(Image source: Aureus Analytics)
Aureus Analytics, a Mumbai-based provider of data and analytics solutions to the banking and insurance industries, has released CRUX, a data platform designed to help insurers build a state-of-the-art customer experience, leveraging machine learning, Big Data and advanced analytics to deliver real-time, actionable insights in intelligible business language at the point of decision.
The vendor pitches CRUX as created to enable insurers to reach the level of customer experience required for developing a superior customer experience to compare with consumers’ experience with industries further along the customer engagement path, and to differentiate them from their laggard insurance carrier peers.
Aureus Analytics describes CRUX as a real-time data analytics platform that uses predictive analytics and machine learning on the insurers existing data from systems like policy administration, CRM, billing, claims as well as external sources, such as credit bureaus and social media channels. Typical use cases for CRUX are predicting and identifying potential fraudulent cases, improving cross sell, and building persistency/retention analytics. The application is available across all device form factors, and hence gives any business users the ability to access the insights the solution produces at any time, and on the device of their choice, according to the vendor.
Single Source of the Truth
CRUX provides business and analytics users the ability to capture data from a variety of both internal and external sources within a concept of a “single source of truth,” the vendor says. The solution can enable users to run a variety of predictive algorithms that can help to predict critical consumer behavior to help improving persistency, cross sell, fraud detection, etc., in real time.
“CRUX is a first of its kind comprehensive data analytics platform built specifically for insurers to deliver epic customer experience,” comments Anurag Shah, CEO and Co-Founder, Aureus Analytics.“This is a disruptive, cost-effective and quickest option for insurers who are currently faced with the difficult choice of either building expensive in-house Big Data analytics capabilities or turning to service providers who thrive on never-ending projects.”
Among the benefits of CRUX to insurers, the vendor asserts, are the ability to:
- Significantly cut down the claims processing and payout time from weeks to days.
- Drive rapid improvement in their persistency / retention rates which can lead to significant gains to their bottomline.
- Improve fraud detection capabilities
- Improve cross sell ability by understanding their customers & their preferences better.
Aureus Analytics is a Vendor Partner for Celent Asia and Celent Model Insurer 2016 Award winner (through client Aegon Life India), as well as a one of 12 Indian startups named as a Microsoft Accelerator 2016 ‘Scale Up’ program graduate. Aureus Analytics’ other insurance clients include SBI Life Insurance, DHFL/Pramerica, AXA Bharti, TATA AIA Life, General Insurance Council, and India First Life Insurance.