The Challenge
A Fortune Global 500 and Fortune 500 company that provides insurance, investment management, and other financial products, the company regularly receives files from customers and prospects when insurance coverage is being requested. These files are used to determine appropriate eligibility and entitlements. The company also provides an online portal where customers can register for and access benefits.
Recognizing the potential for entitlement issues and a poor online customer experience, the company wanted to take steps to enhance the customer experience, improve decision-making during the process and predict future conditions that could impact the business. To do this, they knew they needed to:
- Forecast user enrollment activities
- Predict when file transfers may occur
- Visualize missing files against expected arrival times
- Classify files as valid or invalid upon receipt
- Create a recommended priority list of issues based on deviations from the normal pattern
The Solution
Working with the customer, Micro Strategies data & analytics experts put into place a predictive analytics solution that used AI. The solution included:
A process to proactively determine potential client or user set-up issues
- A model that proposes the prioritization of issues
- A model that determines the probability of user intent based on group behavior
- A model to predict the time between file transfers
- Visualization of files that were late or needed additional attention
- Visualization of failed log-in and registration attempts by customers and prospects
The Results
By putting predictive analytics to work for them, the financial services company gained a competitive advantage over other industry leaders. Through the use of AI-powered recommendations, they were able to make better informed decisions. They leveraged historical data to predict future conditions and the potential impact of business change and were able to discern patterns that were unnoticed through human perception.