JKH Chairperson Krishan Balendra visits Octave war room at Union Assurance!

The John Keells Group is on a transformational journey powered by data and advanced analytics, which would propel us to being more data-driven in our strategic and operational decision making.

Union Assurance is one of the John Keells Group companies that have embarked on a road map of Advanced Analytics Projects to solve key business challenges, spearheaded by OCTAVE – the John Keells Group Data and Advanced Analytics Centre of Excellence.

On October 23^rd 2019, JKH Chairperson Krishan Balendra visited the data and analytics team at Union Assurance to observe first-hand how advanced analytics is beginning to drive positive bottom line impact and stronger engagement with customers as part of an ongoing pilot. During Krishan’s visit, project leads presented updates on the performance of the Lapse Prevention Project, which predicts insurance policies that are likely to lapse in a 3-6 month period, and recommends interventions based on customer type and account size in order to drive down lapsation ratios in the business. Project teams also shared pilot findings along with system improvements that have facilitated greater adoption by the Agency sales force. The advanced analytics projects undertaken by Union Assurance, at present, will galvanize greater data driven interventions across the business.

Chairperson reinforced the strategic importance of transforming to a data-driven organization and commended the work done by the team at UA and felicitated top performers.