General Insurance

NephilaTM: Facilitating General Insurers Chart their Growth Path

The penetration of general insurance in India stands at 0.7%, contributed mainly by urban India1. However, as the fruits of economic development have started reaching out to rural and semi-urban India, the penetration levels are on the surge.

This offers a great business opportunity to general insurers, and also entails risks as well. One substantial risk is depletion in business quality. To overcome this trained insurance professionals and technicians are needed at all levels. General insurance companies need to recruit and grow professionals who can offer innovative insurance solutions, suited to the market they are operating in.

Business leaders at general insurance companies are dealing with multiple challenges. On one hand, the Indian market is hugely underserved. On the other, the next big development is the increasing momentum towards online sales for travel, motor and health insurance policies. To leverage this momentum, general insurance companies need to put in place the needed infrastructure, and a trained and capable workforce.

In the last few years, health has emerged as a high potential segment for general insurers. Stats show that only 12% of the country’s population gets health cover2. This number is set to increase. Many general insurance companies are moving towards setting up standalone health insurance arms. All this brings us back to the same question of resources to create the infrastructure, and an army of trained insurance professionals who can offer innovative and relevant insurance solutions. The quality of business is the business parameter that’s critical for profitable growth of the company.

How can general insurance companies capitalize on these opportunities, and overcome the challenges at hand? Click here to see how companies can go on a sustainable growth path.

Insurance Man

The knowledge beyond the reports

There are several questions that business leaders in general insurance companies are dealing with.

Does the organization have the capability to sense challenges and opportunities? What lessons do we learn from the success of a product range or performance of one region or a business vertical? How do we apply the lessons learnt to another region or product? What can we learn from the failure of a product, and then ensure that individual learning gets transferred to the entire organization? Do we have the capability to sense the impact of a performance drop in one area on the rest of the organization? Can we come up with a suitable response to the challenge?

Having a feedback loop between an organization’s strategy and its execution will enable you to resolve these challenges. How can your organization create that loop? Traditionally, BI and other analytics tools have provided organizations with the information required to take decisions. Even then there is a huge gap in the organizations’ ability to translate these analyses into measurable action.

Insight sharing, actionable knowledge and decision making

Krios’ knowledge management tool NephilaTM goes well beyond this number tracking to help general insurance companies understand the drivers or inhibitors of a trend and how decisions impact them. NephilaTM sits like an intelligent and collaborative web over the operational framework of your company and tracks performance, dependencies, conversations, documentation, actions and decisions and their impact over time.

NephilaTM enables a collaborative decision making process and asks for direct participation of all the stakeholders. A business leader can initiate direct and contextual conversation with the team members and other interdependent process owners within and outside the organization to tap into insights in real time. This ensures that no time is lost in identifying solutions or making decisions.

These conversations are tracked and made available to the stakeholders, and the entire data is stored and tagged for retrieval at any point of time. This means knowledge is stored and retrieved in a contextual manner. This enables the right people to get access to the relevant knowledge.

To institutionalize the knowledge, the insights can be compiled as best practices and then relevant training programs can be organized for various teams. Or, the learning can translate into modifications of business processes so that the mistakes that were made are not repeated.

How NephilaTM Works

NephilaTM works on the premise that different business processes and departments share causal relationships and have interdependencies. It works with performance metrics and drills down to root-causes and correlated impact across other metrics. To draw out the KPIs, NephilaTM connects and extracts required data from the existing systems – ERP, BI systems, spreadsheets, and CRM and other workflows.

Let’s take an example. An organization focused on improving Quality of Business as a key driver of increasing profitability and growth would use NephilaTM in their everyday work. Let’s say the product manager is working, inter alia, with two key metrics – Quality of Business and Loss Ratio to understand, how he can design products that will improve profitability (through lower claims) and growth (better renewals, increased acceptance in existing markets and new markets).

NephilaTM enables a collaborative decision making process and asks for direct participation of all the stakeholders. A business leader can initiate direct and contextual conversation with the team members and other interdependent process owners within and outside the organization to tap into insights in real time. This ensures that no time is lost in identifying solutions or making decisions.

These conversations are tracked and made available to the stakeholders, and the entire data is stored and tagged for retrieval at any point of time. This means knowledge is stored and retrieved in a contextual manner. This enables the right people to get access to the relevant knowledge.

To institutionalize the knowledge, the insights can be compiled as best practices and then relevant training programs can be organized for various teams. Or, the learning can translate into modifications of business processes so that the mistakes that were made are not repeated.

Business Benefits

Visibility across the enterprise: No more does the senior management have to make do with department, insurance plan sales and other disparate reports. The management gets to see in real-time what is working and what is not.

Drill-down to the real problems: Disparate reports and analytics rarely show the real problems, because they don’t have the capability to monitor interdependencies of various departments. With NephilaTM you can drill down to the exact areas that need interventions. Disparate reporting usually only leads to half-baked interventions such as more sales incentive or training or motivation. With NephilaTM you might uncover other underlying issues such as lack of clarity about products, need for some marketing push to educate customers, a new application that reduces sales cycle, and so on.

View performance trends: NephilaTM tracks the performance trends and maps it to actions and decisions made by the team at different points in time. This gives a real view of the business performance, and which decisions worked in favor of the business and those that didn’t.

Learning is institutionalized: This knowledge is made available to the relevant people, accessible through easy search, tagged documents, and social conversations. What this means is that once some learning has happened, NephilaTM stores it in such a way that anyone looking for that knowledge will find it, whenever needed—now, or years later.