Data is the new oil. It opens up new opportunities for businesses to improve and grow. In this age of big data, spreadsheets and third-party applications overflow with data. Unfortunately, in its unrefined form, data is useless.
Technologies, such as digitalization, big data analytics, machine learning, deep learning, artificial intelligence, etc. are helping companies derive comprehensible intelligence from large volumes of data and use it to improve business operations.
One solution developed by EOX Vantage which caught our attention cut operational costs in half while submission countstripled for a specialty insurance company in the Southwest. The EOX Enterprise Operating System offers straight-through processing for many functions and an underwriter workbench which streamlines workflow and enhanced risk selection via automation, dramatically cutting the time it previously took to assemble the myriad data necessary to bind a customer. In addition to providing data visibility for internal and external users, it enables policy holders to view risk assessments and it offers actions they can take to reduce their risk exposure and premiums.
EOX Vantage: Turning Data Chaos into Competitive Edge
Leveraging the huge volumes of data generated by businesses is a critical component of growth and success for most companies. However, because of legacy systems, stringent regulations, lack of talent, reticence to spend money and other reasons, the insurance sector has been slow to take advantage of such business intelligence.
"The insurance sector has historically been slow to adopt new technologies. However, some players are beginning to see how new collection channels can help them. The challenge is to find the right people to help them in the journey and to implement effective techniques to turn this data chaos into profit," said Sudhir Achar, CEO, EOX Vantage.
EOX Vantage is a global digital transformation solutions provider founded by Sudhir Achar and Harsha Chaturvedi. The company has more than550 employees and its end users include global brand leaders and Fortune 500 companies, such as Amazon, Mercedes, Intel and Subaru.
EOX Vantage’s Enterprise Operating System (EOS), a patented, single platform, centralizes and streamlines workflow and data visibility across a company without the need to replace legacy systems. After developing hundreds of API interfaces to commonly-used platforms, EOX can quickly develop low-codesolutions to address a wide range of needs.
EOX’s combination of the EOS platform, data analytics, actuarial services, and managed services allows the company to provide a balanced mix of services, thus avoiding the one-size-fits-all trap.
"Our system not only addresses the insurance industry’s need to process information rapidly, but also uses a balance of managed services and advanced technology to ensure that data are processed correctly, and that data is turned into information that is actionable to the company," added Achar.
This system ensures that data collected from the insured, including handwritten or typed applications, are entered into the system correctly (via advanced optical character recognition) and submitted for a quote, thus eliminating the need to re-key customer information repeatedly. Moreover, it can streamline the submission process to multiple carriers and help agents get past clunky, time-consuming submissions (commercial or otherwise).
Transforming Data into Actionable Insights, Securely and Quickly
Insurance companies are facing several challenges today - from ensuring the safety, integrity and stability of incoming data to processing it into usable information.
EOX Vantage's system can pull real-time data from disparate sources to help companies make informed decisions. The system's actionable dashboards compile data to provide visibility, control and operational intelligence.
"All companies using big data need to keep an eye on the growing number of regulations on how data can be collected and used. Securing this data is also of great importance. Companies collecting, transmitting and storing data need to ensure that their channels and receptacles are secure and are routinely audited to ensure against data breaches. As the volume of data increases, companies must also maintain a secure pipeline and manage its flow from point to point," said Harsha Chaturvedi, COO, EOX Vantage.
EOX’s ability to offer straight-through processing has made application processing almost instant for carriers in addition to maintaining a consistent evaluation and acceptance of risk. Artificial Intelligence can be employed to get back to clients more quickly and EOX Smart Forms are produced automatically, saving hours of prep time.
“Once you begin managing and interpreting a steady stream of data, creative review can lead an organization to create new businesses or business models, such as streamlining the binding process by reaching out to numerous databases to collect information about a potential client. It can help them enhance relationships with clients by offering reports regarding telematics data, etc. Insights from data will also enable them to grow relationships with channel partners by decreasing data entry, providing faster quotes and a dashboard to monitor insurance use, risks and business goals. Moreover, it can help them build upon existing business models, i.e. carriers can provide information to agencies, helping to address customer churn or focus on cross-selling,” noted Chaturvedi.
Into the Future
As larger organizations are reducing back offices and the amount of managed service workers they contract, they are increasingly turning to technologies, such as automation, workflow optimization, etc.
Many companies are today using data analytics to 'guide' prospects and clients to the desired outcome through both 'drip' marketing and loyalty programs and real-time dynamic scripts used by their sales and service centers. This helps them save money and speed up time and workflow across the board. It also reduces account loss while enhancing the ability to grow existing accounts and increasing client satisfaction and loyalty.
“Today, customers expect an 'Amazon-style experience' that thrives on quick transactions and instant gratification. It is high time the insurance industry alters its approach from transactional to one centered on customer experience. EOX Vantage can insurance providers enhance their competitive edge in the market through increased efficiencies, communication, digitization of processes and automating workflows,” concluded Achar.