Page 205 - India Insurance Report 2023- BIMTECH

India Insurance Report - Series II 193

core, service and customer experience play a very important role. And that’s where CDP comes into the
picture. Most customers interact with insurance companies through their various business applications
or/and through their various business channels (Mobile App, Website, Call Center, Branch, Bank Partners,
Agents etc.). Some of these interactions with the customers could be pre-purchase, and some could be
post-purchase. Today as things stand, much of this data could be sitting in separate systems, thereby
preventing a single consolidated view of how and what customers are conversing with the insurance
companies. A CDP will ingest all the data from the various systems and helps build a single accurate
customer profile, which can enable the company to provide customized service and products.

Such data could cover:

a) Behavioural data (Channels Used, Frequency &Length of Interactions);
b) Transactional data (Purchases, Endorsement, Renewals);

c) Demographic data (Details of the Customer)

A CDP is a great tool for marketing teams and provides the insurance company with the
following advantages:

- Customer Segmentation;
- Customer Personalization;

- Product Recommendations;
- Marketing Automation;
- A/B testing - To find out what customers in different segments prefer.

Many Insurers will like to invest in a CDP to better understand their customers and provide them
the right products and services. The benefits to customers include better proposition, and to an insurance
company, it brings better customer identification, easier acquisition and enhanced customer experiences.
While the customer and the insurance company have a direct benefit, such technologies also benefit
other stakeholders indirectly. For example, in this case, enhanced customer experience can lead to higher
product adoption, resulting in growth for the industry.

3. Artificial Intelligence - Computer Vision

Computer vision is a field of artificial intelligence (AI) enabling computers to derive information from
images, videos and other inputs. This area is developing very rapidly and is of great use to an Insurance
Company, and in matters of insurance claims, AI will have the greatest impact on two critical areas:

- Automation and reduction in Claims TATs (Turn Around Time);

- Fraud Identification
This space is also one of the areas where heavy investments are happening both in the InsureTech
and within Insurance Companies. For example, in a non-AI-based claims process, on the car being
damaged in an accident, the surveyor would be sent to the garage and post the inspection of the vehicle,
an initial assessment is made. As the repair starts, there may be more damages that may be discovered