Tag Archives: total cusotmer relationship

How Insurance Companies Benefits from Information Management

insurance

A single trusted source of master data fuels applications with clean, consistent and connected customer, policy and claims information

Insurance is a highly competitive business that hinges on providing the right products and industry-leading service to customers. Accurate data is the lifeblood of this business. To overcome their struggle with fragmented data across product lines, functions and channels, a leading US-based insurance company has built a world-class information management practice to enable the company to quickly collect and analyze data, whether it is financial, claims, policy or customer data.

“Our advances in technology and distribution channel diversification along with increased brand awareness and innovative products and services — are moving us closer to our goal of becoming a top-five personal lines carrier, “ said the president of the insurance company.


Delivering real-time access to the Total Customer Relationship across channels, functions and product lines

The insurance company’s data integration and data management initiative included:

  • an Enterprise Data Warehouse (EDW) from Teradata,
  • reporting from MicroStrategy, and
  • data integration and master data management (MDM) technology from Informatica to better manage customer and policy data.

This provides the information infrastructure required to propel the insurance company’s personal insurance business into the top tier of personal insurers in the country.

Business analysts in claims, marketing, policy and finance as well as agents in the field, sales people and claims adjusters now have access to clean, consistent and connected customer information for analytics, performance measurement and decision-making.

Within their business applications, the Information Management team has delivered real-time access to the total customer relationship across product lines, channels and functions.

How did they do it?

The team identified the data sources that contain valuable customer information. They’re accessing that customer information using data integration and bringing into a central location, the Informatica MDM hub, where it’s managed, mastered and shared with downstream systems on an ongoing basis, again using data integration. The company now has a “golden record” for each customer, policy and claim and the information continuously updated.

Who benefited?

  1. Claims: The customer information management initiative was instrumental in the successful implementation of a new system to streamline and optimize the company’s claims process. The data integration/data management team leveraged a strong relationship with the claims team to delve into business needs, design the system, and build it from the ground up. Better knowledge of the total customer relationship is accelerating the claims process, leading to increased customer satisfaction and employee performance.
  2. Sales & Customer Service: Now when a customer logs into the company’s website, the system makes a call to the Informatica MDM hub and immediately finds out every policy, every claim, and all other relevant data on the customer and displays it on the screen. Better knowledge of the total customer relationship is leading to better and more relevant insurance products and services, higher customer satisfaction and better sales, marketing and agent performance.

Please join us on Thursday, February 5th at 11am PT for a webinar. You will learn how OneAmerica®, which offers life insurance, retirement services and employee benefits, is shifting from a policy-centric to a customer-centric operation. Nicolas Lance, Vice President of Retirement Income Strategies and Head of Customer Data will explain how this shift will enable the company to improve customer experience and marketing, distribution partner and call and service center effectiveness.

Register here: http://infa.media/1xWlHop

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Citrix Boosts Lead Conversion Rates by 20% with Better Customer Information

“If you don’t like change, you’re going to like irrelevancy a lot less.” I saw this powerful Ralph Waldo Emerson quotation in an MDM Summit presentation by Dagmar Garcia, senior manager of marketing data management at Citrix.  In this interview, Dagmar explains how Citrix is achieving a measurable impact on marketing results by improving the quality of customer information and prospect information.

improving the quality of customer information at Citrix

To  improve marketing campaign effectiveness Dagmar Garcia delivers clean, consistent and connected customer information.

Q: What is Citrix’s mission?
A: Citrix is a $2.6 billion company. We help people work and collaborate from anywhere by easily accessing enterprise applications and data from any device. More than 250,000 organizations around the globe use our solutions and we have over 10,000 partners in 100 countries who resell Citrix solutions.  

Q: What are marketing’s goals?
A: We operate in a hyper-competitive market. It’s critical to retain and expand relationships with existing enterprise and SMB customers and attract new ones. The marketing team’s goals are to boost campaign effectiveness and lead-to-opportunity conversion rates, while improving operational efficiencies.

But, it’s difficult to create meaningful customer segments and target them with relevant cross-sell and up-sell offers if marketing lacks access to clean, consistent and connected customer information  and visibility into the total customer relationship across product lines.

Q: What is your role in achieving these goals?
A:
I’ve been responsible for global marketing data management at Citrix for six years. My role is to identify, implement and maintain technical and business data management processes.I work with marketing leadership, GEO-based team members, sales operations, and operational experts to understand requirements, develop solutions and communicate results. I strive to create innovative solutions to improve the quality of master data at Citrix, including the roll-out and successful adoption of data governance and stewardship practices within Marketing and across other departments.

Q: What drove the decision to tackle inaccurate, inconsistent and disconnected customer and prospect information?
A: In 2011, the quality of customer information and prospect information was identified as the #1 problem by our sales and marketing teams. Account and contact information was incomplete, inaccurate and duplicated in our CRM system.

Another challenge was fragmented and inconsistent master account information scattered across the organization’s multiple applications.  It was difficult to know which source had the most accurate and up-to-date customer and prospect information.

To be successful, we needed a single source of the truth, one system of reference where data management best practices were centralized and consistent. This was a requirement to understand the total customer relationship across product lines. We asked ourselves:

  1. How can we improve campaign effectiveness if more than 40% of the contacts in our customer relationship management system (CRM) are inactive?
  2. How can we create meaningful customer segments for targeted cross-sell and up-sell offers when we don’t have visibility into all the products they already have?
  3. How can we improve lead to opportunity conversion rates if we have incomplete prospect data?
  4. How can we improve operational efficiencies if we have double the duplicate customer and prospect information than the industry standard?
  5. How can we maintain high data quality standards in our global operations if we lack the data quality technology and processes needed to be successful?
Customer information

Citrix is investing in a marketing data management foundation to deliver better quality customer information to operational and analytical applications.

Q: How are you managing customer and prospect information now?
A: We built a marketing data management foundation. We centralized our data management and reduced manual, error-prone and time-consuming data quality efforts. To decrease the duplicate account and contact rate, we focused on managing the quality of our data as close to the source as possible by improving data validation at points of entry.

Q: What role does Informatica play?
A: We using master data management (MDM) to:

  • pull together fragmented customer, prospect and partner information scattered across applications into one central, trusted location where it can be mastered, managed and shared on an ongoing basis,
  • organize customer, prospect and partner information so we know how companies and people are related to each other, which hierarchies and networks they belong to, including their roles and organizations, and
  • syndicate clean, consistent and connected customer, partner and product information to applications, such as CRM and data warehouses for analytics.

Q: Why did you choose Informatica?
A
:  After completing a thorough analysis of our gaps, we knew the best solution was a combination of MDM technology and a data governance process. We wanted to empower the business to manage customer information, navigate multiple hierarchies, handle exceptions and make changes with a transparent process through an easy-to-use interface.

At the same time, we did extensive industry research and learned Informatica MDM was ranked as a visionary and thought leader in the master data management solution space and could support our data governance process.

Q: Can you share some of the results you’ve achieved?
A:
Now that marketing uses clean, consistent and connected customer and prospect information and an understanding of the total customer relationship, we’ve seen a positive impact on these key metrics:

↑ 20% lead-to-opportunity conversion rates
↑ 20% operational efficiency
↑ 50% quality data at point of entry
↓ 50% in prospect accounts duplication rate
↓ 50% in creation of duplicate prospect accounts and contacts
↓ 50% in junk data rate

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