Improving Data Quality in Real Time at Old Mutual

Summary:

• Old Mutual embarked on a digital transformation journey to improve customer experiences through data modernization.
• By using Tamr's AI-native master data management platform, they improved data accuracy by 69%, found and reduced millions of duplicates from their existing master data management platform, and saved millions in costs.
• Old Mutual then adopted Tamr RealTime to gain immediate, mastered views of customer data across systems and silos.
• Old Mutual now has better data about its financial advisors and customers. With this data, the Advisors can provide better, more personalized advice, access household information, and upsell more Old Mutual products.
• Tamr RealTime is enabling Old Mutual to offer more personalized, timely, and responsive services, which will enhance customer satisfaction and loyalty.

For nearly 180 years, Old Mutual (OM) has played a vital role not only in the communities they serve, but in broader society as well. As a leading African financial services group, Old Mutual provides a broad spectrum of financial solutions to retail and corporate customers across its key markets in sub-Saharan Africa.

Reinventing the Customer Experience Through Data Modernization

Today, customers demand exceptional experiences, such as immediate access to financial information, to understand how their portfolio is performing. But without a holistic, 360-degree view of their customers, Old Mutual realized that it could not scale to meet these modern customer demands. To address this challenge, Old Mutuals embarked on a digital transformation journey to align technology more closely with business strategy, enabling Old Mutual to unlock valuable customer data that was trapped in three siloed master data management solutions.

The organization modernized its operations using cutting-edge technology, overcoming challenges related to consolidating and decommissioning its outdated MDM infrastructure and architecture. Using Tamr's AI-native MDM, Old Mutual saw immediate improvements in their data. The firm:

• Improved data accuracy by 69% and produced golden records in just six weeks, rather than years
• Fully decommissioned legacy MDM solutions within nine months and saved millions of dollars in costs
• Simplified their IT landscape, reducing complexities in data integration and eliminating data silos

And they accomplished all of this on-time, on-budget, and without hiring new resources. Building on these stellar results, Old Mutual knew they could provide an even better customer experience. So when they had the opportunity to become an early adopter of Tamr RealTime, the team at Old Mutual jumped at the chance to test-drive the new solution.

A Real Time Solution to Fix Data Quality

To deliver the exceptional experiences customers today expect, Old Mutual needed access to real time, mastered views of its customers across disparate systems and silos. Using Tamr RealTime, Old Mutual gained access to a mastered view of every entity, providing comprehensive customer insights that typically take months or years to achieve through system rationalization or legacy MDM initiatives, and prevented the creation of bad data in the first place. By employing features like semantic search, immediate data updates, a history of entity changes, and visibility into past and present IDs associated with an entity, Tamr RealTime ensures that Old Mutual's data is accurate and trustworthy across the organization.

‎Having real-time views enables Old Mutual to:

• Provide clients with better advice: To advise clients on the latest products and policy updates, financial advisors need immediate access to realtime data that reflects the latest and greatest Old Mutual has to offer. They also require an accurate, up-to-date view of the client's account status so that their advice is relevant to client's situation in that exact moment.
• Access householding information: understanding a client's holistic, household view is critical so agents can bundle discounts, simplify communication, assess risk, and upsell additional offerings. That's why it's imperative that Old Mutual agents understand the current beneficiaries, including changes caused by births or deaths, so they can deliver better service and personalized offers.
• Reduce duplicate data: Old Mutual continues to add new points of entry to meet local demand, such as WhatsApp . But as the number of entry points for data increases, so too does the likelihood of poor quality and duplicate data entering their systems. By identifying duplicates at the point of entry using persistent, unique IDs, OM can prevent the creation of a new record by enriching the existing record with new information as it becomes available.
• Detect fraudulent behavior: avoiding exposure to risk is top of mind for companies like Old Mutual. By spotting fraudulent behavior in real time, OM can prevent false claims and eliminate risk to the business.

Using Tamr RealTime, Old Mutual has not only fortified their position as a stronger, more agile, and financially healthier organization, but they have also provided profound benefits and exceptional experiences to their customers. By delivering a more holistic and accurate view of each customer in real time, the firm can now offer more personalized, timely, and responsive services that enhance customer satisfaction and loyalty. 

To learn more about Tamr's AI-native MDM and how Tamr RealTime can help your organization deliver better data, please schedule a demo.