Problem to solve: Transparent, accurate data giving 24/7 visibility to the insurer
C2S Solution: Onboard and digitised existing book of 500K policies, improved and accurate reporting, with one true data source
What was the problem to solve and the business outcome needed?
Our retail partner was unable to comply with their insurer and the regulator in terms of data availability and transparency. Furthermore the quality of the data was exceptionally poor and inconsistent, which meant no meaningful data analytics was possible in terms of sales, and attachment rates, claims ratios, and client behaviour trends. This makes it impossible to understand their customer needs.
Why was the C2S solution needed?
New regulation required the relatioler to become compliant with the PPR (Policy Protection Rules). Data in a digital format and located in one source, helps the retailer to build a business based on robust data analytics.
Understanding their customer better through analytics helps tailor the insurance offering and portfolio and helps them decide the best suited omnichannel approach.
How did C2S do it?
We onboard their active book of 528K policies. These policies lived on excel spreadsheets previously, across disparate divisional stores country wide, and it took us a month to onboard.