CogniSME - Digital Sales for SME Insurance

With the growth of millennial, micro and tech based SMEs, and the effects of Covid pandemic, insurers are being pressed to revamp their digital customer journeys to address the market forces. Cognizant’s CogniSME Solution leverages AWS Machine Learning capabilities to iteratively learn about the strategies Insurance agents use to provide personalized advice and create the necessary trust that lead to a successful sale or service transaction. It is a ready-to-deploy toolkit that can significantly accelerate a carrier’s innovation journey and harness AI/ML to revamp the customer experience to meet market expectations.

At the heart of CogniSME is data. We leverage the in house data like policy, claims and risk control records. And we couple it with external data integrations across social data, business review sites, industry data and Google APIs. Assimilating the data into AWS Machine Learning modules like SAGEMAKER and REKOGNITIOIN, we generate necessary recommendations to handhold the customers through the journey. We build trust by presenting them views of their risk exposures. We make them recognize the need to buy insurance by showing the losses faced by similar customers and the covers brought by them. We then help them identify contextual need by taking them through a Need Analysis module, helping them plan for the right protection that they require. Additionally we present intelligent customer reviews to influence, provide bundled options to entice them into buying and provide a simplified buying completion. We enable a hyper personalized content in the form of help menus and UX. We also have an intelligent virtual agent which provides them an opportunity to interact at any time of the journey.