Ark Life Assurance
Ark Life Assurance, the 4th largest company in the Irish Long-Term Savings market, delivers protection, pensions, savings, mortgages and investment products. Originally owned by Allied Irish Bank, AIB's Ark Life division and Aviva's Hibernian Life & Pensions merged in January 2006. Hibernian is currently the 3rd largest company in the sector. The estimated value of the two businesses combined is over €1.3 billion.
The Challenge
Ark Life Assurance replaced its legacy systems with a new enterprise-wide policy management solution, to improve efficiencies, enhance service and exploit sales opportunities. Legacy systems contained datasets of over 1.3 million single and joint client account records, with name and address data, and notes from sales meetings. The data migration and integration project was extremely complex because there had been no effective two way integration and data synchronization between the systems. To maximize the new application’s effectiveness it was vital that the data was accurate, consistent and in the proper format for use by the new solution.
The Solution
In line with industry recommendation and best practice, Datactics performed a data quality audit, to pinpoint and address any data quality issues. Datactics profiled the data to understand content, structure, quality and integrity. Once the poor data quality was identified, Datactics technology cleansed, validated, matched and consolidated the data. This process uncovered 300,000 records detailing sales visits that had been divorced from their accounts. Datactics extracted names and contact details from unstructured free text to identify associated accounts. This proved to be a valuable exercise with 210,000 records being reconciled, maintaining sales leads.
The Benefits
With accurate data driving key business functions Datactics technology helped identify sales opportunities, increase revenue and comply with legislation.
For more information please click Ark Life Assurance Case Study.
