Datacom and IBM have partnered with Tower Insurance on a data insights solution aimed at retaining customers and improving customer experience.
With more than 300,000 customers across New Zealand and eight Pacific Island nations, spanning cover for house, cars, contents, business and more, Tower has the task of managing the millions of associated data points.
In a competitive industry such as insurance, the insurer saw an opportunity for innovation in its vast amounts of customer data.
To kickstart the project, Tower first used IBM’s Cloud Pak for Data to start a small-scale data analysis focusing on motor insurance policies as a high turn-over offering.
With Datacom providing the supporting infrastructure, the aim was to improve understanding of factors that drive improvement in customer experience, said IBM customer success manager Ramy Amer.
The six-week project captured four years of data from its motor insurance policies.
“We picked some core data points we thought would have a higher likelihood of predicting churn,” said Kieran Simmons, Tower customer experience owner.
“Within that six-week turnaround, we not only had a better understanding of how the model worked, but we were also able to get some valuable new insights – and this is just a drop in the bucket of what we could feed into this model.”
Tower is now considering how it can use the model to analyse further products and focus on more data points based on the success of the project.
“We’re so enthusiastic and excited,” said Gurbani. “If we can do all this in six weeks, imagine what we can do in a year.”
The partnership between Tower, IBM and Datacom is an example of collaboration achieving efficiency, Datacom said.
"We're really proud of the work our team did on this project with Tower and IBM," said Tim Moor, product portfolio manager for the Datacom Cloud team. "We were able to deliver at pace and help drive innovation with a supporting platform underpinned by Cloud X, our hybrid-ready cloud.”
"The vision for Tower is that a better understanding of the causes of churn and customer dissatisfaction will enable them to put better support processes to help customers, as they are interacting with Tower's frontline staff and making decisions about their insurance cover."
Datacom was officially named the new software licence provider for the Auckland Council group, including Auckland Transport and Watercare.
A brief statement today from Auckland Council general manager of procurement Jazz Singh confirmed the deal, anticipated by Reseller News last week, and provided an estimated contract value of $30 million over a two-year term.