Fusionex, a multi award-winning, leading software solutions provider specializing in Big Data Analytics (BDA), the Internet of Things (IoT), Artificial Intelligence, and Deep Learning, has won a multi-million dollar, long-term strategic contract with an Asian-based insurance company, to transform its business processes.
Over a minimum of a 5-year period, Fusionex will be deploying Big Data Analytics to increase the efficiency of its client’s interaction with existing customers, as well as provide solutions to utilize available data in order to craft better offerings that would empower the client to capture newer markets.
In order to gain a better outlook of the performance and health of the client’s sales activities, a cost utilization analytics module will be provided by Fusionex. This will help the client inform its corporate customers about the performance of their corporate accounts – e.g. details such as how much cost has been utilized by staff, how much was claimed for spouses or dependents, and even illnesses involved and medical facilities visited.
This will help corporate customers determine if their account is being fully or partially utilized, and whether or not coverage should be increased for their staff. The cost utilization analytics module can also be used by the client’s team to generate new products that they can upsell and cross-sell to existing customers.
Fusionex and the client will also be working closely together to formulate strategies to penetrate the insurance market through social media analytics and digital marketing.
Capturing the right data in a timely manner is important for decision makers in the client’s organization, to determine long term strategies as well as day to day actions. To achieve this, Fusionex GIANT 2017 (targeted for official release imminently) will not only accumulate and cleanse disparate datasets, but also be used to find historical patterns and predict future trends in data (structured, semi-structured and unstructured).
Via GIANT, the client will be able to determine claim patterns of its customers and will be able to craft products that better cater to these customers, focusing on their specific needs. The client will also be able to cross sell products if they identify, for example, the trend of city dwellers – e.g. allowing for targeted auto insurance products and sales.
By putting business and customer data to effective use, the client is able to transform seemingly dormant information into game-changing insights that can help them satisfy their customers, improve their offerings, and boost their bottom-line.
Ivan Teh, Fusionex Managing Director and Chief Executive Officer, commented: “We are delighted to enter into this long-term partnership with such a valued client, which is in line with our mission of using technology to enable businesses to be more agile, and with greater impact. Fusionex is committed towards helping the client gain an optimum leverage in its field. Through this initiative, the value of data from the client’s customers, products, and business information can be harnessed to unlock powerful and vital insights.”