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Delivering Data-driven Insights with Digital Foresight

Delivering Data-driven Insights with Digital Foresight

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Delivering Data-driven Insights with Digital Foresight

Abstract

Are you harnessing the power of data, information, and intelligence from all sources (client’s internal data and external information) and applying predictive science to gain actionable business intelligence? If not, NIIT Technologies' Digital Foresight could be the answer for you. Digital Foresight uses advanced business intelligence that enables the insurer across all lines—personal and commercial. We understand the rapidly emerging operational, market, financial, and reputational issues to exploit opportunities for better returns. With Digital Foresight, you can know tomorrow’s risks and opportunities today

Empower Business by Infusing Intelligence

In today’s competitive world, anticipating customer needs is paramount to help drive the business. Customers are in a hurry to get what they need at the right time and have a lot of options to switch to. Hence it is important to stay ahead of the competition by analyzing customer demands and needs at the right time, and ensuring they don’t defect to your competitor

NIIT Technologies’ Digital Foresight is a ready-to-implement solution that uses advanced predictive analytics to fuse customer data with external data in real-time—enabling clients to understand,see, and anticipate correctly which customer is likely to move to competitors. It will not only help you understand which customers are likely to defect to your competition, but why, when, and most importantly how to engage with them so that they do not move away. Digital Foresight tool helps you:

  • Understand people at the most discrete level
  • Analyze customer demands/latent needs and provide an opportunity to increase the chances to cross-sell and up-sell
  • Improve business revenue and provide appropriate means to meet the customer expectations
  • Use advanced predictive analysis to keep track of the market and inform the customer from time-to-time to eliminate the risk of losing customers
  • Anticipate various market trends and integrate internal data of the customer with the external data of the market and provide the means to deal with customer churn

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Core Components

Digital Foresight enables the insurer to manage risks and opportunities from a latent and noisy data-centric environment and use data from multiple sources to deliver actionable and forward-looking intelligence.

Delivering Data-driven Insights with Digital Foresight

Geospatial statistical analysis provides a foundation in understanding the client’s environment, and structural conditions of communities and individuals within those communities. This activity is dependent on overlaying multiple layers of spatial data to provide deep and rich context around why certain customers are about to churn. Digital Foresight can help analyze both current and future spatial conditions to provide insights about key factors that define potential opportunities, challenges, and socio-economic trajectories of local communities.

Open domain information collection, assessment, and dissemination are core enablers of all aspects of Digital Foresight’s contribution to target market research. This initiative leverages the Digital Foresight expertise in identifying target clients, and the vast information and intelligence that is tied to the market, and members of the market.

Social Network Analysis (SNA) enables researchers to identify close-knit structures of small communities and congregations. It identifies key sub-groups and families, characterizes their interests and critical needs, and quantifies their potential market value. SNA provides insights into the powerful influence sub-groups and families have on individuals and groups in the community, either directly or as a result of pattern-of-life events.

Behavioral analysis provides the ability to identify potential customers as new or as predisposed to share their expanded wallet. It leverages discernable understanding of the customer’s pattern of life, direction, and attitudes, and most importantly what the customer thinks of your value proposition, market reputation, and market distribution—all applied against that of your competition.

Monitoring Digital Foresight customer and competitive metrics allows enterprises to identify not just client needs for products and services but also understand how well the distribution partner or channel partner is meeting client expectations at the right time through the right channels

Technology

Digital Foresight applies advanced cloud computing capability to harvest an extraordinary quantity of information and fuse it seamlessly to gain real-time understanding of what tomorrow presents, today. It also helps you to know and understand customer churn potential from a customer perspective.

Management and Provisioning: Cron, Apache Ambari, Semantica Big Data Platform, Ansible, Puppet Labs.

Analytic Application: R, Esri, C++, Python Data Processing: Spark SQL, Cloudera Impala, Giraph, Hive.

Database File Storage: Cassandra, Neo4j, Hadoop, Apache Hbase.

Data Collection and Parsing: Storm, ebXML, 245+ search engines with Deep Web and Darknet.

Open Data Science Environment

Digital Foresight is not based on “black box” type of algorithms. It is an open data science environment that can work with inputs from experts, market research, and other sources to incorporate the best knowledge and produce optimal actionable output.

Delivering More Value

More Strategic: It helps detects small and mid-market commercial accounts at risk of contraction or moving to a competitor, and takes the right pricing and account expansion and retention actions directly or through your distribution partner. Bad actors, including points of internal compromise, that pose economic, reputational, and market risk in real-time are easily detectable in advance and never as a latent reactionary report.

More Real-time Insights: It detects the next best customer based on real-time knowledge and future value projection. It is not risk-prone as it does not look back at the past status of a prospective customer. We apply the same insights to existing clients with an eye to knowing when and why the client is positioned for expansion in 90-180 days.

More Integrated View: It enables customer and prospect data to reside contemporaneously in a dynamic advanced KYC engine.

The NIIT Technologies Advantage

The Digital Foresight delivery team at NIIT Technologies continuously reviews and collaborates on the output. Our team uses advanced machine learning attributes that constantly refine today’s understanding by identifying change in the customer, market, and competition. This helps improve the accuracy of predicting customer churn tomorrow. We also provide clients with the next-best action to mitigate churn and enjoy continued benefits of customer relationships.