Ark life Assurance

Data quality audit & cleansing for data integration

Ark-Life-Assurance-Co-Ltd-6878

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.

Challenge

Ark Life Assurance updated its legacy systems to improve efficiencies, enhance service and exploit sales opportunities to help secure its position as a leading provider. Datactics’ partner Kainos successfully managed the implementation of its new enterprise-wide policy management solution.

The combined 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 data was accurate, consistent and in the proper format for use by the new solution.  To identify if this had been successfully achieved  Kainos recognized the need to implement a data quality audit.

Solution

In line with industry recommendation and best practice, Kainos commissioned Datactics to perform a data quality audit, to pinpoint and address any data quality issues.

Datactics, specialist in data quality solutions, profiled, cleansed, consolidated and conducted data mining on client data supplied by Ark Life Assurance to assess the level of data quality and the effects of transformation and movement of their data. Datactics’ experienced data analysts utilized its technology to profile the data sources in order to understand their content, structures, quality and integrity. The outcome was the detection of the following hidden data quality issues:

 

  • Missing Unique Record Number (URN)
  • Unstructured data (Second name of joint account inserted in 1st line of address field)
  • Duplication of client records
  • Sales meeting notes associated with incorrect client account
  • Duplication and inconsistency between policy relationships in both systems.

Once the poor data quality was identified, Datactics cleansed, validated, matched and consolidated over 1.3 million records. To make the data fit for business, Datactics validated the client name, policies links, prospect customers, policy names and gender.

The data quality audit discovered that 300,000  records detailing sales visits had been divorced from their accounts. As part of the data mining exercise, 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.

Moreover to comply with the Life Assurance (Ireland) Act 1866, Datactics validated all assurance policies  to ensure they were set up by the ’Life Assured’  not by any other person.

As part of the data quality audit, Datactics provided detailed reports highlighting errors, inconsistencies and non-compliant data. Equipped with this vital information, Kainos was empowered to create reliable and timely client data for Ark Life Assurance’s customer-facing and internal operations functions such as sales, service, marketing, business intelligence and compliance.

 

Results

Datactics technology was pivotal in maximizing the effectiveness of the new policy management solution. With accurate client data driving key business processes the following benefits will be achieved:

  • Compliance with industry regulations
  • Identified sales opportunities
  • Increased revenue & customer base
  • Improved business decision making
  • Enhanced frontline customer service
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