Enriching Customer Data
RIAS are one of the largest providers of general insurance in the over 50’s market, with an extensive range of products including home, car, travel and whole of life insurance. Founded in 1992, the company has helped millions of customers enjoy peace of mind through high quality and low cost insurance.
Due to RIAS receiving customer & prospect records from multiple sources with differing levels of data quality, in-house analysis had identified their Customer Database having a significant volume of incomplete and inaccurate information concerning individuals’ names and postal addresses. This presented a need to validate, clean and standardise all individual name & address records against an industry dataset (AFD TraceMaster) of validated and accurate information. Taking action with the resultant enhancement to the overall data quality, would also lead to an improved Single Customer View (SCV) due to more records matching & merging into a single record.
RIAS had identified a potential data enrichment solution to reduce the percentage of individuals who were unfit for communication purposes, with the aim of delivering:
- Greater record completeness;
- Increase in contactable prospect records;
- Improved currency of data;
- Fuller picture of individuals’ interactions with RIAS through a more complete SCV.
There was also a need to deliver a supporting business case, defining clear and quantifiable business benefits of the proposed solution.
BlacklerRoberts completed a series of workshops with RIAS and the third-party solution provider to:
- Define and confirm the solution objectives and expected benefits;
- Review and walk through the business processes, to deliver name and address enhancements;
- Propose and review potential enhancements to the solution.
BlacklerRoberts then worked with RIAS to look at sample data to quantify the volume of unfit records by type, the potential uplift through data enrichment and the year-on-year benefits based on existing contact, response, conversion and persistency rates.
BlacklerRoberts put forward the findings in a Solution Description Document which provided a detailed non-technical description of the approach and benefits, enabling senior management within the business to make an informed decision on the viability of the solution.
“The main driver for engaging BlacklerRoberts was to utilise Jim’s expertise to help put momentum behind addressing our data quality issues. His ability to understand and translate a complex solution into plain written English enabled the approach and benefits to be easily digested and assessed by senior management within the Marketing and Compliance functions. The documented solution combined with the business case highlighting significant gains through both revenue generation and cost savings, made gaining the necessary sign-off to proceed with the project a formality.”
Stuart Gale, Business Intelligence Services Manager.