New Zealand's Plan to Realize Big Data Opportunities

Informatica Corporation provider of data integration software, announced that Westpac Life New Zealand Limited, New Zealand’s largest full service financial institution, has standardized on the Informatica Platform to help power its strategic initiatives around Big Data.

This includes Westpac’s ambitious Insurance Project, a new enterprise business intelligence environment that is helping the company increase revenues, improve customer retention and cross-sell rates, and reduce risk. Providing a single point of authoritative and trustworthy business and insurance customer data, the Insurance Project is on track to deliver a more than 240 percent return on investment and increase revenues at least one percent over the life of a policy.

Also supported is the company’s recently launched Social Media Project, where the Informatica Platform is helping Westpac to capitalize on the opportunities presented by Big Interaction Data to gain deeper customer insights and compete more effectively as a customer-centric organization.

Westpac, a longtime Informatica customer, has more than 1.2 million customers - 900,000 of whom use online financial services, performing three million online transactions per month. The data being amassed in different parts of the company presents a big data challenge due to its volume, variety and complexity across multiple sources. Westpac’s previous silo-based approach to information management meant that strategic and tactical business decisions were frequently based on inaccurate, delayed and often incomplete data - a situation that led to the launch of the Insurance Project.

Today, with the Informatica Platform underpinning the Insurance Project, Westpac has complete, timely data driving advanced reporting, analytics and visualisations across the business. At the same time, the company’s data is approximately eight times more accurate than before. Armed with timely, relevant and trusted data, Westpac is able to make more intelligent marketing offers to customers and increase customer retention.

Its use of the Informatica Platform has allowed for:

  • Enabling timely identification of effective sales behaviors and trends.
  • Powering improved cross-selling across Westpac Life’s product portfolio.
  • Underpinning customer retention efforts anticipated to deliver further revenue.
  • Eliminating time-consuming manual reconciliation of life insurance calculations across policies, products and customers.
  • Enabling more timely identification of policies outside the company’s risk tolerance.
  • Improving insight into governance activities across the organization.
  • Achieving a single view of customers - their needs, buying behaviors and histories.

In its drive towards customer-centricity, to help leverage Big Interaction Data through its new Social Media Project through sentiment analysis on data derived from social media, the company anticipates achieving an even deeper understanding of customers and prospects, and an enhanced ability to move quickly on business opportunities and challenges. The Informatica Platform ensures that data captured from social media can be integrated easily with other Westpac data for comprehensive analysis.

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Tags: Big Data, Big Interaction Data, Customer Centricity, Data, Informatica, Science, Visualization


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