Data Improvement

The DataMatch data validation and improvement service provides a fast and reliable method for you to validate and improve the quality of the records on your Client database. These validated, up to date records improve operational efficiency because you can trust them for client reviews and communication. Additionally, discovered, improved and revalued records are hugely valuable for identifying revenue opportunities and potential risks in the less actively managed Clients on your database. These benefits make the DataMatch service a cost effective way for you to improve your businesses fitness and bottom line performance.

DataMatch uses the data that Providers hold for your agencies to validate and improve your Client records.

Benefits:

  • Knowing what data you can trust - the DataMatch service will validate a significant proportion of your Firm’s data for each Provider matched and will flag validated Policies & Funds so that you know what data you can trust
  • Increased business value - from discovering unrecorded Clients, Policies & Assets
  • New revenue opportunities - identifies unrecorded and re-valued clients to target
  • Immediate administration efficiencies – improves contract enquiry success rates and helps your Firm to identify & remove Clients & Policies no longer serviced
  • Increased value from use of your Back-Office system – facilitates better utilisation of available back-office functionality to provide efficient Client servicing, aligned to your Client Propositions

Getting started:

To determine the current state of your data and the likely benefits from commissioning a DataMatch service we recommend our Data Fitness report. This is generated from your actual Client data and analyses both your current data fitness and the likely range of improvement you can expect to achieve from using DataMatch. The cost of the report is £350.

Please contact us for more information or to request a Data Fitness report.

  • Uses the data that Providers hold for your agencies
  • Sophisticated algorithms identify matches between the Provider supplied data and the data on your back office system
  • Matched record fields are updated appropriately and flagged as validated on your database.
  • Process often “discovers” unrecorded Clients & Policies (i.e. records that exist on the Provider’s systems that are not present on your database); these will be added to your database.
  • Efficient method for confirming, rejecting or amending system recommended matches
  • Impact Report: quantifies the scale of validation and data improvement achieved
  • Opportunity Report: helps you identify revenue opportunities arising from the data discovery and revaluation
Can you handle my size of Firm with the DataMatch service?

Data Interface has successfully run the DataMatch service with Advisory Firms of varying sizes from a few thousand to over a hundred thousand Client records. These Firms use various different back-office systems. So our service can probably address your needs – please contact us if you want to know more.

Can you guarantee the results my Firm will get if we use the DataMatch service?

Firms achieve quite different results from using the DataMatch service because of variations in the history and condition of their Client databases. There are other variables such as which and how many Provider record sets are selected to be run with the service. Consequently, Data Interface cannot make general claims about how many Clients and Policies a Firm will discover or how many data fields (e.g. Policy numbers) will be updated. You will get an indication for what can be achieved when reviewing your Data Fitness Report with us and we can share with you the results other comparable Firms have achieved.

What will it cost?

Our pricing is based on the number of Clients on your database and how many sets of Provider data records you want to run the service on and which back-office system you use. We can give you a firm price when reviewing your Data Fitness Report with you.

How long does it take to complete?

The time taken depends on the number of Providers you are matching, on your obtaining the Providers downloads, and on doing the matching of records that cannot be automatically matched by our sophisticated algorithms. We will be able to give you a good idea on timings as we review your Data Fitness Report with you and understand your issues & requirements.

In our experience few Firms have consistently good quality records with smaller, less frequently reviewed Clients tending to be less accurate. Firms who have a relatively long standing database, have switched back-office systems at some time, have acquired companies or books of business, or who know they have had data maintenance issues are all likely to see significant benefits from running a DataMatch service.

Case Study A – Database Acquisition.

This Firm had inherited a very poor quality CCD database as part of an acquisition. Despite having competent and proactive Admin staff they had not been able to materially address the data quality problems. After running the DataMatch service, with thirteen Providers, they achieved quite dramatic gains. They discovered almost 50% more Policies than were recorded on their system, an additional 15% of Clients and the value of Fund Holdings increased by over 400%.

This two partner Firm has now taken on a further Adviser just to follow up Clients they have discovered on their database (thanks to DataMatch) or whose investments have been revalued such that they have gone from being seen as low value, non-active Clients to good prospects with between 100-150k in assets. This “campaign” is already delivering excellent returns. In addition, they have seen immediate benefits in operational efficiencies and the improved management information has focused the existing partners on Clients who have moved up in value beyond 150k.

Case Study B – Well established database

This large and well established Firm acquired a number of Client databases and has reasonable quality data records. They were delighted with the business opportunities the process yielded and also in the efficiency savings. They discovered 1,400 new Clients and over £10m in Policies that were not on their database. As a result they ran a campaign to contact newly discovered and previously undervalued Clients. They also moved an identified group of low value clients onto a more cost effective, passive service proposition. And they have also gained efficiencies in running contract enquiry (they updated 44% of their Policy numbers using the DataMatch service).

This Firm has subsequently run a further DataMatch exercise having made further acquisitions.

Data Interface’s experience is that almost all Firms will gain real benefit from running the DataMatch service and validating and improving their records. So why not contact us and request a Data Fitness Report to understand what your database holds and how this can be improved.