Unlocking growth opportunities with Big Data

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1 insurance services Unlocking growth opportunities with Big Data The staggering growth in the use of digital and social channels means the potential for partners to exploit Big Data is growing all the time. According to a recent report by The Telegraph, it is the baby boomers in the 55 to 64-year old age group who are responsible for driving the growth in the use of Facebook and Twitter, although by far the greatest concentration of usage is still in the younger ages [1]. In the internet age, the scale of data is mind boggling. In 2012, the number of internet users worldwide passed 2.4 billion, sending on average 175 million tweets every day and watching on average 4 billion hours of video on YouTube each month [2]. As more and more consumers engage with brands across multiple platforms through e-commerce, m-commerce, tablets and social media, the sheer flow of data on offer presents organisations with opportunities to gain new insights about their customers behaviour and needs that only just a few years ago seemed implausible. But, despite the hype and ever increasing focus on how best to harness the power of Big Data, the key challenge remains: how best to use all the data available to provide greater value for customers, gain competitive advantage and ultimately to unlock new revenue opportunities and drive growth? Many organisations already have sophisticated CRM capabilities and expertise in Big Data, which of course begs the question what additional capabilities can Cigna deliver to partners to help them get more from their data and deliver a competitive advantage? 1

2 In this article, we provide a brief overview of how we are able to deploy our global expertise to help partners identify new areas of growth and unlock revenue, by extending the range of products offered to customers and through more sophisticated targeting of offers. A core global competency The UK market is highly advanced in CRM techniques, particularly in data mining, propensity modelling and using data and insight to drive product development and marketing strategy. It is no exaggeration to say that the UK is one of the most sophisticated markets in the world in this respect. Customer Value Management (CVM) is a core global competency of Cigna, offering world-class data analysis and mining capabilities. This means we can enhance the capabilities of our partners in this area. This advantage is underlined by the fact that leading Wall Street analysts and management consultancies report it as a leading differentiator for Cigna. FirstAssist is building its own CVM expertise and has access to Cigna s capability, which includes: Cigna s systems for identifying and tailoring marketing to potential customers give it a competitive advantage in terms of market share and distribution costs. JP Morgan, November 2012 l Over 100 analysts in 12 countries, including 20 Ph.D. s l Global Centre of Excellence established in 2009 l International R&D capability l Global data purchasing power It is the strength of the capabilities we have around CVM and the use of Big Data which allows us to add additional incremental value to our partners existing CRM capabilities and helps them achieve an added advantage, in what is a very competitive marketplace. 2

3 Complementing our partners capabilities The capabilities we have helps partners extend their capabilities across a number of key areas. For example, by using highly sophisticated propensity modelling on partner data and where relevant, overlaying this with additional data, CVM can enhance the ability of a partner to engage their customers with the right product, at the right time, to the right customer through the right channel. One of the main goals for organisations with a broad range of products and services is to increase multi-product holding, thereby deepening customer relationships and brand loyalty. Yet, the reality is that in many cases the average number of products held is very low. CVM supports the innovation process by identifying the most appealing products and services across customer segments. Our CVM resources work closely with primary analysts to increase the sophistication of product planning and use unique data for partners solutions. CVM can enhance the ability of a partner to engage their customers Globally, Cigna has a wealth of experience and data in the health and wellbeing market, which allows us to develop highly sophisticated models and health scoring systems and profiles. By doing so, we are able to help partners to identify how to increase lifetime value, across diverse groups. 3

4 Cigna has also developed a range of patented BIG DATA solutions which can be embedded within partner organisations, including Value Based Segmentation and Next Best Offer optimisation. These tools can enhance partner data modelling capability and are proven to increase average product holdings and penetration rates. Increase multiproduct holding Adding greater value to our partners The opportunity to inform marketing, innovation and growth strategies using the depth, breadth and power of CVM and Big Data has never been greater. Our CVM capabilities can be leveraged across many types of customer bases from retailers and memberships, through to banks and financial services organisations, to loyalty schemes and utility providers where there are many opportunities to complement our partners expertise. Our capabilities, combined with the extensive suite of travel, health, life and accident products we offer for affinity partners, means we are well placed to help partners inform their innovation strategy, product development roadmap and ultimately, to provide additional expertise which helps partners unlock more revenue and growth. For us, this capability is a powerful differentiator in the UK affinity market and adds more value to our existing partner proposition. [1] The Telegraph, 23rd April 2013 [2] Royal Pingdom, Internet 2012 In Numbers ( To find out more, please contact Jody Baker, Head of Business Development on or us at corporate.info@firstassistinsurance.co.uk 4

5 For over two decades, FirstAssist Insurance Services has been a silent partner in our markets working behind many of the UK s largest brands. We deliver specialist and bespoke white-label insurance solutions which generate many millions of pounds of additional income for our clients each year whilst extending their customer propositions. In that time, we have built an enviable reputation as one of the UK's leading providers of white-label solutions across our core areas of insurance expertise: travel, protection, health, life, accident and legal protection. Driven as a specialist business by an entrepreneurial, commercial management team, we provide a unique range of products and flexible marketing solutions for banks, insurers, affinity organisations, corporations, intermediaries and small and medium-sized enterprises. FirstAssist Insurance Services was acquired by Cigna in November 2011, which further enhances our capabilities with access to a broader range of health, life and accident products and the benefits of Cigna s global expertise and infrastructure. We provide award-winning levels of customer service to nearly three million customers. With over 160 individually tailored schemes through major UK brands, we know one size does not fit all. From the commercial arrangements to the regulatory relationship, from a full service stand-alone product proposition to wholesale risk provision, we will custom-design the perfect solution to meet your customers and business needs. insurance services FirstAssist Insurance Services Limited, Marshall s Court, Marshall s Road, Sutton, Surrey, SM1 4DU Registered in England & Wales No Authorised and Regulated by the Financial Services Authority FirstAssist Insurance Services Ltd is part of Cigna.