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IndiaFirst Life to implement business intelligence solution

Mitchelle R Jansen

IndiaFirst Life Insurance plans to implement a business intelligence solution to improve its operational, tactical, and strategic decision-making

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“Business intelligence can help us improve decision making and bring efficiency to our sales operations,” says Vinayak Khade, Head - Project Management and IT Excellence at IndiaFirst. “These aspects call for plenty of transactional and analytical reports. With our current system we find it difficult to obtain them with speed and accuracy.”

Incorporated in November 2009, IndiaFirst Life Insurance is a joint venture between Bank of Baroda and Andhra Bank along with Legal & General, a UK-based risk, wealth and investment company. The company has a network of 5,000 branches and over 16 lakh clients in the country.

IndiaFirst foresees that implementing business intelligence solution can help it gain traction in the following four areas:

  • Gauge persistency of potential customers: By analyzing a client’s credit history and other profile information, IndiaFirst’s managers can predict the persistency (total time until which the person is likely to pay the first premium).
  • Plan recommendations: A BI solution will help a sales executive to recommend the products that are best suited for a particular client based on the client’s profile-metrics.
  • Communication strategy: With real time updated information, the sales executives can resolve client queries on the spot. They can also quickly track the lifecycle of each client including aspects such as when the next premium is due, the amount to be paid, changes in plan, etc.
  • Fraud management: The business intelligence solution will help the sales executives to track discrepancies or false details, if any, in the system and help the organization to curb frauds.

While the company plans to deploy BI in two years, once implemented, the solution will source data from eight enterprise applications and 12 other data sources. The business intelligence system will comprise three major layers – online transaction processing (OLTP), operational data store (ODS), and the data warehouse/ data marts. According to Khade, the evolving nature of the company’s business implies constant changes in the OLTP layer. As the first step, IndiaFirst will focus on standardizing this layer to exploit the full potential of BI. Close to 1,000 users from sales will be given access to BI dashboard, Khade informs.

Currently, IndiaFirst is evaluating three business intelligence solution vendors. The selection parameters are the vendors’ understanding of business requirements, the solution’s analytical capability, report generation speed, ease of use, scalability, and pricing.