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AI In Insurance Use Case #19: Aureus Analytics

  • 11 August 2019
  • Sam Mire

This interview is part of our new AI in Insurance series, where we interview the world's top thought leaders on the front lines of the intersections between AI and insurance.

In this interview, we speak with Anurag Shah, CEO & co-founder of Aureus Analytics, to understand how his company is using AI to transform insurance, and what the future of the insurance industry holds.

1. What’s the story behind Aureus Analytics? Why and how did you begin?

AS: The motivation behind starting Aureus was to bridge the huge gap between the business users and Analytics technologies. 

We realized that building a generic platform would be of little value. The platform needs to solve real business problems for business users without them having to invest in building specialized skills like AI, Machine learning, etc. Hence, it had to be built specifically for an industry. We started by focusing on insurance.

The insurance industry globally suffers from poor customer loyalty and retention. Customer Experience (CX) levels have been one of lowest across industries. Hence we decided to start by solving that problem.

2. Please describe your use case and how your company uses AI: 

AS: AUREUS’s AI & Predictive Analytics platform, CRUX, enables Insurers to 

1) Measure Customer Experience

2) Predict Customer Behavior

3) Identify Actionable Insights in Real Time

CRUX helps Insurers to:

1) Increase Customer Retention

2) Increase Cross-Sell & Up-Sell revenue

3) Predict Claims & reduce Fraudulent Claims

Aureus’ patent-pending technology identifies customers’ sentiment in real-time thereby enabling carriers to predict their customers’ behavior well in advance. 

SentiMeter™ uses several customer data points from their Policy Events, Transaction Events, and Interaction Events to score them across the entire customer journey. 

The platform uses Natural Language Processing, Machine Learning, and deep text analytics to bring out the nuances hidden in the interactions. A real-time SentiMeter™ score output helps improving insurer’s retention and cross-sell business functions, improve CX significantly and identifying key influencers driving the customer sentiment. This helps significantly improving their engagement with their customers.

Aureus Artificial Intelligence Powered Insurance Analytics Solutions also comprises of Predictive Analytics platform that leverages Machine learning to predict customers behavior, identify various patterns to predict the propensity of retention, cross-sell, upsell and claims. 

Aureus helps in using all this data in real-time and generate actionable customer insight in real-time at the point of decision.

3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?

AS: Aureus partnered with several global insurance players to solved different business challenges. 

We are highlighting a few customers who have seen significant business outcome using Aureus AI platform

A) A Mid-sized life insurance carrier improved persistency using Aureus' Revival Model:

Challenge: Low conversation rate / High cost of reinstating lapsed portfolio customers 

Solution: Persistency modeling with CRUX (Aureus Insurance Analytics Platform)

Results: CRUX Identified the top 30 percent of lapsed portfolios with over 90 percent reinstateable policies. This led to 60 percent reduction in overall reinstatement efforts & 30%cost-saving by focusing efforts only on the lapsed base that has a high

B) Making cross-sell effective for one of the oldest national insurers:

Challenge: With a huge product catalogue, our customer was facing challenges with their cross-selling techniques.

Solution: Aureus developed decision models that can help them answer three primary questions. a) Whom to sell b) what to Sell c) How much to sell

Results: Substantial cost savings by reducing calling efforts by nearly 60%. 5times more accurate product pitching to the right person by their sales team. 70% more focused products pitched to the right customers. 

C) Early Claims Prediction for a Large Life Insurer:

Challenge: To control the % of Early Claims

Solution: Aureus built a predictive model that identifies policies that may lead to an early claim and mark out high risk proposals.

Results: 20% reduction in the number of Early Claims with improved CX and operational efficiencies

4. What other AI use cases in insurance are you excited about?

AS: Aureus Early Adopter Program provides members with early access to new AI technology with opportunities. Aureus EAP members will have access to innovation and product features in its nascent stage. Harnessing the potential of Voice Data to drive enhanced Sentiment Analytics is our next best AI use case. Voice Analytics that’s designed specifically for the Insurance Industry. 

5. Where will Aureus Analytics be in five years?

AS: Our goal is to be the de facto platform of choice for Business Analytics for any Insurance carrier.

We aim to add more capabilities across various business processes of an insurance ecosystem in a way that it becomes a one-stop shop for any insurance analytics needs.

About Sam Mire

Sam is a Market Research Analyst at Disruptor Daily. He's a trained journalist with experience in the field of disruptive technology. He’s versed in the impact that blockchain technology is having on industries of today, from healthcare to cannabis. He’s written extensively on the individuals and companies shaping the future of tech, working directly with many of them to advance their vision. Sam is known for writing work that brings value to industry professionals and the generally curious – as well as an occasional smile to the face.