Smart Insure

The Smart Insure application provides a personalized customer service road map plan for insurance. The information provided below and in the screenshots is based on a motor insurance scenario however the framework for this application is industry agnostic. With modification of dataset, the framworkd can be used across healthcare and smart home insurance products.

Key Capabilities:

  • Captures real time driving parameters by integrating with telematics devices fitted on the vehicle
  • Next best action capability for generating personalized product offerings
  • Dynamic case management for seamless renewal /change of plans for accepted product offers

Key Benefits:

  • Personalised customer service road map plan
  • Greater accuracy in predictive data modelling
  • Helps Actuary and product teams in determining optimal product pricing
  • Helps create a personalized customer reward program

Functionality and features:

  1. It sources real time data from IoT sensors (e.g. Telematic devices fitted in the vehicle) and links other data to trigger automated creation of BPM case workflow
    1. The key parameters related to the vehicle driver’s driving behavior is received into the insurer DB from an IoT sensor
      • Vehicle Speed km/hr
      • Collision impact
      • Data related to real time changes in vehicle motion ( to detect harsh breaking, rapid acceleration)
      • Seat belt warning
      • Speed limit Alert : Y/N
    2. It searches social media against the customer and look for key words which could have a relevance to the driving behavior.
    3. It links the shortlisted social media data with the customer ID. Thus we obtain a single record against a customer ID which comprises of (IoT) data, customer profile data and relevant social media data
  2. The system sends proactive alerts to the driver on breach of speed limit and also checks for Drink and drive"
    1. It receives a real time speed limit alert which is captured by the on -board IoT device.
    2. It triggers a proactive alert message to the customer.
    3. It recognizes that the driver is under influence of alcohol
  3. Provides a Risk rating for the customer and suggest appropriate product offering
    1. The Artificial Intelligence (AI) engine analyzes ‘n’ number of such records against the customer and scans for similar data sets for other customers. Based on the scan results, the output is classified under following categories. (Viz. Standard, High, Very High).
    2. The system recommends a product offering on basis of rating derived
    3. Each product offering is labelled with a propensity score
  4. Key reports (tables and visual diagrams) are generated on basis of real time data helps the CSR to understand the driving behavior of the customer