Nephila™: Helping Life Insurers Connect the Dots
To compete in the market, function efficiently and comply with all the rules and regulations life insurance companies have created strong reporting systems. But are these enough for the business?
Transparency and operational control are the two big challenges the industry faces today. Despite having all the tools and systems needed, the industry is dealing with lack of transparency. Compliance norms are in place, yet customers complain of mis-selling and lack of knowledge of insurance policies. The front-line sales force is heavily dependent on the middle management for complete knowledge about the products to be sold, which leads to mis-selling. The system is riddled with inefficiencies and lack of flow of knowledge.
However, there is a way to change all that and get an insurance company back on to the sustainability and growth path. Click here to see it.
The Knowledge beyond the Reports
It’s one thing to know that a certain branch of the company achieved 160% of its annual new premium target, sold the maximum number of life-term plans, and completed the training for all its insurance agents.
But it’s quite another to have the capability to understand the drivers behind this performance. There are several questions that business leaders across the industry deal with. What lessons do we learn from the success of a particular product or performance of one region? 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 Nephila™ goes well beyond this number tracking to help life insurers understand the drivers or inhibitors of a trend and how decisions impact them. Nephila™ 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.
Nephila™ 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 Nephila™ Works
Nephila™ tracks relevant data and presents them in the right format to enable right decision making. It works on the premise that different business processes and departments share causal relationships and have interdependencies. Each process has a certain impact on the business, and needs to be measured, tracked and reviewed through key performance indicators (KPIs). To draw out these KPIs, Nephila™ connects and extracts needed data from the existing systems – ERP, BI systems, spreadsheets, and CRM and other workflows.
Once these KPIs get established you get access to real time business performance status. Given the causal relation of different business processes and departments, Nephila™ brings visibility to the real performance issues right to the last responsible person. These are actionable business insights and enable the senior managers to take the needed action and even see the impact. These can then be shared with the right people in the organization, and the opens up the path for the learning to get get institutionalized.
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 Nephila™, 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 Nephila™ 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: Nephila™ 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, Nephila™ stores it in such a way that anyone looking for that knowledge will find it, whenever needed—now, or years later.