Company: SBI General Insurance
Company background: SBI General Insurance is a general insurance company founded in 2009. It started operations in 2010 and is headquartered in Mumbai, India. We, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and have a vision to become the most trusted general insurer for a transforming India. Ever since our establishment in 2009, our growth has been exponential in various aspects. We have expanded our presence from 17 branches in 2011 to over 141 branches pan-India. Till date, we have served over 34 crore customers. We have been awarded ‘Insurer of the Year’ in the non-life category at FICCI Insurance Industry Awards, for two consecutive years in 2020 & 2021. In 2022, recognized as the 'Best General Insurance Company of the Year' at the 'Third Emerging Asia Insurance Awards' organized by the 'Indian Chamber of Commerce'. We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22437 plus SBI branches, Agents, other financial alliances, OEMs, and multiple digital partners enable us to extend our reach to the pocketed remote areas of India. We offer a bouquet of products spread across various lines of businesses that cater to customers across all segments like Retail, Corporate, SME and Rural, ensuring accessibility via digital as well as physical modes. SBI General Insurance reported a 17.6% growth in Gross Written Premium (GWP) in FY 2022-23 and the GWP stood at INR 10,888 crore.
Contact: Yashaswi Malot
Title: Dy. Vice President Analytics & CLM
Country: India
Award Category: Innovative Problem Solver
Tell us about the business problem you were trying to solve?
The Company has a lot of customer data to manage. Challenges 1. To Build a true Customer 360 view across policy lifecycle 2. End-to-end automation of CLM Activities to improve operational efficiency 3. Maximize customer lifetime value by improving renewals & product holding rates.
How did you use SAS to solve that business problem? What products did you use and how did you use them?
We along with SAS have implemented Enterprise Customer Engagement Hub built on SAS CI360 suite & SAS Viya to enable personalized customer experience across our channel ecosystem. its ability to stitch on-premises transactional data, analytical/behavioral insight, & real-time interaction data.
What were the results or outcomes?
• Expected 2-4% Improvement in conversions • 4X Increase in operational efficiencies due to E2E Automation • 400% faster time to market for all campaigns • Expected improvement in retention rates by 4-7%
Why is this approach innovative?
Leveraging SAS Viya analytics capabilities on top of customer-one-view information accessible through SAS CI360, we could infuse intelligence in business processes. The Solution enabled CLM team with real-time orchestration of campaigns & journeys across various touchpoint.
