MUA Insurance Acceptances, which positions itself as a leader in South Africa’s high-net-worth non-life insurance market, recognised the necessity to harness its data effectively to maintain its high-end customer satisfaction. The underwriting managing agent took a confident step towards a fully data-driven organisation: it partnered with Keyrus to run an extensive training programme with a key aim to enhance its team’s data literacy. Following this tailored training in data literacy and Power BI, MUA is now better equipped to drive data-informed strategies that cater to the unique needs of its affluent clientele.
The challenge
Founded in 1988, MUA has built its reputation on delivering bespoke insurance solutions to high-net-worth individuals. However, as the company expanded its portfolio, the complexity of data management grew. With vast amounts of data at its disposal, MUA faced significant challenges in effectively leveraging this information for decision-making.
The key hurdles 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 the company's capacity to tailor services to meet the specific needs of high-net-worth clients.
A two-pronged solution
Understanding these challenges, Keyrus implemented a strategic two-pronged approach focusing on training and technology enablement.
1. Data literacy training
The first phase of the solution involved 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. A rigorous feedback survey revealed that the participants of the training feel 48% more confident in their competence and understanding of data literacy principles. The feedback also indicated that an ongoing training programme is believed to further entrench data literacy among the individuals involved and the company as a whole.
The training encompassed foundational data concepts, interpretation techniques and practical applications relevant to MUA’s unique insurance landscape, and 97% of participants would recommend this training by Keyrus to a colleague or friend.
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. Participants learned to connect to various data sources, creating accessible reports that could be leveraged across departments. This dual focus on education and technical proficiency laid the groundwork for a more agile, data-driven culture at MUA.
Curated technology solutions
Keyrus selected Microsoft Power BI as the primary tool for MUA’s business intelligence needs. This choice was strategic, driven by Power BI’s user-friendly interface and seamless integration with MUA’s existing systems. The cloud-based capabilities of Power BI allowed MUA to scale its data operations while ensuring real-time data access – essential for staying competitive in a dynamic market.
Moreover, the integration of Power BI with Microsoft Excel facilitated a smooth transition, as MUA’s teams were already familiar with Excel, minimising disruptions during the onboarding process.
The 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.
Conclusion
“MUA Insurance Acceptances has demonstrated exceptional foresight in prioritising data literacy and analytics training. Its commitment to empowering its teams with data literacy skills marks a significant step towards a more agile, competitive and customer-focused future,” comments Adam Walker, General Manager at Keyrus.
“Thanks to our collaboration with 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,” concludes Singh.
Share