Practical application Insurance

Knowledge Management: Growth Facilitator for Insurers

The insurance industry has strong reporting systems, because of the compliance requirements and competition. Though the processes adopted for business are fairly automated, the industry faces several operational challenges such as:

  • Lack of product knowledge at the level of front-end sales representatives—insurance agents and development officers/sales managers
  • Standard insurance policies are sold to the customers instead of relevant ones
  • Cross-sell and up-sell opportunities are limited
  • Renewal rates are poor due to insufficient follow up
  • Higher lapse ratio due to mis-selling
  • Balancing of portfolio
  • Zonal and branch performances are measured in silos
  • No sharing of trends between processes and businesses
  • Limited agent profiling leading to a compromised understanding of business possibilities and individual challenges

Aggravating these challenges is a perceived lack of transparency in dealings with customers. This is a result of what could be called a chaotic operational culture, and lack of communication among different business processes. In spite of all the tools and systems deployed, the market and internal information that eventually reaches the management is insufficient to take key decisions.

Insurers already have process specific systems in place. They now need a data-centric knowledge management solution that can work on a layer above all the existing processes, connect the disparate info and glean the inherent insights that otherwise go unnoticed. Krios Technologies’ knowledge management solution Nephila™ makes this happen.

Nephila™ provides data and information for these issues faced by business leaders:

  • Get statistics of insurance portal access, tests conducted, trainings done
  • Obtain detailed understanding of local learning, number of complaints and the nature of complaints from customers through Nephila’s™ drill-down feature
  • Get insights into renewal cash flows

Defining metrics

Nephila™ sits above your organization’s operational framework and integrates with the existing subsystems—transactional, promotional, ERP, HR, cataloguing, project management, CRM—and extracts data. This brings in a single window of interaction for all the key professionals across business verticals, branches, and processes. Nephila™:

  • Defines metrics—this brings transparency to performance across the organization.
  • Consolidates data at a single layer—end users can access all the data at one place.
  • Helps employees across the organization get access to relevant information.
  • Establishes collaboration across processes. Decision making is collaborative and conversational, and relevant results get shared to those who need to see them.
  • Tracks and tags all conversation contextually. Your managers don’t have to go through the same learning curve, and can get access to information in a contextual manner.

Benefits of knowledge management

Nephila™ checks duplication of processes, efforts and resource allocation. This helps arrest revenue leakage from day one resulting in huge savings.

  • Management teams get a single window for performance management offering the overall business view.
  • They get the solution to issues within minutes due to collaborative tools.
  • Multiple ‘go-to experts’ are identified. This puts knowledge in the driving seat of business strategy.
  • No activity happens in silos anymore. Learning and mistakes are shared across processes and business verticals in the organization.

Knowledge driven organization

All these changes streamline the organization to the requirements of the insurance industry, and business leaders can focus on the long-term business strategy, as:

  • All activities are tracked, and brings in a sense of responsibility across the organization
  • No activity goes untapped – this brings in a sense of achievement across the organization, as every single activity leads to some measureable gain for the organization
  • Employee satisfaction increases as involvement is explicit
  • Continuous monitoring helps unleash the real possibility behind all interactions and ideas
  • Decision making becomes faster as teams have access to all the needed information and inputs in real-time
  • Knowledge becomes a part of business strategy, and better places the company to adapt to the changing market realities of the industry.

To learn how you can transform your organization from a knowledge enabled system to a knowledge managed system, call Krios at +91-22-40107739 or write to us at