. Improving customer experience starts with understanding the journey your customers have experienced. CRUX will not only tell you where they have been but more importantly where they are going. Starting with your historical policy, claims, survey, and CRM data, CRUX will learn what the trends of your customers are across different models to meet your needs.

Household analytics provides insurance carriers and agents the ability to view and understand the portfolio dynamics at a household level instead of just at the individual level. Household analytics allows you to:

Identify connected individuals across multiple policies
Identify the relationships between these individuals
Run campaigns involving households as well as individual customers

Once you have a clear view of a household, you can determine which offers is the best fit for each individual or family. Householding can also assist in identifying customers who may be at risk for non-renewal and provide the opportunity for early prevention. HNI customers are your most valuable customers and, as a result, require extra focus and attention. These affluent accounts need to be handled very diligently; a high-end customer account can continue to grow, and they require and expect exceptional services. By having household analytics, you can remain in control and ask the appropriate questions to protect the client and their families. Stand out by customizing service offerings to meet the unique challenges and prevent any disruption to the household.

HNI clients are solid contributors to a life insurance portfolio and can be made more profitable by using specially designed strategies. These top-tier accounts may be contributing more than 30% of your overall active premium. Use Cases for Household Analytics

Household Analytics can help insurers reduce costs while maintaining profitable books of business.

Product Recommendations - Identify appropriate products for a household.
Retention and Cross-sell - Knowing which products are relevant to an existing customer based upon their household portfolio and current life stage is key.
Avoid Disrupting a Household - Not understanding the dynamics of a household can unintentionally have a negative effect.
Risk Assessment - Householding can help the underwriting team by giving them a view of the insurer’s overall exposure to a household.

Household Analytics can help insurers understand their customers better and therefore be able to provide the proper consultation and expert advice necessary for the entire household. Household Analytics is essential to build brand loyalty, increase revenue and drive profits.

Meet the leader behind the success of Aureus Analytics

Anurag Shah is the Founder and CEO of Aureus Analytics. With nearly 17 years of working across Application Development, Operations and New Markets, Anurag has nearly been there and done that. He was the founding member and CEO for EdVenture prior to 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. Anurag is a Business Management graduate from Narsee Monji Institute of Management Studies (NMIMS), Mumbai and Indian School of Business (ISB), Hyderabad. When not working, Anurag can be found planning the next road trip.