Risk Data Aggregation Framework for Complaints Analysis
Prompt and efficient handling of complaints helps organizations gain a deeper understanding of their customers. Effectively engaging with customers and increasing customer retention and loyalty translates to a more profitable business. However, this can be time-consuming and expensive. Coforge, with their data aggregation framework, ensures that insurance providers can take informed decisions related to fair treatment of customers throughout the product value chain faster.
Building Strong Customer Experience
Complaints play a huge role in continuous improvement of sales and operational policies, and product design and features. This significantly increases the role of a system that is robust enough to cope with the increasing number of complaints and varied complaint sources and formats; and intelligent enough to conduct root cause analysis of customer complaints. The system would thus not only act as a redressal system but also ensure generation of insights to avoid complaints in future Coforge’ framework aggregates data from various sources, analyzes accumulated data, and presents information in a visual format. The framework has the capacity to process millions of records at a time
Captures every interaction with the customer with respect to claims, feedback, and complaints
Analyzes customer interactions in terms of ease of access, transparency, efficiency, and closure
Reviews timeliness and acceptability of redressal
Reports complaints to the regulatory body in the desired format
Creates and improves processes to make them fair and friendly to the customer
Figure: Sample Representation of the Output from the Framework
The output summarizes unstructured data on the following potential aspects/features:
Complaints type (Policy & Claims)
Categories and sub-categories of complaints
Statistics based on location, product type etc.
Reasons for complaint
Other important attributes e.g. policy number, contact details etc.
Delivering More Value
More Relevance: The framework extracts relevant data points at an appropriate level of granularity from various systems.
More Efficiency: The framework helps insurance companies integrate data in a way that allows manipulation and drilldown of data. Companies can utilize internal and external data and statistical analysis to deal with significant data quality issues during pre-sale and post-sale from the range of legacy systems. The framework can also identify isolated or systemic issues from large sets of data using extremely powerful tools.
More Capabilities: Insurance companies can add new models and tools with existing decision management solutions. The framework automates manual processes such as classification, visualization, and analysis—saving significant human costs and enabling employees to focus on more value-added activities.
More Satisfaction: The framework helps you identify and measure operational risks—improving business efficiency and increasing return on investment. The risks are identified early in the process—helping you intervene and mitigate them.
More Specific: Management information reporting is done in a timely fashion for appropriate stakeholders.
More Comparisons: The framework performs outlier analysis where insurers examine their data to identify products or areas whose financial performance is unusual—either when viewed against their history, their competitors, or rest of the business.
The Coforge Advantage
Coforge has extensive experience helping organizations categorize and sub-categorize complaints for handling them efficiently. We have supported a significant number of insurance providers through development of a framework that streamlines the data capture mechanism, analyzes data, reviews customer experience, and provides reports to internal and external stakeholders.
Our network of experts is supported by risk and finance technology enablement teams, bringing to the table the experience and skills to diagnose and handle complaints successfully. Coforge’ framework helps insurance companies ensure that regulatory compliance commitments are clearly articulated and aligned to their strategic objectives.