iiG expands into tech platform businesses to tap new growth areas
I&I Group Public Company Limited (iiG) will launch the end-to-end (E2E) customer data platform businesses in the first quarter of 2023 covering banks, financial services (fintech), insurance (insurtech), healthcare and marketing technologies.
Somchai Mekasuwanroj, CEO of iiG, said in an interview the firm plans to collaborate with partners in various sectors to develop and enhance both common and customized platforms by using big data and artificial intelligence (AI).
This will efficiently help corporates getting consumers’ feedback and other data so that they can instantly respond to the fast changing consumer behaviors and lifestyles with more specific and personalized campaigns.
Customer centricity, cloud-based Enterprise Resource Planning (ERP) software, customer data gathered from various touchpoints, data analytics and digital strategies are key factors to achieve customer satisfaction.
These can be used to access new target groups with suitable marketing contents and to remain competitive amid intensified competition and external uncertainties.
Banks and financial services are among pioneers using data analytics to fully understand customer profiles in different segments while knowing their preferred contact channels and other feedback.
This leads to digital marketing strategies to capture target customers based on personalized campaigns that promote cross-selling products.
Somchai said that iiG has also partnered with Viriyah Insurance, a major auto insurer in Thailand, to develop a common E2E insurance platform that offers the entire multi-billion-baht-a-year industry a wide range of insurance coverages.
This platform is not exclusive to Viriyah Insurance and can be used by other insurance firms which will benefit from its various features.
Based on a pay-per-use pricing model, all auto insurers and their customers will have access to the customized image AI to process claims online in accordance with regulatory guidelines.
For example, the E2E platform is backed by one of the country's largest databases of automobile claim features, thus allowing surveyors, garages and other stakeholders to share data on claim expenses using image algorithms for increased accuracy and speed.
The user-friendly platform also takes advantage of Advanced Application Programming Interface (API) to help interfacing all back office systems and applications.
In a related development, iiG also works with the healthcare sector on this E2E platform so as to create cross-selling opportunities for both motor and health insurance products.
Regarding Martech, insurance companies, for example, can utilize this platform to generate sales lead for new customers and to offer suitable insurance programs.
For example, a customer can make a selection of auto insurance by taking photos of his or her vehicle using a mobile phone and then upload the images to the platform.
The AI algorithms will evaluate the vehicle's paintwork and other physical conditions by matching the images with its vast dataset. Along with other data such as the vehicle's registration date, the platform can automatically offer the price of annual insurance coverage.
Voice AI is also developed by iiG to measure an insurance firm's call center performance in selling insurance products and ensure that they are in compliance with Office of Insurance Commission's rules.
In view of Thailand’s potential to be a regional healthcare and wellness center, iiG has also invested in Lansing, an IT consultancy specialized in TrakCare system for Hospital information System (HIS).
Most leading hospitals in Thailand have been using TrakCare, which includes healthcare application for online doctor appointments, online patient register e-KYC, health report or e-Booklet.
The system can solve the problem of health insurance claim settlement which are time-consuming before patients can settle their bills upon a hospital check out.
This healthtech platform can automatically send reminders for the next check-up or suitable campaigns to patients based on programmable instructions.
Somchai said this AI-driven platform can help solve the counterparties’ frauds with early warning signs to help insurance companies reduce losses while enhancing customers’ preference towards online insurance buying and claim process.
He said the data platform business is in an early adoption stage in Thailand but it likely record exponential growth in the near future.
At present, iiG’s revenue breakdown is mainly derived from CRM (55%), ERP (40%), and others including IT outsourcing and data platform (5%).
Vietnam is one of iiG’s potential destinations for platform business growth due to its abundant supply of IT skilled labors as well as high economic growth.
As a result, iiG has been eyeing to form a partnership with Vietnamese corporates by early 2023 to secure more IT teamworks and explore new business opportunity in other markets.