Enterprise Innovation, Hong Kong/Singapore: Cognizant’s Senior Vice President of Insurance Says Customer Value Analytics can Help Insurers Win Back Lapsed Customer Base

According to Muthu Kumaran, customers are showing a preference for innovative insurance products driven by several factors including accelerated adoption of mobile devices, significant uptick in mobile-based solutions and self-service adoption patterns.

“While newer commoditized products are increasingly sold and serviced through digital channels, there is a distinct move towards creating superior customer experience for mature products in the knowledge-intensive intermediated space. With diversification of distribution channels, seamless sales and service experience across traditional and digital channels has become a prerequisite. Omni-channel customer experience is a key theme on most CIOs’ radars,” he says.

He adds that Big Data has spawned a strong interest among insurers for customized algorithms. “Big data and analytics solutions are helping insurers understand customer segments, underwrite proposals better, predict early customer attrition and claims, and design agent treatment strategies,” he notes. “Through customer value analytics, we have seen insurers win back a good share of the lapsed customer base and accurately predict and retain high-risk premiums from lapse.”

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