What if you could gain real-time visibility in your trading environment and rapidly respond to new opportunities without the burden of out-of-support legacy technology? What if you could deliver a superior customer experience powered by intelligent insight and rich data? What if you could run a lean, highly automated operations team empowered to focus on customer success? And what if you could do all of that, coupled with up to 25% savings in your cost base?
At Publicis Sapient, we've built a near real-time composable architecture so insurers can launch changes in months rather than years while running at lower cost. Here, we have created a motor insurance product with multiple tiers, add-ons and payment plans in the ICE product configuration console. ICE provides an intuitive and simple way to configure insurance products, which significantly reduces the time and effort involved in creating new products when compared with legacy platforms.
We've built composable architecture that we've integrated with ICE. This captures and publishes events as policies flow through the system in three steps.
This enables the monitoring of business performance in real time, and the events can be consumed by anyone who wants and needs to use them. Here, our motor policies are published to a trading dashboard, which shows quotes, sales, average premium size and total premiums written. Near real-time trading data allows business users to get timely updates of trading performance and conduct quick and easy exploration of the underlying data. More importantly, everyone in the business has the same version of the data, preventing confusion and rework when there are multiple sources of truth.
This enables many opportunities. For example, you can build a generative AI-powered chatbot on top of the trading data. Business users can use this to explore the underlying data, even if they have limited technical knowledge. We can ask the chatbot the question, what is the penetration rate for each add-on cover the past 30 days? Instantly, we see a tabular response, bar charts and line graphs. The actual SKU query is also displayed for verification purposes, so a more technical user can verify accuracy.
But what if we want to change our product? This also becomes extremely easy, as changes to the data product can be easily adapted for by downstream consumers. For example, we can add and publish a breakdown rescue-only cover into our product scheme in a matter of minutes. Then, as we go through the dashboards, we can see that 50 new policies have been sold over the past 7 days. And when we ask the chatbot the same query, we can see that there's been a 5% improvement in penetration rates for breakdown policies. This shortens a process that typically would take weeks or months into a matter of minutes.
In summary, we believe that with the right composable architecture and data platform, you can take the friction out of working with your data. Thank you.