Leading Insurer Set for Retail and Commercial Growth with Complete, Consolidated Customer Records
Customer Company Size
Large Corporate
Region
- America
Country
- United States
Product
- Precisely Customer 360° View
- Precisely National Consumer Database
- World Points of Interest - Premium
Tech Stack
- Spectrum Context Graph
- Spectrum Data Quality
- Spectrum Spatial
- Precisely Verimove
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
- Revenue Growth
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Finance & Insurance
Applicable Functions
- Sales & Marketing
- Business Operation
Services
- Data Science Services
- System Integration
About The Customer
The customer is a leading Midwestern insurance company that serves customers across more than ten Midwestern and Eastern US states. It provides a range of insurance solutions for both retail and commercial customers. The company is focused on expanding its business from a primarily retail focus to a broader commercial/retail mix, aiming for overall growth and an increase in its commercial business. As a large corporate entity, the insurer is looking to modernize its systems to better serve its diverse customer base and improve its competitive position in the market.
The Challenge
The insurer faced challenges due to its legacy master data management system, which limited its ability to have a single customer view. This lack of a unified view negatively impacted marketing campaigns, leading to sub-par results. Independent insurance agents struggled to identify all the insurance products a customer might already have, resulting in inappropriate recommendations and a perception that the insurer did not understand customer needs. Additionally, missing demographic or geographic data led to marketing efforts targeting the wrong customers, increasing costs and hindering cross-sell and upsell opportunities.
The Solution
Precisely provided a comprehensive solution to the insurer's challenges by implementing the Precisely Customer 360° View solution. This solution improved data quality, achieving a better than 97% successful match rate and offering multiple household views for enhanced data segmentation. The Precisely National Consumer Database was used to enrich customer data, addressing missing or outdated information and further improving match rates. Additionally, the Precisely World Points of Interest - Premium dataset was utilized to validate geographic locations and enrich customer profiles. These enhancements allowed the insurer to create a complete customer profile, enabling better product positioning and pricing based on demographic and geographic data. The solution also facilitated targeted marketing campaigns and improved customer service by providing detailed customer information to agents.
Operational Impact
Quantitative Benefit
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