Data analytics drives IAG's customer innovation efforts

Insurance giant talks through the achievements of its customer labs division as well as flags plans to extend the reach of its Ambiata data analytics tool to the wider market in FY17

IAG’s new Customer Labs division is looking to extend the commercial reach of its Ambiata analytics subsidiary as a service product offering as part of a raft of data-led initiatives over the next 12 months.

The insurance giant revealed its plans during its full-year financial results, announced today. The overall group reported a $1.18 billion profit for the 2016 financial year, a 6.8 per cent increase year-on-year, along with double-digit increase in insurance margins. Net profits were down, however, by 14.1 per cent to $625 million.

In its investor report, IAG highlighted the work done by its Customer Labs over the past six months to better utilise data for customer gain. Customer Labs is one of two new divisions established by the group in December as part of a new organisational structure as is focused on building customer experience strategy and driving product innovation.

It sits alongside Digital Labs, which continues on from IAG Labs and will provide digital and design innovation plus investigate disruptive technologies. The Digital Labs division is also in charge of building digital apps, ecosystems and simplifying core platforms.

Achievements by Customer Labs during the 2016 financial year included refinement of a single, real-time source of truth for IAG’s information assets by bringing all data warehouses together. This provides IAG with an immediate understanding of the actions its customers are taking across all channels, the group stated.

It’s also increasingly personalising the customer experience through deep analytics to better understand customer behaviour when buying insurance. This encompasses personalised offers, targeted marketing approaches and pricing options, all of which are being fed back into the loop to help improvement of customer experience or product offerings at the next interaction.

Test-and-learn as a principle and process is another key emphasis for Customer Labs, and IAG said this is being facilitated through in-market trials, as well as cognitive computing techniques such as machine learning.

Both personalisation and agility are the result of IAG’s ongoing investments into its marketing technology capabilities, a growing stack of solutions that is allowing it to optimise marketing spend and interact with customers directly.

The team has also been working to identify more collaborative opportunities with external partners for both customer experience improvements as well as the use of data and information.

Notably, IAG said it’s also been developing and testing the software capabilities of its wholly-owned subsidiary, Ambiata, which it acquired in the 2015 financial year, in order to develop it as a service product offering for the broader market. The company offers an analytics tool that provides the intelligent analytic layer connection an organisation’s data asset to its customers.

According to IAG, this places measurement and model-build in the hands of a corporation’s data scientists and cognitive intelligence at the centre of an organisation’s decision making process.

Going into the 2017 financial year, Customer Labs will look to take Ambiata’s product offering to market. The product is already deployed in a number of top 20 ASX organisations and will be available to Asian and North American customers over the next 12 months.

IAG said it’s also working to align customer measurement, introduce customer training and education programs for all staff, and extend the availability of customer insights to the wider organisation. At the same time, data analytics is helping IAG to further improving its pricing approach and models.

During his presentation to investors, IAG MD and CEO, Peter Harmer, said the opportunity for the group is the same as its customers:To embrace and harness innovation, not just be a passive observer of it.

“That means delivering products that make their lives better and safer and lead the change happening in their lives and industry, not just be disrupted by it,” he said. “We are focusing on two strategic themes: We want to lead the change customers need and demand from us; and to engineer the business to fuel our ability to deliver on these opportunities.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

3 skills you need to drive better collaboration

A study published in The Harvard Business Review found the time spent in collaborative activities at work has increased by over 50 per cent in the past two decades. Larger projects; complicated problems; tighter timeframes: These require bigger teams with specialised skillsets and diverse backgrounds, often dispersed globally.

Jen Jackson

CEO, Everyday Massive

Better the bank you know?

In 2018, only 21 per cent of customers believed that banks in general had their customers best interests at heart and behave ethically. Only 26 per cent believed that banks will keep their promises; views cemented further following the Hayne Financial Services Royal Commission.

Carolyn Pitt

Head of account management, Hulsbosch

What 15 years of emotional intelligence told us about youth media audiences

Taking people on an emotional journey through content is the most critical part of being a publisher. Which is why emotion lies at the heart of VICE Media.

Stephanie Winkler

Head of insights, VICE Asia-Pacific

It's a pretty good idea. I think this integration is useful. Don't you agree?

Misty Stoll

Officeworks hops on voice interface bandwagon with Google Assistant integration

Read more

ok. so no RCS support? by the way, RCS is a lot bigger than 5G in terms of marketing and monetisation so y'all should be covering it.

DragoCubed

Optus goes for education with 5G network campaign

Read more

Many companies and individual merchants have shifted their major part of marketing to web marketing services Portland as it weighs fewer ...

Radiata Solutions

6 Ways to ramp up Social Media to Your Web Design

Read more

This is a unique experience! Will be interesting to talk to their managers.

Joyce Harris

​How Krispy Kreme revitalised its brand in a saturated market

Read more

I feel bad for them. It's a shame they are closed now. What do you think about it?

Lisa Deleon

Dick Smith stores set to all close by 30 April

Read more

Latest Podcast

More podcasts

Sign in