AXA is a leading innovator with their initiative to unlock quantitative insights from policyholder data to inform process improvements and – ultimately – to optimize and deliver a superior customer experience.
Louis DiModugno, Chief Data and Analytics Officer joined Vidado CEO Kuang Chen at the Insurance Analytics Conference in New Orleans, LA last week for a discussion titled: Using Big Data to Unlock Process Opportunities: How Insurers Can Leverage Process Analytics to Understand NIGOs and Drive Process Improvement.
AXA US’ Louis DiModugno (left) on stage with Vidado’s Kuang Chen (right) at Insurance Analytics
NIGOs are a big problem for insurers according to Louis. The biggest issues with NIGO’s is the inefficiencies it creates. “When a document is in NIGO, it causes rework. Rework costs money. It is efficiency drag. [Life Insurers] need to understand how to get data in correctly at the point of collection.”
No life insurer is immune to NIGOs, to be sure. It’s a phenomenal challenge to fully address the complexities.
AXA US partners with Vidado to tackle NIGOS
It starts at the point of capture. Thankfully, this is where Vidado’s best in class solution shines. Our machine learning algorithms and crowd-sourced human reviewers are able to detect data on forms, even handwriting, with 99.9% accuracy.
But our work does not stop there. Vidado facilitated process analytics at AXA US to help target the thousands of NIGOs – which with over 2.4 million US customers, you can imagine the volume is not trivial!
Some of the issues that were found and resolved included home phone versus mobile number issues and address verification problems.
To address the questions that popped up, Vidado was able to leverage a few key resources:
- Twilio phone validation employed to validate mobile numbers.
- Utilizing 3rd party APIs, Vidado was able to validate addresses.
Beyond that, Vidado developed processes to tighten the feedback loop with AXA US’s data team, so that if NIGOs are recorded in the initial collection process, it kicks down the data correction problem to their team to review.
This allows for quick decision making and better data results. And that is one of the keys to the partnership’s success – the collaboration on the discovery of data capture and enrichment opportunities for AXA US.
The partnership with AXA US represents one of dozens of life insurers that Vidado has been able to work with.
Would you like to reduce your NIGOs, just like AXA US has?