Question

Nationwide Insurance Used BI to Enhance Customer Service

-How the problem ought to be solved?

Answer 1

Answer: The area of customer relationship management which has foremost objective to improve the customer satisfaction by ways and means which a good CRM system can give us. Today we are having wealth of data with us, which we must leverage in order to improve the customer satisfaction. Data has two power story to tell, the first what happened in past and how did that happen, and what may happen in future, and how it may happen in future based on the prediction tools now widely available.

For insurance-based organization, to improve the customer satisfaction they must have real time access to the customer data, customer transactions and customer behaviour Etc. and this possible only when each business units shares the data or the data is migrated and stored in a common CRM system, from where the by application of BI unified view of customer can be obtained.

BI system should also be capable of capturing and processing the business environmental (External) data along with internal organization data. For example, if the insurance company is able to analyse the claim processing and help customers with speedy claim processing by making their decision-making capability fast based on the input coming from BI system, it will help in improving the customer satisfaction significantly. This will also ensure the greater efficiency in the functioning of all the independent units and will help in achieving the greater revenue growth.

Similarly, using BI tools, insurance quotation, premium calculation etc can be done with a click and it will help the organization to further improve the customer satisfaction score. This will also remove lot of duplicity of work, and data redundancy and will save lot of time and cost.

If the organization level data is organized and stored in structured DB system from where it is easy to do the ETL (Extraction, Transformation and Loading ) of data for analysis purpose, it gives the real time picture of the health of the organization and any organization level decision making become much easier. E.g. Such structured data of the organizations plays a crucial role in mergers and acquisitions.