Led by our customers’ needs and vision to change the way people feel about insurance, FWD Group Data developed a ‘Smart Insurance Framework’ which sees the business embarking on a ‘AI-everywhere’ approach. The platform has transformed the entire insurance journey for both our customers and employees with the use of advanced technologies and AI power.
To create a simpler and smoother insurance experience for our customers, we recognized the need of a modern data architecture framework that improves operation efficiency internally and convenience externally. Started in June 2020, a Group Office Data Platform (GODP) has been built to streamline and integrate all our data into a single platform which is smart, secured and scalable. This platform allows business users to harness data, insights and run analytics across all our markets, to help support a spectrum of initiatives in FWD with data.
Features of the platform:
• Data standardization through a single source
Consolidates all FWD data from heterogeneous systems into a single secured platform and ensures Group-wide data standardisation, data confidentiality and metrics consistency.
• Self-service business intelligence (BI)
Facilitates our Management and business users to make smarter decisions with the ability to offer key data intelligence and analysis on-the-go. The powerful visualization data dashboards offer users a good grasp of their business measurements across our 9 markets in a timely manner.
• Real-time processes
Remains up to date with business demands and customer expectations by processing huge amount of data in real-time.
• Continuation of AI capability advancement
Maximizes business value and operational efficiency by feeding in latest customers’ data and preferences that continues to better our in-house AI/machine learning (ML) capabilities.
Some of our key deliverables across markets include:
• AI Claim
• AI Next Best Offer
• AI Lapse Prevention
• AI Winback
The clever use of data allows FWD to evolve and predict customer responses more accurately, develop a better understanding of customer needs and behaviour, and in turn serve them better. By taking advantage of real-time information, we provide personalized experiences, upsell/cross-sell more relevant products to the right segments, retain valuable customers, thereby improving the customer journey throughout all touchpoints.
