TATA AIG GENERAL INSURANCE COMPANY LIMITED - Insurer Innovation Award 2024

2. What is STO?
3. A brief description of the Innovation:
 What is STO ?
STO
The project STO aims to answer the question “what platform & what time
should the customer be reached” for maximising business outputs.
STO involves deep data analysis to determine the best Time, Platform,
Frequency to send a digital campaign (E.g., Email, SMS, WhatsAPP) to each
individual recipient based on their past behavior and engagement patterns. It is
driven by Machine learning tool.
While Send Time Optimization (STO) is commonly related in email marketing
campaigns, we've extended this concept to SMS and WhatsApp channels as
well. Our approach goes beyond just optimizing the timing of campaigns for
each customer segment. We also tailored the communication platform,
frequency, and turnaround time (TAT) based on individual preferences. This
comprehensive strategy ensures that we reach customers through their
preferred channels, at the right times, and with the appropriate frequency for
effective engagement.
A project probably the first of its kind in the GI industry has helped us to
identify various customer patterns (early renewals, email customers, WhatsApp
customers etc.) and in a short span has not only led to incremental revenue but
has also helped in cost optimization.
Identify
Potential
Customers
Identify
Correct Time
Identify
Right
Frequency

3. Self-Assisted Base
Can we know our Self Assisted customers?
(Customers who renew through campaigns without any help from any intermediary)
Non-Self Assisted Base
Identified common traits for our Self
Assisted customers based on various
parameters
Identified preferred platform for our Self
Assisted customers:
- For seamless engagement with customers
communications to be sent as per preferred
platform
Why Self Assisted ?
Potential Self Assisted Base
Preferred Platform
 Retention of Self Assisted Base is higher in
comparison to non-self assisted base
 Self Assisted base usually tend to renew at an
early frequency
Finding potential self assisted customers
What is STO?

4.  Industry Challenges: There are 2 most critical industry challenges which we could address by the project:
Traditional Method:
The most important challenge that a digital industry faces and scope of opportunity to
know what time the customer will read the SMS, Email, WhatsAPP. Who is my SMS, Email &
whatsapp customer or App customer or Website customer.
Higher cost and less results: Before this project we were not aware on the customer
preferred platform and time which leads to spray and pray method approach and
eventually ending up in high cost and lesser results
Industry Challenges

5. Execution
Deep Data Analytics
Approach
Approach:
1. A meticulous data-driven approach was taken.
2. Leveraging two years of historical data
3. Crucial Parameters were identified
4. ML (Machine learning) model was then built
Potential segments of the customers
High potential segment Preferred Renewal Time Preferred platform Early Renewers
• Customers with the highest
likelihood of renewing their
policies through digital platforms
were identified.
• This involved excluding offline
customers who had previously not
renewed online. Hence creating a
customer cohort.
• Past behavior analysis, The most
optimal time for each customer
segment to renew their policies
was identified.
• Most of the transactions happen
from 11:00 AM to 1:00 PM and on
Monday’s
• Who is our SMS Customer, who is
our WhatsApp customer and who
is our email customer was
identified
• Similarly, who is our App, Website
and Chatbot customer was
identified
• Recognizing the value of early
renewals, we identified customers
who preferred to renew their
policies ahead of schedule.
• This proactive approach not only
prevents potential loss to
competitors but also enables us to
save on campaign costs.
Automations campaigns were created on campaign tools so that every customer receives the communication as per their
preferred time, Platform, and frequency.

6. Customer Stickiness
 Customer Platform
Stickiness Improved
 Email: 17% to 25%
 WhatsApp: 17% to 31%
Early Renewals
 Early renewals customer
base increased from 12%
to 18% post implementing
the campaign and saving
the customer from losing
out to competition
 Retention improved by
1% for the Self Assisted
base.
Renewals for ZT Base
 GPW  Total incremental revenue
 generated from STO this year is 3 Cr
 Projection: We are expecting an uptake of
20 Cr from STO campaign by FY 2025
Conversion Uptake
External Stakeholders:
• Agents: Our initiative has emerged as a mutually beneficial endeavor
for our partners. By allowing them to concentrate on acquiring new
business opportunities
• NPS score from Customers: 79% of customers converted through
this innovation provided a promoter rating through NPS survey
Intangible Benefits
 Improved Brand Perception: By offering personalized communication and tailored services, the company enhances its reputation and perceived value among customers, leading to
stronger brand loyalty and positive word-of-mouth.
 Better Data Utilization: By integrating data from various touchpoints and leveraging analytics to drive decision-making, the company builds a culture of data-driven insights, facilitating
continuous improvement and innovation.
 Competitive Advantage: By staying ahead of the curve with personalized campaigns, streamlined processes, and enhanced customer experiences through a project that is the first of its
kind in the GI industry, the company gains a competitive edge in the market, attracting new customers and retaining existing ones.
5. A brief description of the intangible benefits to internal & external stake holders:
4. A brief description of the tangible benefits to internal & external stake holders:
Project STO: Success Story

7. THANK YOU