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CLIENT CASE STUDY


Leading Thai insurer: Implementing data analytics

Accenture helps this insurer merge databases and apply advanced analytics to improve productivity and fact-based decision-making.

Overview

As the insurance industry in Thailand faces great challenges, fierce competition and exciting opportunities, one of Thailand’s leading insurance providers wanted to provide relevant products and personalized service driven by advanced analytics. Accenture helped the insurer develop a data analytics engine with a broad variety of capabilities. Supported by a high-quality database, this enables the insurer to improve agent productivity, expand market share and foster long-term growth. Accenture also provided a concrete strategic roadmap for expansion into the digital realm.

The project has already helped the insurer enhance and expand its distribution channels, generating income 32 percent greater than initial six-month targets. Accenture also worked with the insurer to reduce channel conflicts by developing and deploying channel strategies, and provided facilitation in addressing conflicts as they arose.

With simultaneous initiatives aggregating existing data and deploying it through advanced analytics, Accenture has helped this leading Thai insurer move toward high performance.

Opportunity

As the insurance industry in Thailand faces great challenges, fierce competition and exciting opportunities, one of Thailand’s leading insurance providers decided to meet rising customer expectations by providing relevant products and personalized service ahead of its competitors. Advanced analytics can harvest customer data and use digital channels to deliver tailored products quickly and effectively. The insurer planned to develop an analytics-driven tool with upsell and cross-sell capabilities, and simultaneously develop an aggregated data warehouse as a unified single data source supporting and accelerating decision-making.

Solution

Working with the insurer, Accenture teams assisted in developing a data analytics engine including a customer data mart, a campaign data mart, segmentation modeling, propensity modeling and next-best offer analysis capabilities. Supported by a high-quality, unified database, these capabilities will enable the insurer to improve agent productivity, expand market share and retain the existing customer base to foster long-term sustainable growth. Accenture is also poised to assist the insurer in expanding into the digital realm with a concrete strategic roadmap for digital and pilot implementation delivering tangible and measurable outcomes.

Results

The project has already helped the insurer enhance and expand its distribution channels. Newly-available information provided advanced propensity models to develop new campaigns and refocus existing ones, and these changes generated income 32 percent greater than initial six-month targets. Analytics are also being used to create advanced segmentation models for customers and agent groups, paving the way toward new segment-based campaigns, while overall the project has promoted the insurer's customer-centric values and strengthened fact-based decision-making.

Accenture also worked with the insurer to reduce channel conflicts by developing and deploying channel strategies, and provided facilitation in addressing conflicts as they arose. With simultaneous initiatives aggregating existing data and deploying that data through advanced analytics, Accenture has helped this leading Thai insurer on its journey to high performance.


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