Lumiq is a leading data and analytics company that powers data-driven decision-making for financial enterprises. The Indian company is working towards helping financial services companies become analytically fluent, and deliver end-customer delight. Below is a snippet from a recent interaction between team IT-Voice and Mohammad Shoaib, Founder and CEO, Lumiq.
Prateek: Please take us through the journey of Lumiq and its vision.
Mohammad Shoaib: During my long stint in the tech sector in the US we saw a concept of digital-first new world companies emerge. Here, data took a front seat in terms of driving business outcomes and a lot of impetus was given to data collection and leveraging it to generate business value. Back home in India, traditional businesses were seen taking baby steps towards becoming tech-driven enterprises.
Lumiq was started in the year 2013 with the aim of propagating this data-driven culture across organisations in India and help Indian enterprises adopt the same practices that digital-first companies had.
Today, Lumiq has become the preferred data transformation partner for some of the biggest financial enterprises. We believe that we can move swiftly from data capturing to data monetizing. Our strategic focus is to go deep into one vertical. So, we started with insurers and then nimbly expanded to banks – stretching seamlessly into an array of financial services. This is critical as nuances of business, or domain knowledge, is key to grasping how the data can be analysed and monetized. Lumiq helps financial enterprises interpret their data, make objective decisions, and monetize data in the most optimal manner. emPower FSI Data Cloud – Lumiq’s cloud-native AI data platform is purpose-built for Financial Enterprises.
Over the years, we have developed FSI-focused Data and Analytics products and offered services based on them. We started with our focus on building AI/ML based solutions and during the initial days of our journey itself we recognised that one of the major blockers was the availability of relevant reliable data to feed AI/ML. We reworked our internal strategy and pivoted to become an end-to-end data transformation company that could help organise the enterprise data by using data engineering skills and solutions alongside AI/ML skills. This enables our enterprise customers to not worry about engaging with multiple vendors to deliver a holistic ‘business value generating’ transformation.
Prateek: How Data Silo could be a challenge for organizations? What solutions does Lumiq offer?
Mohammad Shoaib: A data silo can create barriers to information sharing and collaboration across departments alongside hindrance in getting holistic view of business data. Due to inconsistencies in data that can overlap across silos, data quality often suffers.
We started Lumiq with a vision to be the one-stop shop for any data-driven initiatives for our clients, in how data gets organised, how to leverage and how to monetise it. Our ready to use products, platforms and accelerators help power customer outcomes and deliver digital efficiencies faster.
Lumiq’s emPower FSI Data Cloud unifies organizational data and helps remove data-driven innovation roadblocks that arise from siloed data and the lack of skill and experience. For AI/ML initiatives – we have adopted an end-to-end approach right from organization of data to model development, model deployment and model governance. This focus across data engineering, data science and ML-Ops has ensured that the business value creation is continuous, and transformations are successful. To ensure easy adoption and understanding of model recommendations, we have embedded transparency and explainability into our solutions.
In addition, by providing this as an API integrated system, we ensure solving a problem with least interference to the existing workflows. Using leading-edge techs, we ensure that all our solutions are Scalable, Agile and Easily integrated.
Prateek: What is emPower FSI Data Cloud? What are some of the benefits of EmPower FSI Data Cloud that helps Banking and Insurance companies?
Mohammad Shoaib: emPower FSI Data Cloud is built for financial service providers who want to take a proactive approach for handling and optimizing their data. As a result, not only does it accelerate the confluence of AI, BI and DI operations (Data Interchange or Data as a Service) in your organization but also helps to monetize data insights.
Lumiq’s ready-to-use data platform, and accelerators help power customer outcomes and deliver digital efficiencies faster. This not only allows us to have a faster GTM strategy and stronger ROI but also helps us build knowledge repository clubbed with proven products, accelerators and use cases.
Lumiq’s customers include leading insurers, banks, and NBFCs. The company helps financial enterprises with their data-driven decision-making with AI and machine learning solutions, enabling improved productivity and the enhanced customer experience in their chosen business function. This is achieved by leveraging deep domain expertise and experience across data engineering and data science.
Prateek: How has been the growth journey so far?
Mohammad Shoaib: At Lumiq we view ourselves as data and analytics hyperscaler with a strong vision, technological expertise, and domain knowledge. Our employees, tech platforms and customers are our biggest assets. The team possesses expertise around data science and data engineering, with a keen understanding of the market, which allows them to build solutions tailored to a customer’s unique requirements. Our trusted analytics platforms, accelerators and a rich knowledge repository have over the years helped us achieve a faster go-to-market strategy leading to a stronger RoI for our customers.
In the past seven-plus years, we have come to be recognized as an end-to-end data science company for BFSI specializing in the insurance sector. Lumiq has developed over 70 ready-to-deploy AI/ML data models and is live on 20 cloud data platforms of financial enterprises. In addition, the company has analysed over 1 billion customer interactions and influenced more than 100 million customer journeys. Today we have 40+ customers in insurance and banking. The main reason why these enterprises come to us is to enhance their customer experience.
Our evolution from pure technology to a consulting-led and business outcome-driven data solutions company has been fruitful for us and our customers. Since we have readily available platforms that are custom-built for the insurance and banking sector, rolling out a data initiative for a new customer does not take much time. Our teams are able to show results – and let customers see code in action, within about 100 days of launching a solution. In fact, our holistic business driven solutions ensure that our customers do not have to go to any other vendor for anything related to data management.
Prateek: What will be the organization’s roadmap for growth in coming years?
Mohammad Shoaib: We live in interesting times – that pushes us to innovate constantly to stay ahead of the curve. It’s very important to foresee what’s going to come, so we’re trying to not only enhance our existing product portfolio but also build newer ones.
To expand our domain expertise and continually innovate, we created an ecosystem for collaboration with academia and technology partners like AWS. Our collaboration with AWS as a trusted partner has helped us respond to the FSI industry’s need to shift from a POC to a BOT model.
We are working towards enhancing our product offerings, doubling our revenue as we increase our customer base by 150% this fiscal, and move towards being a 500-people products and services organization by 2023.
We are focused on growing the depth of our offering with larger use cases from the 50 today and width across business verticals to cover Insurance, Banks and Retail, and geographies as we evolve. This would mean expanding our Product and Accelerator framework to 5 Products with a wider global footprint from the two international locational presences today in Singapore and the US.
