Insurance

An Insurance Conundrum

About the Client
India’s largest Private Life Insurance Company, has a nation-wide reach through 1000+ branches delivering world class financial services to customers all over the country.

Client’s Pain Points
The Marketing division of the client dealt with huge volumes of sales leads and needed a master database of prospects.

Client was also facing several challenges with its existing solution:

  • Could not scale to handle huge data volumes
  • Unable to detect duplicates accurately
  • Resulting in multiple sales calls and meeting the Do Not Call List compliance
  • Purchased duplicate data from multiple Agents

Posidex Solution
The client deployed PrimeMatch® based Data Management Solution in the Marketing division to weed out duplicates in the Prospect Master Database. PrimeMatch helped merge demographic information from multiple records and maintained a Single View of the Prospect.

Results

  • Client can now handle large volumes at scale and prepare master data of prospects
  • Derived considerable savings in managing Marketing & Sales effectively
  • Cut costs of marketing campaigns and increased potential for cross selling
  • Improve company image by being included in the compliance “Do No Call” list

PS
In addition to this, POSIDEX provided another solution for Rural/Urban classification of the company’s policies based on the address mentioned in the policy. This called for matching the addresses indicated in the policies with census data of the respective district, tehsil and village, which provides the basis for rural/urban classification. The solution helped the client cut verification time from months to just weeks!