Redefining the insurance industry
The insurance industry is going through a digital transformation and technology is offering many new possibilities, while disrupting established business models. It is important to understand data and to be able to make data-driven decisions to grow. In this rapidly changing environment, insurance companies need to adapt quickly.
Here is where speed, innovation and the collaboration between large corporations and startups comes into place.
Making company data easily understandable
Veezoo is working with insurance providers to make the information hidden in the company’s data easily understandable. In this Proof of Concept, Veezoo learned how to answer lots of different questions about AXA’s data on Sales and Distribution.
For example, if they want to know what is the average duration of the contracts that got extended, they don’t need to wait until a data analyst queries that data for them – they can simply ask Veezoo and it will answer with a chart in a matter of seconds. Veezoo has acquired knowledge about that domain and can now help decision makers identify new sales opportunities by answering their questions.
What is the age of customers that cancel their contracts?
How many new customers did we get over the online channel since March?
For how long do the Car Insurance Policies get extended, on average?
How much revenue did we get from our corporate customers in Bern during 2016?
“With Veezoo, we are exploring ways of making it possible for employees to access complex data in a straightforward way, and this allows us to engage intensively with the topic of machine learning on a real-life basis.”
Head Innovation Management at AXA Winterthur