UniFida Use Cases
UniFida provides outsourced data science and strategic decision support to leading UK life insurance broker
The UK life insurance market is fiercely competitive, margins are tight and companies in this sector need to maintain a sharp focus on the customer value chain.
One specialist life insurance provider was built from the ground up with the promise of providing simple and affordable products to its customers in an efficient and timely manner to meet their needs.
Like many large companies, its customer data was fragmented, making it difﬁcult to see the real value each customer brings to its business. Lacking the internal specialist skills needed to analyse customer data and transform performance, the company turned to UniFida for help.
UniFida’s Data Science provides unrivalled customer data analytics capabilities. We help companies unlock the value of their data and gain a complete picture of customers in terms of their existing and potential value – and identify where the opportunities lie for sustainable growth and smarter operations.
Solutions Provided by Data Science
UniFida’s Data Science incorporates expertise and technology to give a forensic view of the customer value chain so that insurers and other companies can target campaigns precisely and gain maximum value from every marketing channel. We provide the insurer with fully outsourced insight and performance analysis capabilities as well as strategic decision support.
The key areas where we have delivered data-driven value include:
Since outsourcing its data science requirements to UniFida, the life insurer has grown by a factor of times four and is now one of the leading providers in its field.
It is estimated that UniFida’s data analytics capabilities, together with strategic decision support provided, have improved the company’s P&L by at least £1million-plus per annum.
UniFida remains the company’s external data science resource, enabling the insurer to broaden the range of channels and approaches it uses for lead generation with obvious impacts on the bottom line.
Through deeper data insights delivered by UniFida’s Data Science, the insurer has better insights into what is happening in the key areas of its business where it matters most. This includes the value of different recruitment channels, the contribution to be obtained from different potential target markets and the factors impacting lapse rates.
Just as importantly, the company can identify factors that are driving change and develop realistic scenarios around alternative directions it might take in order for the business to maintain a competitive edge.