Data Case

Monetising the data of a large insurance broker: An ROI success story

The challenge

  • The client lacked a well-defined global data strategy
  • There was no single view of their customers across systems
  • They wanted to learn how to monetise their data (by identifying cross- and up-sell opportunities)

Our approach

  • We carried out a Data Capability Assessment Model (DCAM) assessment to understand and benchmark their results
  • We built core data management functions, including data governance, data quality, data architecture, and master data management (MDM)
  • We developed custom market analytics dashboards to monetise data with carriers
  • We created Single Client IDs to enable a single view of customers across systems
  • We focused on improving data quality through metrics and root cause analysis

Key results

  • 12-week deployment of core data management functions as part of global data strategy
  • New revenue stream created by building a Market Analytics Platform
  • Increased cross-selling and upselling opportunities and improved client onboarding by developing a Single Client ID
Date:February 27, 2024

For our client, a leading privately held insurance broker with over 100 offices worldwide, expertly managed data became increasingly important in delivering their business goals. They engaged Projective Group to help develop their foundational data management functions, support their long-term data strategy, and allow them to develop analytics management capabilities. By enabling them to monetise and sell their data to their carriers, we essentially paid for ourselves.

Our client is a leading privately owned insurance broker providing insurance, risk management, employee benefits, and retirement services. With over 100 offices worldwide and an ever-expanding client base, expertly managed data was becoming increasingly important to their ability to achieve their business goals. Their initial challenge was clear: they lacked a well-defined global data strategy, particularly for their EU and UK operations. The CFO recognised that their data capabilities weren’t up to scratch and wanted to explore how to monetise their data information. That’s when they engaged Projective Group to assess their data management maturity and set the stage for future growth.

The client’s initial challenge was clear: they lacked a well-defined global data strategy, particularly for their EU and UK operations.

Spend money to make money

To help our client unlock the full potential of their data, we helped them in a number of key areas.

First, we conducted a comprehensive DCAM assessment to understand the client’s data maturity. We also visited all of their business units to gain a better understanding of their specific business requirements. With these insights in hand, we embarked on a 12-week implementation of core data management functions such as data governance, data quality, data architecture and master data management (MDM).

A key milestone in this project was the creation of a bespoke Market Analytics Platform. Our client isn’t an insurer, they’re a broker, which means they have a lot of useful customer information to sell to the insurers they carry. The market analytics dashboards we designed for them not only improved their customer insight, but also opened up a new revenue stream through data monetisation.

Quality is key

In response to the challenge of disparate client data across systems, we created a Single Client ID to improve the customer’s ability to analyse client data. This innovation provided a unified view of the common client across the different systems, enabling cross-selling and upselling opportunities that were previously untapped, as well as supporting client onboarding. This way, the organisation can now extract maximum value from their data.

Perhaps the most important aspect to consider in the whole project was making sure that the client’s data was of high quality. That’s why we dedicated a lot of time to detailed business data quality metrics and root cause analysis of data quality issues, which was the key to achieving the desired results.

We dedicated a lot of time to improving data quality, which was the key to achieving the desired results.

A range of benefits

The 12-week deployment of core data management functions laid the foundation for further development of analytics management capabilities. The introduction of a custom Market Analytics Platform and PowerBI reports enabled our client to gain deeper insight into their customers and successfully monetise their data with their carriers, opening up new revenue streams. We ensured that the information published was of the highest quality by focusing on data quality metrics and root cause analysis.

Finally, the creation of a Single Client ID streamlined our client’s operations and facilitated their cross-selling and up-selling activities. All in all, we can look back on this project with a sense of accomplishment and satisfaction at the many ways in which we helped this organisation future-proof their data management. It’s important to remember the central role that data management plays in helping businesses thrive in the digital age, where data is a valuable and universal currency.

About Projective Group

Established in 2006, Projective Group is a leading Financial Services change specialist. With deep expertise across practices in Data, Payments, Transformation and Risk & Compliance.

We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic.  We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.