Clean and Complete Data Opens Up Big Opportunities for a UK-Based Insurance Firm
Our client is a renowned insurance company in the UK, providing services directly to consumers, as well as through Independent Financial Advisers (IFAs), brokers, and strategic partners like trade unions, and other national societies, etc. The Company primarily covers two main areas of financial services:
- General insurance, covering home, vehicles, business, holidays, etc.
- Life and pension insurance, including life protection, retirement, savings and investment insurance
The company maintains a customer relations database to engage new customers as well as fuel and assist new insurance opportunities to the existing stream of customers. The database holds details on over 3 million insurance customers. The project entailed cleansing data errors, ensuring that the database was correct, complete and issues related with legacy data are fixed to make sure that it provides a unified view of each customer.
As the CRM plays a key role in helping the client keep in touch with the customers, our client insisted that the details of each customer be cleansed, standardized, verified and validated against all the reliable sources of information. Further, the accounts had to be segmented to help the client identify patterns of behavior. Scalability was equally crucial as the client had failed to manage the growing volume of data.
The scope of the project involved identifying data in the core systems that needed to be scrubbed to enable a smooth flow through to a new consolidated database system, working through the issues with the disparate intercompany data, merging multiple databases, recognizing the meta data that need to be cleansed, and cleaning historic data, whenever suitable. The second part of the project involved updating the consolidation system with the clean and complete data and keying-in new data of nearly 130,000 customers and accounts to ensure that the data delivered across the company is correct and consistent.
- Managing the flow of large volume of data
- Correction of values to remove duplicates and invalid entries, while maintaining fidelity of information
- Merging multiple databases of information
- Adding meta data, profiling and segmenting the accounts to provide better customer insight to the client