Data Analytics + Performance Engineering
Enhancing Performance Of The Insurance industry
The Client
Our Client is an automobile insurance service provider, wherein he deals with 7-10 different types of insurance products. His current sales software stores only the customer information and the shipping details. He was trying to expand his customer base for a long period but was unable to do so because of the lack of scalability, and flexibility.
The Challenge
The client was in an immediate need to increase his customer base and revenue. His current software didn’t have much capacity to incorporate more complex customer data like CAC and CRR. The infrastructure of the software also lacked analysis of the target customer demographics.
This challenge required an on-ground, resilient solution, that would be both scalable and flexible as the company grows.
This challenge required an on-ground, resilient solution, that would be both scalable and flexible as the company grows.
The Solution
After a thorough assessment of the clients’s existing software, we identified its strengths, weaknesses, and areas for improvement, and created a reliable strategy that would ensure all the requirements are met.
The first step was to program the software to store complex user information. After the programming, we transferred the software’s server infrastructure to a cloud platform; thus enabling the client and his team to access the crucial data anytime and anywhere. We also increased the storage capacity of the software to inculcate the expanding customer base. By performing these steps, we provided scalability and flexibility to the software it needed.
The second step was to format the customer data and the databases so that they could process and display necessary information like CAC and CRR. We infused advanced data analytics to help the client in analyzing repeated customers and his target customer demographics. With the assistance of interactive dashboards, the client could now see his customer statistics with ease. Thus, we provided the client with all the complex information that he required to expand his business.
Finally, we conducted rigorous user testing by using some old data from the client’s previous database and feeding raw data into the software to check its functionality. We also created random attacks on the software to check its security and remove the malfunctions, if any.
The first step was to program the software to store complex user information. After the programming, we transferred the software’s server infrastructure to a cloud platform; thus enabling the client and his team to access the crucial data anytime and anywhere. We also increased the storage capacity of the software to inculcate the expanding customer base. By performing these steps, we provided scalability and flexibility to the software it needed.
The second step was to format the customer data and the databases so that they could process and display necessary information like CAC and CRR. We infused advanced data analytics to help the client in analyzing repeated customers and his target customer demographics. With the assistance of interactive dashboards, the client could now see his customer statistics with ease. Thus, we provided the client with all the complex information that he required to expand his business.
Finally, we conducted rigorous user testing by using some old data from the client’s previous database and feeding raw data into the software to check its functionality. We also created random attacks on the software to check its security and remove the malfunctions, if any.
Results & Benefits
Months after deploying our solution on the premises, our client observed significant changes in the business.
Better customer acquisition
Equipped with insights on CAC (Customer Acquisition Cost), our client could now refine the acquisition strategies. He could now identify the most cost-effective channels for acquiring new customers and allocate resources accordingly.
Comprehensive customer profiles
With the extended storage capacity, the client could maintain detailed customer profiles. This allowed for a deeper understanding of each customer’s preferences, and history, enabling more personalized and targeted communication.
Quick adaption
With a flexible and robust solution in place, the client could adapt quickly to changing market dynamics and customer preferences. They could experiment with new approaches, iterate on existing strategies, and pivot when necessary, ensuring continued relevance and competitiveness in the insurance industry.