Effective Data Literacy program at an Insurance company

Background

MUA Insurance Acceptances (Pty) Ltd, a leader in South Africa’s high-net-worth non-life insurance market, recognised the necessity to harness their data effectively to maintain their high-end customer satisfaction. The customer took a confident step towards fully data-driven organisation commissioning an extensive training program with a key aim to enhance its team’s data literacy.

Challenge

With the company's portfolio expansion, the complexity of data management presented significant challenges in effectively leveraging this information for decision-making. The key challenges included a lack of comprehensive data literacy among team members and limited familiarity with advanced analytics tools. These gaps hindered MUA’s ability to interpret data effectively, leading to slower decision-making processes and missed opportunities in a competitive market. The limited ability to analyse data trends further restricted their capacity to tailor services to meet the specific needs of high-net-worth clients.

Approach

Understanding these challenges, Keyrus implemented a strategic two-pronged approach focusing on training and technology enablement. This dual focus on education and technical proficiency laid the groundwork for a more agile, data-driven culture at MUA. 1. Data Literacy Training - a comprehensive data literacy training designed to enhance employees’ understanding of data concepts. This phase involved 56 middle to senior management from a variety of departments including, but not limited to Valuations, Underwriting, Finance, Risk, and Claims. This training empowered MUA’s team to read, interpret, and utilise data effectively for decision-making. By bridging the gap between data availability and actionable insights, team members were better equipped to align data analysis with business objectives. 2. Power BI Training Complementing the data literacy initiative, Keyrus provided structured beginner-level training in Microsoft Power BI, a robust tool for business intelligence and data visualisation. The hands-on sessions equipped the MUA team with essential skills in data visualisation, report generation, and dashboard creation.

Key results

Benefits

The benefits of this comprehensive training initiative have been substantial: • Cost Efficiency in Operations Empowering teams to generate their own reports without heavy reliance on IT support has led to reduced operational costs. By minimising the need for external data teams, MUA can manage internal processes more efficiently, allowing for better resource allocation. • Faster, Data-Driven Decision Making With enhanced data literacy and Power BI skills, MUA’s team can now generate insights and reports significantly faster than before. Vajra Singh, CEO at MUA notes: “The speed in analysis our teams are now enabled to perform directly translates to more timely decisions, enabling the company to respond quickly to market changes and client needs.” • Improved Customer Service and Personalisation Leveraging Power BI to analyse customer data has allowed MUA to deliver more personalised insurance solutions. This heightened focus on client needs not only increases customer satisfaction but also helps retain key accounts—critical for maintaining MUA’s market leadership. • Enhanced Business Insights and Competitiveness Advanced data visualisations have provided MUA with deeper insights into customer behaviour, claims patterns, and market trends. These insights have enabled the company to identify new business opportunities and refine its product offerings, contributing to an increase in sales and targeted marketing efforts.

What our clients say

Thanks to Keyrus, our company is not only improving its operational efficiency but also enhancing its ability to serve high-net-worth clients with tailored insurance solutions.

Vajra Singh, CEO, MUA Insurance Acceptances (Pty) Ltd

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