Leonardo Di Vinci, Steve Jobs and Albert Einstein. Three geniuses that understood the power of simplicity. Three geniuses that understood how hard simplicity is to achieve.
For Steve Jobs, simplicity was a mantra. In an interview with Business Week in 1998, he said: “Simple can be harder than complex: You have to work hard to get your thinking clean and make it simple. But it’s worth it in the end because once you get there, you can move mountains.”
Sometimes it’s easy to look at a complex problem and to try to solve it with equal complexity. And this is true of our first attempt to develop a service that would enable our insurance clients to identify mapping errors in their customer journey. It became so complex, it almost became unviable. But then, a moment of genius.
The simple solution
Finding a mapping error can be as simple as comparing A to B and seeing if there’s a discrepancy. At Consumer Intelligence, we run quotes for thousands of risks every month for both motor and home across all four PCWs, as well as leading direct brands. We hold the criteria entered for each of these quotes – providing part A. And our clients hold the information generated from these quotes in the back end – part B. When these two parts come together (plus a little wizardry on our end), it becomes possible to establish a comprehensive view of all mapping issues within moments.
As you will know, the journey between a customer entering their information onto a PCW and them receiving quotes back from providers is extremely complicated and the risk of a field being incorrectly mapped means you might be losing business or writing business you didn’t want.
Finding mapping inconsistencies can be like trying to find a needle in a haystack. For both insurance firms and PCWs, it's time consuming and costly. And if errors aren't picked up quickly, your competitive performance could be drastically impacted, costing your business large sums of money.
What we have found from working with brands across the market, is that firms like yours don’t have the visibility you need to mitigate against potential mapping errors, therefore preventing you from having 100% certainty in the reliability of your data transfer processes and the optimisation of your customer journey.
Our Data Mapping Diagnostic is a diagnostic service designed to identify mapping inconsistencies between the PCW journey and your back-end pricing database, providing the visibility you need to save time and hassle, and giving you the confidence you need in your mapping strategy.
The Data Mapping Diagnostic in action
For one major motor insurance brand, our Data Mapping Diagnostic identified mapping errors across 21 factors in the customer journey. Further analysis enabled us to distil these into errors that required action and those which were low priority or required no action. The errors that were having the greatest business impact occurred across factors including ABI codes, annual mileage, NCD and vehicle values. The analysis also highlighted where blanket mapping rules were causing issues on specific PCWs due to nuances in question sets.
Tim Stout, innovation lead at Consumer Intelligence, responsible for the development of the Data Mapping Diagnostic service says: “The most powerful part of our diagnostic service is the ability to establish the business impact of each error, enabling us to prioritise the ones that require attention.”
Reflecting on their experience of the service, another client said: "The Consumer Intelligence Mapping Diagnostic helped us to identify several legacy mappings in place which were actively harming the competitiveness of our brand. By changing our mappings, we are on track to improve our increase our income by more than £50,000 per year."
What’s the urgency?
Karen Houseago, Head of Insurance at Consumer Intelligence and former Aggregator lead at LV=, understands the importance of eliminating mappings errors, now more than ever. She says: “The industry is facing more scrutiny than ever before. With the FCA focused on ensuring the insurance industry adheres to its new rules around pricing practices and fair value, it’s time to get your ducks in a row. You have a mammoth task ahead of you, and it’s important that your processes and systems are running smoothly in the background to allow you to focus on the big-ticket stuff.”
Tim Stout adds: “This service enables you to explain the unexplainable. Getting on top of the new regulatory landscape is no easy feat, but starting with a clean slate can only make it easier.”
Our two newest products will make the pain of identifying mapping errors a thing of the past by quickly and efficiently finding them and helping you stay ahead of the game when it comes to question sets.
Our Data Mapping Diagnostic is designed to identify and resolve mapping inconsistencies between the PCW journey and your back-end pricing database, while our Question Set Monitor provides a regular and concise view of questions, available options and answers exactly as they appear on each of the big four PCWs.
Together these products provide a powerful tool, enabling you to improve your direct and PCW performance by identifying issues that are affecting the accuracy of your pricing, allowing you to focus on delivering the results you want to see.
Take a step towards having 100% certainty in the reliability of your data transfer processes and the optimisation of your end-to-end journey; book a call with a member of our team today.
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