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Customer Halo

IP.com Disclosure Number: IPCOM000248733D
Publication Date: 2017-Jan-03

Publishing Venue

The IP.com Prior Art Database

Related People

Karthik Sundararaman: AUTHOR [+10]

Abstract

Globally, insurers are focusing on providing a superior customer experience through true Omni-channel experience, in which customers are being offered personalized products and services and effectively engage the customer without a break in dialogue in the multichannel environment. Consistency and continuity across the customer journey is a great challenge though most insurance organizations engage their customers through multiple channels – websites, call center, social media, mobile led devices and apps. With its proud legacy of association with its customers for decades, Insurance industry has a vast repository of customer information. But the huge volumes of structured and unstructured data about customers is not being fully leveraged by insurers as they are all residing in disparate systems without any integrated view. This makes it difficult for the insurers to leverage the data treasure they have to support in strategic decision making. One of the objectives of this solution is to develop an end to end framework which would collate data from multiple sources, identify and segment customers based on demographic and behavioral data in addition to the transactional data and automate the process of converting insights into effective actions to provide personalized services. Security of data is also becoming increasingly crucial as it involves handling personal profiles of customers. The proposed solution, Customer Halo, caters to various aspects of big data analytics and risk profiling, specific to the insurance industry.

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Customer Halo

Karthik Sundararaman, Kumar Ganapathy, Natarajan Venkatachalam, Venkatesh Srinivasan,

Baala Mithra, Subhashini Lakshmi Narayanan, Sanglap Sarkar, Aditi Saraf, G Subrahmanya

VRK Rao, Usha Lakshmanan

Global Technology Office,

Cognizant Technology Solutions, U.S. Corporation

Abstract

Globally, insurers are focusing on providing a superior customer experience through true Omni-

channel experience, in which customers are being offered personalized products and services

and effectively engage the customer without a break in dialogue in the multichannel

environment.

Consistency and continuity across the customer journey is a great challenge though most

insurance organizations engage their customers through multiple channels – websites, call

center, social media, mobile led devices and apps.

With its proud legacy of association with its customers for decades, Insurance industry has a vast

repository of customer information. But the huge volumes of structured and unstructured data

about customers is not being fully leveraged by insurers as they are all residing in disparate

systems without any integrated view. This makes it difficult for the insurers to leverage the data

treasure they have to support in strategic decision making. One of the objectives of this solution

is to develop an end to end framework which would collate data from multiple sources, identify

and segment customers based on demographic and behavioral data in addition to the

transactional data and automate the process of converting insights into effective actions to

provide personalized services. Security of data is also becoming increasingly crucial as it involves

handling personal profiles of customers. The proposed solution, Customer Halo, caters to various

aspects of big data analytics and risk profiling, specific to the insurance industry.

Background

Insurance companies are increasingly using analytics and machine learning techniques on the

data they have collated from their existing customers to achieve this. However majority of the

data with the insurance companies are transactional data, making it difficult to arrive at any

meaningful insights. To be able to provide a personalized experience, this data has to be

augmented with social/personal aspects of the customer. Social media interactions, personal

interactions with the customer through different channels could help in identifying customer

expectations and behavioral traits. Insurers have started to leverage external data sources like

social media to understand the behavior of the customer. Most of the insurers have matured

solutions in the analytics space, but lack in feeding the right data to these algorithms to arrive at

meaningful insights. Further, security of data is becoming increasingly crucial as it involves

handling personal profiles of customers.

Customer Halo

Customer Halo leverages personal profile of the customer collated through surveys or third party

sources and automates insights to action. O...