23c

Accelerating DIGITAL FIRST strategy for lndia First life insurance

“The power of ADAPTify and a dedicated Digital Lab helps india’s leading life insurer deliver its digital journey”

INDUSTRY PERSPECTIVE

The insurance industry in India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. Gross premiums written in India reached INR 5.53 trillion (US$ 94.48 billion) in the last financial year, with INR 4.58 trillion (US$ 71.1 billion) from life insurance. With the expansion of the insurance industry, there is tremendous competition to enhance penetration particularly in the non-metro cities and among the less-affluent segments. Most insurers are aiming to leverage digital as a major strategic focus to drive efficiencies to address the need of the mass segment. Digital strategies are being leveraged for new customer acquisition, servicing existing customers and cross-sell. In addition, digital is also playing a key part in enhancing operational efficiencies.

About the Client

IndiaFirst Life Insurance (IFL), is one of India’s youngest life insurance companies serving over 1 million retail customers and has US$ 2B of assets under management (AUM). IFL offers a diversified suite of 35 need-based products  catering to varied customer segments, leveraging multiple distribution capabilities and augmenting various investment options. In all, propositions under the categories of Protection, Assured Savings, Wealth, Pension, Health and Group Funds for Employee Liabilities form a complete suite of offerings that help IFL customers prepare for the certainties of life. The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced.

  • Data is the foundation of digital – the initiative helped IndiaFirst Life, create a single source of data for all digital initiatives
  • Drive customer centricity by creating a customer 360-degree view of the data and making it available to all stakeholders
  • 50% reduction in time and effort for creating organization MIS and dashboards
  • Significant save in legal and compliance costs up to US$ 1 miilion

IndiaFirst Life is a key player in extending insurance covers to the mass segment in metro cities and beyond, the company effectively leverages the bancassurance and alternate channels to reach and serve customers. IndiaFirst has adopted a digital first approach across all business functions. It has also identified that creating an effective single source of data to serve all digital applications is a fundamental building block for the success of its digital initiative. Given this background, it faced the following key challenges

  • The time and technology resources required to create a single internal data repository that would serve the need of all data consuming applications
  • Creating a single source of truth for all operational metrics across the organization and automating the creation of all such metrics
  • Creating an effective customer 360degree view which can be leveraged across all functions
  • Manage its distribution chain effectively so that distributors can easily obtain information about commission, sourcing volume, pipeline etc.
  • Create a strong audit and compliance framework that will proactively identify any anomaly in structuring a policy

The enterprise data lake
ADAPTify was used to build the enterprise data lake and a set of use-case-specific data marts for driving each of the downstream applications. The pre-built connectors in ADAPTify were configured to:

  • Ingest data from all source systems in batch mode and near-real-time
  • Enable 10x faster data fetch from the source system through transaction replication
  • Optimized the available compute infrastructure for faster ingestion

Once a single source of data across all source systems has been integrated in the enterprise data lake, pre-built utilities in ADAPTify were used to:

  • Apply data validation rules to publish a data hygiene report at a pre-determined frequency
  • Create physical and logical data marts using simple drag-and-drop data wrangling utilities
  • Storage and processing of large sized data at scale
  • Use the expose-as-webservice component to serve data needs of downstream applications at extremely fast response times

The in-built security features of ADAPTify were used to encrypt data at-rest and data-in-motion. The platform enabled business analysts at IndiaFirst, to bring-in data, build data marts and visualization using simple drag-and-drop utilities without the need to write a single line of code. The unique features of the solution and the consequent business benefits are outlined below.

Unique feature Benefit
Transaction replication system implementation from source to data lake using logs Eliminates the need of traditional ETL to capture change in data
Highly optimized data transfer with minimum bandwidth consumption Minimal effect on the operational source systems.
No coding skill required to use the solution. Workflows in the platform can be easily understood by business users No investment required on hiring specific skills to use the platform. And ease of interpretation of the workflows for crating data marts and visualization
Data Integration, Transformation, Analytics and Visualization in a single platform Eliminates the need of having multiple platforms for different data needs. A single data platform

Customer 360
To drive a customer centric strategy across the organization, IndiaFirst Life wanted develop a single source of all customer data and serve the same to all stakeholders within the organization using an unified platform. The enterprise data lake within ADAPTify provided the source data to create various data marts, each representing a specific aspect of the customer’s relationship with the organization (e.g. policy mart, transaction data mart, interaction data mart etc.). The data marts were connected to the customer 360 applicant (IVOC) developed by Actify’s dedicated Digital Lab for IndiaFirst. IVOC, was integrated with other applications like dispatch of policy, customer query resolution etc. The solution has been designed as a foundational platform that is also used to create next-best-product, next-best-action, NPS tracking, customer sentiment measurement etc. The key features of the solution and the unique business benefits include the following.

Unique feature Benefit
Comprehensive search to identify a unique customer and an optimized user journey to cater to the need of all stakeholders Ease of usage and user adoption
Re-usable components for each customer view that could be used as input to other applications Reduce development and time-to-market for future initiatives
AI and machine learning foundations Driving AI based recommendations
A loosely coupled micro-service-based architecture Allows seamless future enhancement of the solution

Distributor management
The enterprise data lake also serves as the foundation for enhancing the efficacy of distribution channels. Actify’s dedicated Digital Lab has helped IndiaFirst Life develop a unique solution to provide on-demand information to its channel partners. The solution roadmap entails additional components like geo-potential analysis, lead scoring, cross-sell and a chat bot for providing on-demand data in response to chat. The key features of the solution and the unique business benefits include the following.

Unique feature Benefit
AI and machine learning foundations Geo-potential analysis and AI driven lead scoring, leading to a more effective acquisition strategy
A loosely coupled micro-service-based architecture Allows seamless future enhancement of the solution

ADAPTify – a new paradigm for dashboard creation at IndiaFirst Life
Using the power of ADAPTify, IndiaFirst Life wanted to completely transform its approach towards dashboards and reporting. Instead of the traditional approach of creating specific dashboards, ADAPTify’s dashboard framework was used by Actify’s Digital Lab to create a framework wherein individual graphs and charts are made available as building blocks to an admin with responsibility for a specific function. The admin creates dashboards by putting together these building blocks. The framework also allows

  • Admin to add drill down capabilities with a single click
  • Add as many levels of drill-down as one wishes
  • Have a data view and chart view for every visualization
  • Allow a business leader to add comments to a chart which can initiate a tree of conversation within the group
  • Create business groups and sub-groups so that specific dashboards can be pushed to the right user group

All dashboards are connected to the use-case-specific data marts within ADAPTify which eliminates any need for custom coding. The key features of the solution and the unique business benefits include the following.

Unique feature Benefit
A single source of data, calculated metrics and visualization for all dashboards within the organization Eliminates duplication of effort and chance of errors in calculating metrics and KPIs
Drill down as a built-in feature and ability of viewing and obtaining the data on which a chart has been built Easy business analysis
One click assigning of dashboards and reports to Users Administrating user groups and sharing the right dashboard to the right user group can be achieved very efficiently
Unlimited license of building and sharing dashboard Freedom from user-based license fees

Congratulation on the Success and Go live of IVOC Phase 1.
This was a visionary project of India first, and this has involved more than 5 systems integration. Data cleaning, data organization, representation skill and a skilful writing of micro service to fetch the data from huge data set without making the use feel about the latency.
The product ADAPTIFY has really helped us in getting the data in data lake and organizing the same. The application is secured easy to use and reduces manual effort. The promised next releases would definitely make the system more organized and easy to use and we will be using the system not only for data lake but also a Reporting and analytics platform.
We must congratulate the complete Actify data labs team for making the phase 1 possible with out any delay.

Shivananda Mishra
Senior Program Manager, IndiaFirst Life