Aviva

Introduction

Aviva, a leading multinational insurance and pension fund firm with a rich history spanning over three centuries, has always been at the forefront of embracing new technology and analytical techniques.

Challenge

In the wake of the digital era, Aviva faced challenges in offering and selling personalised insurance products to its customers. The traditional manual methods were becoming increasingly time-intensive and less relevant. Furthermore, emerging digital-only insurance competitors began eroding Aviva's market share.

Solution

Partnering with Digital Dandelion, Aviva embarked on an ambitious AI transformation project. The proposed solution can be summarised as:

An AI-driven Customer Next Best Action Engine to predict and orchestrate all customer interactions. From predicting the need to insure an engagement ring after a change of name, to replacing actuarial statistical models with the latest deep learning models, we have delivered a comprehensive AI solution addressing most of Aviva's pain points.

Implementation

This transformational journey spanned two years, encompassing eight distinct AI products and impacting 14 million customers.

Results

In the first year alone, our innovations contributed to an incremental revenue of £20 million for Aviva. All results were meticulously benchmarked and A/B tested against Aviva's best internal processes.

Conclusion

The insurance sector has historically been tentative in its adoption of AI technology. However, with a strategic vision and expert collaboration between Aviva and Digital Dandelion, we've illuminated the vast potential AI holds for the industry at large.

“Digital Dandelion have a clear understanding of which AI use case works and what will not. Their focus on revenue-generating solutions makes it easy to sell internally.”

Tom S, Senior Executive, Aviva