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They wanted to turn the massive amounts of data they had into the fuel that would drive them towards more innovative decision-making, higher levels of customer service and differentiated competitive advantage.
Prior to launching its data and innovation project, Transamerica had invested in data and analytics technology, resources and skills, but hadn’t fully achieved the results and returns they were looking for. They wanted to mobilize their new data and innovation team, formalize their data strategy, develop and prioritize use cases, and communicate throughout the enterprise the immense and unprecedented business value of advanced analytics.
Prior to launching its data and innovation project, Transamerica had invested in data and analytics technology, resources and skills, but hadn’t fully achieved the results and returns they were looking for. They wanted to mobilize their new data and innovation team, formalize their data strategy, develop and prioritize use cases, and communicate throughout the enterprise the immense and unprecedented business value of advanced analytics.
Together with KPMG in the US, they adopted a simple strategy: move fast, adopt leading technologies, attract the strongest people and deliver work and new capabilities that would mobilize their efforts and show rapid returns. They implemented three prototypes.
Transamerica is taking the learnings from these projects to push their data programs in new directions. And the results so far have been impressive. The LIBOR reader has eliminated many months of contract review with an accuracy rate of 98 percent – versus about 85 percent for manual processes. The company is improving its customer satisfaction, retention and sales efforts with the speech-to-text program. And graph databases are providing transparency and insights that create a stickier and far more compelling experience for their agents and the customers they are reaching out to.
For information on how KPMG’s expertise in data-driven technologies can help your business, please contact us.
To learn more about this project, please contact Tom Haslam.
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