Aureus Analytics Pvt. Ltd.
Contact person: Ketan Pandit
Email address: firstname.lastname@example.org
Contact number: +919881127137
The Digital Insurer Asian Start Up InsurTech Award
AUREUS is a Customer Intelligence & Experience company that powers Insurers to deliver superior customer experience leading to greater customer retention, loyalty and lifetime value.
We do this by leveraging Predictive Analytics and Machine learning technologies and delivering the actionable insights at the Point of Decision.
What we do?
Aureus builds predictive analytics product specifically for the insurance industry. Our products help the business users solve critical problems in the following areas:
1. Claims and Fraud : Insurers lose upwards of USD 80 Bn annually to fraudulent activities and fraudulent claims. It is the single biggest challenge for an insurer because the nature of the fraud keeps changing very frequently. Insurance players lag fraudsters to plug the loopholes.
Aureus Solution: Aureus’ products help insurers predict and manage fraud at various stages of the business cycle – at the time of new sale, during claims and any other specified time window. By leveraging its proprietary algorithms and big data platform, Aureus can help insurance companies prioritize how to deal with each customer based on their risk category, and reduce overall efforts in verifying each new proposal or claim.
2. Cross Sell : Today, insurance companies try to cross sell to their existing customers using the old approach to blanket selling each product to each customer, without taking into account the customers journey, lifestage, existing portfolio, household portfolio etc… As such this approach is effort intensive but low on effectiveness
Aureus Solution: By developing a complete customer journey and accurate single view of each customer, it becomes possible to understand the needs of each customer at each stage in their life. Aureus’ solutions have allowed insurance companies to reduce their cross sell option by nearly 60-75% by reducing the number of product options cross sold to each customer. Moreover, by using household analytics, insurers can have a better understanding of each households needs rather than just looking at the individual.
3. Retention / Persistency: Globally, insurers lose about 18-20% of their customers annually. While new customer acquisition remains a priority, these leakages impact the profitability strongly.
Aureus Solution: By analyzing customer transactions, interactions and behavior, it is possible to predict if and when a customer is most likely to churn or not renew. Most insurers do not make use of nearly 80-85% of the customer data that they have. Aureus products bring together all of a customers data across the insurer to build an intelligent and much more actionable profile with predictive highlights.
4. Loyalty: The average time to act on a customer feedback collected during a survey varies from 8-12 weeks. This delay is sufficient for a customer to make up her mind and churn to another service provider. It is important for insurers to be able to cut down the time to analyze and act on the customer feedback as soon as possible.
Aureus Solution: Aureus’ product PULSE, can help insurers cut down the time to analyse customer feedback by nearly 80%. PULSE uses deep text analytics and natural language processing over a big data architecture to analyze all type of customer feedback – free form comments, multiple choice questions etc… By making integration with PULSE straightforward, organizations can quickly implement a faster analytics system without disrupting business as usual.
SBI Life Insurance, Tata AIA Life Insurance, Bharti AXA Life, Aegon Life Insurance , DHFL Pramerica Life Insurance, CASHe, AXIS Bank, YES Bank, etc.
1. CRUX- Gives a comprehensive view of every customer across demographic, transactional, interaction & social data. Leverages Machine learning & Advanced Analytics to help Insurers to improve Retention, Cross Sell & Fraud detection.
2. PULSE: NPS analytics product that helps insurers to increase customer loyalty & retention by analyzing survey data along with interaction data and derive actionable insights from that.
1. Aegon Life increased their NPS by almost 30 points in just a few months of using our products. Video: http://bit.ly/AegonNPS
2. Leading Life Insurer was able to improve their persistency by 3-4 %
Aureus Analytics USP:
1. Product and algorithms are built specifically for the insurance industry so they are problem specific
2. Products are designed to be used by the business user at the point of decision and feature an intuitive user experience, interface and have extremely low short learning curve
3. Supported by underlying big data architecture so scalability is never an issue
4. Approach is SaaS first, to ensure minimal disruption to business, no capex ad heightened data security and privacy. However, on-premise implementation is also available but not encouraged.
5. Products can work with any data types – structured / unstructured, ; big / small; and internal / external.