The Road to an Analytical Enterprise

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An exclusive presentation by Mr. Srinivasan Iyengar, Chief Operating Officer of Reliance Life Insurance - “An Road to an Analytical Enterprise”. The presentation was made at Analytics Conference in Mumbai.

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The Road to an Analytical Enterprise

  1. 1. THE ROAD TO AN ANALYTICAL ENTERPRISE Srinivasan Iyengar, COO – Reliance Life Insurance Confidential Slide
  2. 2. Dynamics today….. Connect the Dots ??? Disparate Sources of Data Low campaign results resulting in high acquisition costs v/s low acquisitions Build the Blocks ??? Data Insufficiency Nothing, But the Truth ??? No Single Version of Truth Inadequate Information for Analytically Inferred Strategy Non-Integrated Analytics resulting in Inferential Decisioning Inaccurate & Inconsistent Information Dissemination Where is Eminence ??? Poor Quality of Data WHO is my Customer ??? No 360 degree View Inability to deploy segmentbased campaigns and customized messaging High Marketing & Distribution Management Spends Spend less and bag more ??? Non-automation of key process Confidential Slide
  3. 3. Dynamics today….. Connect the Dots ??? Disparate Sources of Data Low campaign results resulting in high acquisition costs v/s low acquisitions Non-Integrated Analytics resulting in Inferential Decisioning Build the Blocks ??? Data Insufficiency Advent of Big Data… Nothing, But the Truth ??? No Single Version of Truth Inadequate Information for Analytically Inferred Strategy Inaccurate & Inconsistent Information Dissemination Where is Eminence ??? Poor Quality of Data WHO is my Customer ??? No 360 degree View Inability to deploy segmentbased campaigns and customized messaging High Marketing & Distribution Management Spends Spend less and bag more ??? Non-automation of key process Confidential Slide
  4. 4. Approach to Enterprise Implementation Strategize Monitor Confidential Design Deploy Slide
  5. 5. Approach to Enterprise Implementation Identification of Analytical Areas Sales Transformation BIU - Business Technology Integration On Demand Reports Propensity Modeling Strategize Design Monitor Customer Profitability Deploy Knowledge Management Management Dashboards Enterprise Information Visualization Phased Deployment Enterprise Participation Intelligence & Ad-Hoc Analysis Confidential Slide
  6. 6. Approach to Enterprise Implementation What To Do??? Sales Transformation Recruitment Profiling Product Time To Market On Demand Reports Acquisition v/s Win-back Product Mix Gaps Propensity Modeling Competitor Product Launch Impact Strategize Customer Life-Time Value Customer Channel Analytics Profitability Product Profitability Modeling Does it Management Address the Needs Dashboards Board Monitor Enterprise Information Management Visualization Employees Intelligence & Ad-Hoc Analysis Customers Confidential First ThingsIdentification of First… Analytical Areas Integration or Implementation BIU - Business Quick Wins Technology Integration Let Design the Others Not Stay Far ☺ Knowledge Design to Factor nextManagement stages also Execution Deploy Management Commitment Phased Deployment Enterprise Programs Enterprise Participation Cultural Transformation Training / Awareness Slide
  7. 7. Illustrative End State Model Confidential Slide 7
  8. 8. Insurance Industry ......Scenario Competition Regulatory Challenges Confidential Slide 8
  9. 9. The Results ………It’s a Journey New Business Revenue Persistency Customer Retention Renewal Collection Advisor Activization Reduction in Sales Attrition Confidential Slide 9
  10. 10. Some Takeaways...... Amidst all these don’t loose focus on data quality – its key & iterative Strong robust ODS (or EDW) is the key foundation layer Build/maintain computed value elements in ODS layer and not in presentation layer It’s a Myth that EDW is a pre-requisite for good analytics results Critical to have techno-functional PM to achieve success to these projects Confidential Slide 10
  11. 11. Thank you Confidential Slide

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