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| More so than many industries, insurance firms depend on data — on customers, policies, family relationships, premiums, risks, claims and payouts. Having accurate and complete enterprise data has always been critical to your ability to effectively manage your core business: identifying and controlling risk. Now it is also becoming increasingly important in meeting two new challenges: growing competition from a variety of sources and a new wave of government regulations, including the USA PATRIOT Act; UK Anti-Terrorism, Crime and Security Act 2001; Financial Action Task Force (FATF); Basel II and Sarbanes-Oxley. To compete effectively, you have to strengthen your customer service, relationship management and marketing capabilities, while maximizing the efficiency of your operations and compliance initiatives. |
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| Built on our 37 years of working with banking and financial services organizations worldwide, Innovative's end-to-end data profiling, data quality management and compliance solutions deliver the proven accuracy and performance you need to enhance your: |
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Regulatory Compliance |
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Ensure accurate and efficient suspect screening to strengthen your compliance with anti-terrorist and anti-money laundering mandates such as OFAC's SDN; USA PATRIOT Act; Bank of England Sanctions List, Financial Action Task Force (FATF); UK Anti-Terrorism, Crime and Security Act 2001; EU and UN Security Council Resolutions; Common Foreign and Security Policy (CFSP); and HM Treasury |
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Provide accurate enterprise data to enhance your compliance with regulations such as Know Your Customer (KYC), Customer Identification Program (CIP), Do-Not-Call, Sarbanes-Oxley, Basel II, demutualization, and Multiple Death Benefits |
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Mergers & Acquisitions/Data Migration |
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Profile data prior to conversion to identify inconsistent formats, improper entries and other errors that could lead to integration delays or failure |
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Accurately identify the number of customers shared by the participating organizations in an M&A initiative to enable more precise valuation of the acquired database |
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Use the results of the data profiling for writing the mapping and transformation specifications to help ensure a successful integration the first time |
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Provide accurate, consistent, and de-duplicated records to populate the new combined database to ensure its quality, integrity and usability from the outset |
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Data Quality |
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Strengthen risk management by cleansing, standardizing and linking customer records to create an accurate profile of a customer’s total relationship with your organization across applications and subsidiaries |
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Manage changes and updates to ensure that each customer’s core profile is maintained each time new data enters the organization, regardless of the application or channel |
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Customer-Centric Databases/CRM |
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Enable your customer service reps to deliver personalized service and communication every time a customer touches your organization by creating up-to-date, consolidated customer views that can be shared across your organization |
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Strengthen cross-sell and up-sell efforts by using “super-householding” to reveal expanded customer-to-customer, customer-to-product and customer-to-organization relationships |
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Postal Coding |
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Enhance the efficiency and deliverability of your mail communications by verifying and automatically correcting addresses against U.S., Canada and Mexico postal service records |
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Reduce postage and mailing-related production expenses by qualifying your bulk mailings for the substantial postal discounts related to bar coding and carrier route sorting |
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