Zventus: A Strategy-First Approach to Success

CIO VendorAngel Alban, President In lively campuses nestled in the U.S. and Mexico with a Google-inspired work environment, President, Angel Alban, and his dexterous team at Zventus are translating numbers and data into success stories—empowering insurance companies worldwide to create value through winning strategies. Steering the Zventus juggernaut, Alban firmly believes that the mega-trends of big data, the internet of things (IoT), machine learning, AI, and more, have certainly not repealed the ageless rules of strategy. Through his ambition, backed by entrepreneurial acumen, Alban is instilling the same belief in insurance companies, navigating them to take their business to the next level.

With unaffected and disarming candor, Alban articulates how many startups and corporate initiatives across all industries are simply not achieving the desired business results; mostly because for them, the strategy is not clear or an afterthought. While attractive and feature-rich products can enable great business, Alban opines, they are no substitutes for a clear-minded approach.

Bringing in the phenomenon of collective foresight and rich insights, Zventus’ unique strategy-first approach is assisting businesses to pull in the levers that can grow revenues, drive cost efficiencies, scale operations and technologies, and improve strategy and execution. Driving a change in perspective in the insurance industry at large, Zventus didn’t originate in a traditional way; instead, the global outsourcing services company was born out of an idea the team wanted to spearhead: to help companies attain desired results through a clear strategy is the name of the game.

Backed by over 25 years of rich industrial experience and the expertise of former consultants working with Fortune 500 companies under its ambit, Zventus is empowering financial services companies, and startups with cross functional global outsourcing services for sales, marketing, operations, and technology. These outsourcing services for insurance companies, encompass underwriting, FNOL, total loss, adjuster assistants, customer service, data and analytics, and technology. “For any initiative, we need to understand the strategy first to know where we are heading. How can anyone build a roadmap from the ground up if they don’t know where to reach?” says Alban. To that end, Zventus rises above the noise to unlock new business opportunities by delivering data analytics solutions, which align with the business strategy and help insurance companies to achieve their desired business results. For medium to large scale technology projects, Zventus has programs which invest up to 10,000 hours of technology for qualifying projects. This partnership approach not only can produce seven figure savings but greatly improves execution.

Accelerating Data-Driven Decision Making

According to Diane Jester, SVP of Business Solutions at Zventus, while data resides at the heart of each insurance firm, businesses aim at acquiring data, analyzing data, presenting data, and driving better and informed decisions in a faster cycle. The ability of insurers to gather the right data and explain it to get actionable insights is indispensable for them to gain the competitive edge in the rapidly growing insurance market.

Zventus’ unique strategy-first approach is assisting businesses to pull in the levers that can grow revenues, drive cost efficiencies, scale operations and technologies, and improve strategy and execution

Sophisticated data analytics solutions are piquing the interest of insurance companies. Despite the shooting investments in data analytics, Jester says, insurance firms are challenged with defining actionable data routines, user adoption and timely implementation, having to operate multiple data analytics solutions in-house, and shortage of resources all impacting ROI. The "information overload" resulting from numerous new digital data sources— servers, social networks, websites, call centers, e-mails, public data, and more, is slowing insurers down in implementing these solutions. At this juncture, Jester stresses on a robust data strategy or the lack thereof.

Zventus is helping insurers acquire the right data from the data deluge, and analyze and present it in a way that facilitates more efficient and faster decision-making to accelerate business growth. “We transform insurance companies into ‘analytics-driven digital enterprises’ to drive strategic business decisions, increase operational efficiency, enhance customer intimacy, and develop new revenue models,” remarks Alban. “Our strategic management consulting aims at maximizing ROI on any data analytics investment.”

"The synergy between the analytics teams and the decision makers help to meet the business needs by coming to a consensus and have an equal mindset"

In doing so, Zventus works closely with the clients to attain an in-depth understanding of their data analytics investment and business model and ensures that they bind them up with strategies. The Zventus team looks deeper to improve their revenue growth and optimize the revenue by supporting the investment with strategy. Once the understanding is achieved, the team paints the picture to assist the business in achieving their desired target.

While drilling down the data analytics framework in clients’ companies, Zventus emphasizes having two views of actionable information—information for executives concerned and focused on targets, dashboards, and thresholds and for the front-line leaders and middle managers who require richer information. “The latter needs the ability to drill down to the transactional level, to see the audit trail of any transaction, so that they can make decisions on the fly, provide the services to the customer, or mitigate the risk on the transaction they are evaluating,” explains Alban.

“There’s a whole plethora of information available, but not all the data will bring the results that the clients need. To provide them with profound insights to make effective business decisions, ideally there must be a sync between all the departments in the company to identify and meet the specific needs of the departments,” adds Jester. “We create a solution to bring in this convergence, have the clients analyze, run, and test it through a pilot program, followed by a feedback cycle. The synergy between the analytics teams and the decision makers help to meet the business needs by coming to a consensus and have an equal mindset.”

Accelerator for Maximum Adoption

Driven from deep experience in combining strategy, operations, and technology, Zventus holds maximum adoption of data analytics as the crux of its offerings.

Reflecting on the importance of maximum adoption, Alban draws an analogy, “Think of a high-performance sports car, with a 12-speed transmission. However, it doesn’t necessarily mean that you reach 200 miles per hour as you start driving.” Extending this analogy to data analytics investments, Alban reckons that the information overload pertaining to the big data tools and platforms emerges as a challenge to maximize adoption. Zventus approaches the users with a car with four gears. The team believes in teaching the user how to drive in the first gear, and then move to the second and finally drive in the fourth gear, driving at 80-90 miles per hour and creating maximum adoption. So, if the companies are making the investment but not maximizing the adoption, they are not going to get the ROI or the value of the insight locked up in their data. In other words, Zventus delivers data analytics solutions that are ideally suited for the customers' current needs and capabilities which maximize solution adoption and utilization. Furthermore, when the customer seeks a more robust data analytics solution to match with their speed of growth, Zventus provides it to them. “We focus on adoption and being creative, having clear communication and alignment of goals and objectives to drive growth, innovation, and operational excellence,” he adds.

Sky-High Success Streak

Insurance firms with already existing data analytics investments approach Zventus to overcome their challenges pertaining to adoption. Vendor agnostic from a data analytics perspective, Zventus offers deep design, build, and operating experience and a seamless onboarding process assisting clients to clarify or rethink their strategy, and accelerate it. The benefits of the company’s strategy-first approach can be best explained with a customer success story that involved a global insurance company. The client was struggling to come to grips with insurance premium reconciliations and analytics. With a robust data strategy and nearshore outsourcing, Zventus worked with the client to design and build a data and analytics team to support growth and reporting compliance. This expanded capacity for insurance premiums accounting and reconciliations to meet month-end reporting deadlines. The Zventus team also developed analytics to report insurance premiums by sales channels and individual producers, and enhanced data integrity procedures and quality assurance to meet and improve performance and compliance reporting. The highlight of the engagement was a new analytical and data driven process resulting in 45 percent operational cost savings that the client achieved with the aid of Zventus’ consulting.

Defining Success with Strategy

Success stories as such stand testimony to Zventus’ sheer determination to offer winning outsourcing services and business culture alignment. Zventus is also the first ever third-party service provider to be awarded the Mitchell SaaS licensee contract to service insurance companies. Mitchell's SaaS solution enables tens of millions of electronic transactions each month for more than 300 insurance companies.

Zventus also recently opened a new global delivery center in Baja California, Mexico. The company also plans to expand to Central and South America by next year. Zventus endeavors to always continue the conversation to align strategy and data analytics to drive desired business results. The propensity for continuous improvement and performance-driven mindset further strengthens the company’s outsource model for high-performance results. Jester asserts, “The point is knowing how to use data and the exact dataset that you need to make your decision, and these decisions will lead you to success.”

- Karuna Gautam
    October 26, 2018