1. Innovating to Improve Customer Experience
by
Rajit Mehta
Executive Director and Chief Operating Officer
Max New York Life
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2. To thrive in an increasingly competitive world, organizations need to derive
greater value from limited resources
Organizations are tasked to… However …
Increase Limited
return on Capital
investment
&
Scarcity of
right skill
Provide
profitable &
Competition &
sustainable
Regulatory Flux
growth
Need sharp understanding of customer’s (both prospect and current) needs
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Need for Analytics

3. Future is competing on analytics: “’the new science of winning”
Analytics is the extensive use of data, statistical & quantitative
analysis, explanatory & predictive models, and fact-based
Champion
management to drive decisions and actions
analytics
Sophisticated analytics enable companies to generate a new and from the
lasting competitive advantage
top
Create
single
analytics
initiative
What ? Why ? How ? Establish
an
analytics
culture
At a time when companies in many industries offer
similar products & use comparable technology, many of
the previous bases for competition are no longer viable Hire the
Difference between winning and losing is smart & quick right
decision making and execution people
More companies will choose to compete on analytics as Use the
their distinctive capability in the next five years as a way right
to outperform their competitors technology
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4. Organizations need to understand in which analytical spectrum they are operating and
how can they push their analytical boundaries to derive maximum value
Most organizations fail in their analytical endeavor
because they are ‘unable to embed’ the analytical
output in business processes
Enables organizations to gain
a ‘Competitive Advantage’
Helps leaders in decision making
through ‘Root Cause Analytics’
Helps business in understanding
‘Key Levers’
Primarily centers around
‘Information Management’
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5. Further….organizations need to sharply embed analytics across the customer
life cycle to derive business value
HIGH
Although analytics can be used across
the entire spectrum of customer life
cycle….it is important to identify ‘key
Increasing business value from a customer
pain areas’ and target those through
heavy duty analytics
Share of
wallet
Retention
Customer
Service
Onboarding
New
Customer
Acquisition
LOW
LOW Time spent with the organization HIGH
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6. Why efforts to create an Analytics driven organization fail
Change Management
“I don’t know “I don’t agree
“What’s in this “Where does
how to do to the
for me ?” this fit ?”
this” output!”
Individual people
Lack of holistic Data quality
benefit not Lack of training
view concerns
communicated
No overall vision Internal Generic training Inability to
– documented customers are and not accept new
and share being impacted functional insight
Changes in If not made here,
No single Training not well
people’s role or then its not
business case attended
status correct
Delay between It does not
Lack of benefits Makes people’s
training and first capture field
tracking job harder
use insights
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7. Thus…there are 5 critical success factors to make an organization analytically driven
Key Success Factors
Capture data Build Embrace Embed Monitor
Expertise Culture / Outputs
Model is as good Constantly
Mindset measure impact
as the data: Equally It is important to
“Garbage in important to integrate of Analytics
Garbage out” Senior analytical output through
understand
Management with last mile controlled
technique and
Centralized data buy in is critical. processes to experiments
business
repository Successful derive value
projects are top
driven
Executive sponsorship and clear ownership of analytics capability
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8. To Sum Up
In order to succeed, Leaders in an organization need to extensively
make use of the ‘three tenants of analytics’
Hindsight Insight Foresight
What Why did it What
happened? happen? will happen?
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9. THANK YOU
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