Aureus Analytics recently made a significant catch by securing a multi-year analytics deal with Landmark Insurance Broker, a prominent insurance broker. As part of the deal, Aureus Analytics will help Landmark Insurance Broker improve their end customer experience by leveraging data analytics and machine learning. Under the ambit of the deal, Aureus will help Landmark build customer intelligence across their lines of business, and drive growth riding on superior customer experience. This solution will be delivered using Microsoft's Azure cloud infrastructure.
The insurance industry is traditionally viewed as conservative in adopting newer technologies. But with a rise in online fraud and challenges in customer retention, they are increasingly looking at predictive analytics and machine learning to understand the customers better. Insurance carriers across the world are challenged with improving their customer engagement and experience.
According to InsuraneFraud.org, online fraud siphons off about $80 billion a year across all lines of insurance. On the other hand, insurers lose about 18-20% of their customers to churn. These double-barreled challenges are making insurers leverage new technologies as soon as possible.
The big data and predictive analytics solutions provider revealed that traditionally insurance brokers are not considered to be too tech savvy, and that shows in the end customers experience and journey. By securing this deal and partnering up with Aureus Analytics, Landmark will now be able to bring data from all its business into one place, and build a strong and meaningful customer journey.
One of the major highlights is that the solution deployment is on cloud. Aureus will leverage their data analytics platform CRUX to implement Customer OneView, Household analytics and other predictive models that will help Landmark improve the end customer experience.
"Landmark Insurance Broker is one of the few companies who have understood the potential of leveraging analytics correctly across their entire business portfolio. It helps that both - Landmark and Aureus - are obsessed with customer experience. This deal is also encouraging as it demonstrates increasing comfort of Indian enterprises with cloud based solutions," said Ashish Tanna, COO and Co-Founder at Aureus Analytics.
So what does this signal for B2B business in India? Usually considered a tough territory to break into for startups, the deal establishes the growing needs and demand for analytics across the spectrum. "We are excited to partner with Aureus Analytics to leverage technology and improve the overall customer experience. We have identified a few high potential use-cases that will help us drive growth at Landmark. The biggest challenge we face today is the inability to build a consolidated and intelligent customer one view across our lines of business. Aureus will help us solve this problem and set the foundation of our future growth," said Apaar Kasliwal, Executive Director at Landmark.
Another major development is that the analytics solutions provider made it to the Plug and Play Tech Center’s Insurtech 12-week accelerator cohort. According to the company statement, Aureus is the only Indian startup to be part of the Insurtech batch. Anurag Shah, CEO and Co-Founder of Aureus Analytics said, “Our selection in this cohort validates our approach of building problem specific analytics products for insurers that specifically address these challenges. These 12 weeks will also help us in engaging in global Insurance thought leaders, which will significantly influence in shaping the future roadmap of our product development.
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Richa Bhatia is a seasoned journalist with six-years experience in reportage and news coverage and has had stints at Times of India and The Indian Express. She is an avid reader, mum to a feisty two-year-old and loves writing about the next-gen technology that is shaping our world.