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Data analytics makes customer king

Data analytics delivers great value for businesses and customers. This is also the case for insurance company, FWD Singapore. Started in April 2016, the company provides a wide range of insurance solutions, including Travel, Car and Employee Benefits insurance for corporate customers.

Being one of the new kids on the block in Singapore’s insurance industry, FWD’s strategy for success is to leverage on technology to change the way people feel about insurance. To this end, they believe that data analytics have enabled the company to deliver products and experiences which are relevant, easy-to-understand and direct.

In October, the company launched the FWD Flyer mobile app. It allows customers to seek medical treatment at any of its 500 panel clinics in Singapore within 48 hours of returning from a trip, without the need to fork out their own money. Prior to this, FWD Singapore also introduced electronic claims payment via DBS IDEAL RAPID, and PayNow. This eliminated the need to make payouts via cheque which may be delayed or lost. As a result, customers can now receive their claims payment the next day upon approval, rather than the five days or more it would take for the cheques to be delivered.

Indeed, for FWD, innovation is the way forward. Riding the wave of digital disruption in the insurance landscape necessitates lacing insurance products with technological advances. FWD’s Chief Technology Officer, Mr Narasimhan Parathasarathy, shares with OpenGov Asia his thoughts on the importance of a data driven strategy.

Responsible for the company’s digital and information technology development, he thinks data and analytics are key enablers in his organisation. Yet, the age-old business adage still stands – the customer is king. He said, “Only if you know what your customer wants, can you service them efficiently. And to do that, there has to be a much deeper understanding of the customers’ needs. This is where we use data analytics. A data driven strategy is very important for customer satisfaction and loyalty.”

He added that business begins the moment a prospective customer visits the company’s website to enquire about or buy an insurance plan. From that point forward, creating a positive customer experience is key. Be it covering the customer’s needs to providing support when it is most needed, the time a claim is made, FWD is committed to providing the best service along every point of the customer journey.

In this way, customer satisfaction is increased. “A happy customer is also our champion. And through that customer, we can look at referrals to make the customer’s contacts our customers also. This provides us with endless opportunity.”

However, seizing these opportunities is no straightforward task. Businesses need to think out of the box to gather the right data.

Mr Parathasarathy explains, “The golden data is not in the traditional places but in the interactions and without the structure. This is the challenge and change in mindset that we should be looking at and [should be putting more efforts into knowing] more about it.”

Indeed, there is much more strategizing and frontiers of knowledge to explore for a truly valuable business transformation. Mr Parathasarathy was one of six speakers at OpenGov Asia’s Insurance Analytics Forum on 16 November 2018. With more than twenty-five years of experience in the information technology and insurance sectors, he had a wealth of information to share.

A half-day session, participants of the Forum met and learnt from other industry practitioners on how data analytics and visualisation can aid business transformation and drive more value for customers. Delegates walked away with knowledge of the best tools and strategies needed to optimise customer experience analytics, claims analysis, fraud and cybercrime and other key challenges within the insurance and financial services industry.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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