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.