The Client (TC) is a world leader in wealth management and financial protection, managing funds worth more than 1,000 billion Euros. It operates in more than 50 countries and serves more than 50 million customers worldwide.

In the UK, TC had gradually been improving its customer management capability with the core focus being to both leverage further value from its existing base of customers whilst protecting existing funds under management from these customers.

Like many financial services companies TC had very sophisticated relational databases in-house but they were product based and key marketing information was not consolidated.

For future campaigns a Single Customer View (SCV) was required that could then be used to analyse the wealth of data that was available and target existing and lapsed customers with relevant communications.

Firstly, we conducted a comprehensive audit of all data that was available and established that simply matching across tables using policy number and name/address was insufficient.

A complex set of logic was developed to link all relevant data items whilst at the same time defining the exact household composition and categorising the respective individuals.

Whilst the systems developed had to fulfil requirements of the initial build they also had to accommodate monthly updates.

The total man-days invested in these processes were considerable but there were no shortcut solutions.

The database built covers existing and past customers of Bonds, Pensions and Post Retirement products with the facility to add new product areas in the future.

The SCV database was loaded onto the internet and TC’s appointed data analyst given secure access and tools to allow counts, profiling and analysis.

Responses to campaigns are loaded back into the database to allow further enhancement of the analysis models.

a)  A consolidated SCV Database.
b)  Facilitate better planning, execution, management and measurement of marketing campaigns than was previously possible.
c)  Recent campaigns have been targeting increments and new business.

To date these activities have resulted in a significant improvement with in excess of £1billion of FUM retained and £1.3m new business.

d)  Now allows reliable analysis to be undertaken. Predictive leakage models have been built to enable TC to identify customers most at risk of surrendering their existing Bond or Pension policies. The models have already been monitored and validated successfully against ongoing surrender rates and are now being implemented into proactive retention strategies on a number of levels.
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