CRM Data Entry and Cleansing for an Insurance Firm: 65% Surge in Customer Acquisition

The client

A Leading UK-based insurance firm

Our client is a reputable insurance company based in the UK. Their services are accessible directly to consumers and through various channels like Independent Financial Advisers (IFAs), brokers, and strategic partners such as trade unions and national societies.

The company specializes in two core areas of financial services. Firstly, they offer general insurance policies that cater to various needs like home, vehicle, business, and holiday insurance. Secondly, they provide life and pension insurance policies, primarily including life protection, retirement plans, savings, and investment insurance.

PROJECT CHALLENGES

Overcoming Errors, Duplicate Entries, and Missing Data in a Three Million-Record CRM Database

The insurance company faced significant challenges in maintaining its customer relations database, which had grown to over 3 million records. The database was plagued by errors, duplicate entries, and missing or inaccurate information, which was hampering the company's ability to market its services effectively, gain customer insights and engage with customers.

Specifically, the challenges included merging multiple databases (within CRM) to form a consolidated database, entering data for nearly 130,000 new customers and accounts, and cleansing the large-volume customer records in a quick turnaround time for better marketing efforts and sales.

The impact of these challenges was significant, as the errors and duplicate entries made it difficult to track customer interactions and preferences. This led to missed sales opportunities and reduced customer satisfaction, ultimately resulting in declining sales over the past year.

Recognizing the urgency of the situation, the insurance company decided to collaborate with SunTec India to implement a comprehensive data management solution and address these issues.

Scope of work for the project

Merging multiple databases to form a consolidated database
Entering data of nearly 130,000 new customers and accounts into the CRM
Cleansing 3M+ entries & fixing duplicate entries resulting from multiple sources or merging databases
Adding metadata, profiling, and segmenting the accounts to provide better customer insight to the client

SOLUTIONS OFFERED

Reviving data integrity: Cleaning up three million+ records in just six days

To enhance data quality and provide the client with an up-to-date database, we allotted a team of 20 data professionals (and divided teams for specific tasks), including data cleansing experts, data entry operators, and data quality experts, who offered the client the following solutions:

1

CRM Data Cleansing

Using a blend of automated tools and human intervention, our data cleansing professionals scrutinized the client's database to identify and fix errors. Other techniques employed by our professionals to cleanse the data include:

Data deduplication - Our team used data deduplication techniques to eliminate duplicate entries in the client's CRM database. The process involved identifying records with similar or identical data and merging them into a single entry.
Data standardization - We standardized the data by removing inconsistencies in the format and structure of customer records. Our data cleansing experts identified and fixed issues like case formatting, inaccurate abbreviations, typos, etc.
Data appending - Our team appended missing and incorrect data fields (the ones that turned obsolete) to ensure that all records in the CRM database had complete and accurate information. This included adding contact details, email IDs, demographic data, and any other relevant information that was missing.
Data validation - Since email ids, phone numbers, or addresses may change over time, our data quality experts validated the accuracy of the information (cross-checking data against external sources) stored in the client's database. We further replaced the incorrect records with the right information.

2

CRM Data Entry

For the 130,000 new customer records that needed to be entered into the CRM, our CRM data entry experts ensured that all the necessary data points were captured accurately and entered into the CRM. This included entering customers’ basic information such as name, address, email address, phone number, and other specific data, such as policy type, coverage amount, premium amount, policy start and end dates, and other relevant insurance policy details.

3

CRM Data Segmentation and Profiling

Our team segmented and created customer profiles by using metadata and other relevant information to segregate and identify different customer groups based on their behavior, preferences, and needs. This allowed the client to target specific customer groups with personalized marketing messages and tailored services.

The task of cleansing over 3 million records in a short timeframe was no easy feat. Our team worked tirelessly, utilizing both automated tools and manual efforts to ensure each record was thoroughly checked for accuracy. Despite the challenges, we completed the project in just six days.

- Project Manager

Project Outcomes: Achieving Transformative Results

The accurate and complete customer data allowed the client to create more personalized and targeted marketing campaigns, resulting in higher engagement rates and a better return on investment.

The client saw a 50% improvement in response rates for email marketing campaigns, and the accuracy of email IDs increased by 85%.

The segmentation and profiling of customer data allowed the client to target specific customer groups with tailored services, resulting in a 65% surge in customer acquisition efforts.

The consolidation of multiple databases resulted in a unified view of customer data, enabling the client to gain a 360-degree view of their customer, improve customer service, and better pitch their insurance plans.

Our CRM database is now easier to navigate, with improved data quality and completeness. The data entry and management solutions from their team have seriously helped us in better decision-making, marketing, and sales forecasting.

- Client

Humans-in-the-Loop Approach

To ensure the accuracy and completeness of the client's database, we implemented a humans-in-the-loop approach. This approach combines the use of automated tools with human intervention, where our team meticulously cleansed, standardized, appended, and validated the client's data. The team also entered new customer data and segmented the database, enabling the client to provide personalized marketing messages to specific customer groups. The human element in this project ensured that the data was thoroughly checked for accuracy and that every error & inconsistency was fixed, allowing the client to make informed decisions and boost sales.

CONTACT US

Don't Let Data Inconsistencies Ruin your Sales. Partner with us & Get a Unified and Up-to-Date Customer Database!

To get in touch, discuss your business challenges, or know more about our services, write to us at info@suntecindia.com.

CRM Data Entry and Cleansing for a UK-Based Insurance Firm