Driving Growth: Optimizing Cross-Selling with Advanced Data Models
The Challenge
A leading insurance client wanted to drive growth by targeting new cross-selling opportunities that allowed customers to take advantage of its enhanced offerings. Global modeling for the initiative was highly complex due to the nature of the data sources, database components, and market segments. The goal was to maximize value to policyholders, analyzing purchasing habits and upsell opportunities by better defining and classifying data with market segments. The client wanted to optimize revenue sources by leveraging data ingestion techniques and combining dozens of data sources with databases, requiring POC models to be built. They needed to establish virtualization and data lakes between information sources.
The Solution
Optimization consisted of data modeling, working with a suite of BI tools for POC concepts to monetize data and drive revenue more accurately. Softworld developed POCs targeted to segment teams, devoted to data virtualization shortcuts. They also built models that would improve the underwriting process, leveraging Data Foundations BI, Big Sequel, Hadoop, and Hive. They operationalized the analytics process by making the data collection process more valuable for data owners in locating, aggregating, cleansing, and visualizing data. Softworld also met stakeholders and teams to align on success metrics for POC models.
The Results
Softworld developed robust data and analytics models to provide integrated, trusted, and timely data. This improved reporting and data analysis, to drive increased action and decision-making, to drive business growth. They created a team scoring process with stakeholders for POC models. The project was shown to optimize reporting and operations with underwriting groups by nearly 30%. It also centralized data and improved quality in targeted regions across the U.S. and EMEA. Finally, it achieved goals of activating cross-selling to targeted policy holders and new customers while improving customer service, customer experience, and conversation rates by 20%.
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