Head - Insurance Analytics

Job Purpose

The role is responsible for developing and leading a team that uses customer data to gain insights and make data-driven decisions. This includes creating a comprehensive customer data strategy, analyzing customer data to identify patterns and trends, and using machine learning algorithms and predictive analytics to increase cross-sell and revenue. The Individual will also develop personalized experiences for customers, identify opportunities, and develop risk models to minimize risk. Finally, this role will collaborate with cross-functional teams and develop KPIs and performance metrics to measure the effectiveness of customer analytics initiatives.

Job Context & Major Challenges

Job Context/Job Challenges:Organizational Context

ABC Digital has been incorporated as a wholly owned subsidiary of Aditya Birla Capital in 2023 to engage in distribution of Aditya Birla Capital products and providing services to customers, including web-based services, e-commerce, and payments facilities and allied activities.

ABC Digital is developing an omni-channel based D2C platform (website and app) to acquire new customers and serve them seamlessly. In addition, ABC Digital has started a virtual engagement management through inbound and outbound calling. Also, ABC Digital is engaged in cross-selling different ABC products to walk-in branch customers.

ABC Digital is collaborating with all ABCL subsidiaries to deliver a truly personalised and seamless omni-channel experience for both new and existing customers by building capacity and enhancing productivity through investments in talent, technology, marketing, and data and analytics.

Key Challenges
The biggest challenge is to compete in the new paradigm fintech where new competitors are making large investments from a long-term view, but ABC is making investments basis an annual break-even model. Moreover, our tech approach is traditional which creates a challenge in imagining and delivering innovative and agile tech solutions for new-age user experience.
As ABCL does not manufacture any products and is not licensed to sell any products, the core challenge of the job is the dependence on businesses to give simple and relevant products with ‘3-click’ digital journeys to purchase these products. The dependence also extends to Call Centre desks to close the sale in cases where customers prefer to talk to an agent.
Handling large and complex data sets can create challenges related to data quality, processing, and storage.
The field of machine learning is constantly evolving, with new techniques and technologies emerging all the time. The Data Science team will need to stay up-to-date with industry trends and advancements in order to ensure that ABC Digital's data science capabilities remain competitive and innovative.

Enabling Skill Sets & Qualifications
•Bachelor's/master’s degree in mathematics/Statistics/Engineering or other quantitative disciplines.
•10+ years of analytics experience in financial services with a focus on customer analytics, channel analytics, marketing analytics, payments, campaign management, and machine learning algorithms.
•Experience in managing and leading a team of business analysts and data analysts.
•Expertise in creating and executing analytical models for customer segmentation, churn prediction, cross-selling/up-selling, and CLV analysis
•Strong business acumen and communication skills that can convey complex analytical insights and data-driven recommendations.
•Ability to communicate complex analytical insights and data-driven recommendations to non-technical stakeholders.

Key Result Areas

KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)KRA1Strategic PlanningSet vision and create an executable roadmap with defined milestone and deliverables for the Customer Analytics group.
Develop and implement a comprehensive customer data strategy to ensure a 360-degree view of customers across all touchpoints and interactions with the company.KRA2Data Analysis and InsightsAnalyse customer data to identify patterns, trends, and insights that can drive data-driven decisions and enhance customer experience.
Create and enhance models to forecast and recommend next-best-offer (NBO) chances using machine learning algorithms and predictive analytics to increase cross-sell and revenue.KRA3Personalization and Customer ExperienceCreate and implement personalized experiences for customers across all channels, leveraging data and analytics to tailor messaging, content, and offers based on customer preferences and behaviour.
Identify and execute opportunities to increase revenue by offering complementary products and services to existing customers, using data-driven insights and predictive modelling.KRA4Team Leadership and CollaborationEffectively communicate Customer Analytics insights and recommendations to executive management and influence decision-making processes.
Collaborate with cross-functional teams to ensure that customer insights are integrated into business decisions and strategies.