Reltio for Insurance
Organize Data for Better Customer-centricity
Insurance companies today are facing several challenges and disruptions including cost pressures, aging systems, increasing regulation, and new entrants that are native to the digital era and offer data-driven insurance plans from the ground up. New business models leverage usage data and customer behavior to build products that are highly personalized. Given this transformation underway, insurance companies must leverage data as a first-class citizen to deliver the right experience and move from a policy-centric to a customer-centric model. A self-learning data platform allows insurance companies to harness the power of data and relationships for better customer experience and business outcomes.
Reltio’s Self-Learning Data Platform is a native cloud platform that organizes enterprise data for continuous self-learning. Reltio Cloud provides reliable data with recommended actions for continuous self-learning and delivers data-driven applications to business users to meet their objectives. Reltio Cloud not only provides a solution to meet digital competition, but also allows insurance to reduce their costs and help adapt to changes in technology or policy.
ORGANIZE ALL YOUR DATA
Insurance is a traditionally data-rich industry with myriads of data including customer information, policy details, vehicle or property reports, geographical surveys, credit ratings, police reports, and customer feedback. Frequently, enterprises also subscribe data from third-party data providers.
The Reltio Self-Learning Data Platform help organize a variety of structured and unstructured enterprise data, from all sources to create a single source of truth.
The Reltio Self-Learning Graph Technology helps surface relationships in the insurance ecosystem between members, households, products plans, account, and locations for deeper customer understanding. Graph technology combined with analytics helps you better understand households or build custom hierarchies and measure product penetration in your enterprise accounts.
Once data is organized, marketing, e-commerce, and support teams can get visibility into customer preferences, behaviors, product interests, and channel choice. Insights like churn propensity, lifetime-value, and abandonment rates can be delivered to relevant teams in the context of their job and objectives.
Machine learning and predictive analytics can make intelligent recommendation for claims management, fraud detection, underwriting, policy management, and regulatory compliance such as GDPR and to send relevant and consistent information to the customers and find up-sell and cross-sell opportunities.
MEASURE AND IMPROVE
Self-Learning insurance enterprises go beyond insight to correlate and measure recommended actions with actual outcomes through a closed-loop cycle. Using these insights and recommendations, Insurance can now cross-sell or up sell opportunities to customers or offer ecosystem services such as home security sensors, and safe driving monitors that track and modify behavior.
BE COMPLIANT AUTOMATICALLY
With so many fingers in the data pie, you need comprehensive auditing and tracking features for compliance. Reltio provides a historical trail for any data merged or updated. Reltio’s fine-grained clickstream analysis can even be used to alert you to abnormal data viewing patterns by application users
for possible information breach or theft, or used for compliance and efficiency training of how to best use the application and the data.
START FAST, MOVE FASTER
You can rapidly deploy a Reltio data-driven application specific to your company’s challenges and domain focus in weeks. Reltio’s Data as a Service partnerships
with third-party providers such as Dun and Bradstreet and others, offer you the choice of the best data in the industry.