A global financial services business deploys D&B’s market leading data management and insight tools

Click here to download the customer case in pdf

The global financial services client, is a wholly owned subsidiary of an international financial services organisation. On the strength of this international presence and wide-ranging expertise, the Client specialises in offering employee benefit products and services to companies of all sizes. It has a presence in more than 60 countries and has three main business units.

Due to the divisional nature of their business they have a number of legacy systems and processes which support these divisions at a multi-country and local country level. Whilst this enables each business unit and country operation to function, they have recognised that to support customer interactions on a global basis they need to make a number of changes to maximise efficiencies, drive profitable growth as well as new business. To do this they need to create processes, data and systems infrastructure that ultimately provide a single customer view (SCV). This in turn will feed a CRM and be the central hub for all quotations and ongoing customer interactions.

The business defined their strategic vision to achieve this and identified the following core elements for the data and infrastructure phase:

  1. To have in place a robust Entity Data Management process that utilizes a global business entity ID enabling The Client to track business throughout the lifecycle - from prospecting to quote to sale to maintenance, through to lapse and retention
  2. To streamline processes and embed data into their workflows and applications to create process efficiencies
  3. To enable users to have the right information at their fingertips at key stages in business workflow e.g. underwriters at initial quote stage to understand the industry type that a business is engaged in 
  4. To have a consistent data structure to link entities within Corporate Groups to understand penetration, consolidated policies and to leverage existing client relationships
  5. To identify targeted prospects for new business and cross-sell opportunities

The Client has managed the development and implementation of this project out of the UK and having worked with D&B previously they requested support for this project from the UK team. The initial discussions were around the integration of D&B content within the Client’s existing systems and workflows, across their business. For this a batch entity data matching process was put in place using D&B Data Manager, and as part of this process the D-U-N-S® Number which allows for corporate linkage was allocated to the existing The Client customer records. This had the immediate benefit of cleansing and consolidating the data records as well as providing the single customer view (SCV).

Secondly, D&B Hoover’s was used with an API to enrich the existing customer records with key demographic and upward linkage information, which allowed them to understand at a company level, disparate client organisations who for example, were actually part of the same group. They could then apply key data variables that were missing to help in gaining true customer insight. This data was then embedded directly into the Client systems to avoid duplicate records being created and to make sure that they do not treat a quotation as a new business enquiry when they already are engaged with the customer.

Thirdly they were able to automatically capture the correct legal name and address data along with key demographic data and upward linkage data, avoiding manual data entry, saving in time and data keying errors, keeping the content up to date, and avoiding issues associated with degrading data quality.

Finally, D&B Market Insight was deployed that married the key D&B data elements with the client’s own data to enable effective market sizing & market penetration analysis, building out profiling and modeling for a prospect universe and exporting of targeted prospects directly into the CRM.

“It is only 9 months since the systems were deployed and we have already seen an increase in customer retention, born out of the understanding of the family tree structure of our multinational clients, which has enabled us to manage these businesses more effectively from both the internal perspective but more importantly from a customer view point”, said the client customer relationship manager.

From a D&B perspective although the project was challenging it was a pleasure working with such a forward thinking organisation, whose senior executive understood the challenges of such a complex project and had the foresight to build a dedicated team to resource and manage it to a successful initial conclusion.

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