Decompartmentalize data thanks to the customer repository and Master Data Management.
Do you want to improve your performance and your 360° view of your customers? Ensure a strategic vision of your data thanks to Data Management. Choose a strategy data driven !
We took on the challenge with Willis Towers Watson, find out how we helped them gain flexibility and agility on regulatory issues.
Willis Towers Watson has been France's leading insurance broker since 1992. It operates in more than 140 countries and has more than 45,000 employees.
Key figures :
- 38,000 active customers per third party
- 22 million outgoing payments
- 10 existing siloed customer and third party repositories in its IS
How many financial institutions have been left at a loss when regulatory standards such as anti-money laundering and combating the financing of terrorism (AML/CFT) were introduced? Many marketing campaigns are still directed at off-target customers even though institutions have the relevant information in their systems.
Data quality is at the heart of the performance of financial institutions and brokers (process reliability, customer knowledge, reactivity, steering relevance, etc.): federating and enhancing this strategic and transversal data has become a major challenge.
To meet this challenge, Willis Towers Watson called on Micropole as part of a progressive Master Data Management (MDM) deployment project on its customer and third-party repositories with a use case for Know Your Customer (KYC) compliance.
Imposed by European anti-money laundering and counter-terrorism financing (AML/CFT) regulations, it allows to certify and qualify a client in order to protect against fraud and other related damages. Today, most of this work is done manually, which represents a disproportionate amount of work given the volume of information to be verified daily. By combining a customer repository and MDM tool, Willis Towers Watson ensures that data quality is optimized by verifying information and detecting inconsistencies upstream.
MDM ensures data uniqueness and traceability, which allows players like Willis Towers Watson to ensure the control of authorities over their databases and to meet regulatory requirements.
Methods and Solutions
During these five and a half months, Willis Towers Watson relied on Micropole and its partner Informatica, which used three modules to carry out this project: MDM Hub, data quality tools and a project gas pedal: Customer 360.
As the guarantor of data quality, Master Data Management is truly the "data point of truth" for customers. It is an integral part of the company's business processes.
- Be more flexible and agile in the face of business expectations
- Respond more easily to regulatory requirements (SOX, RGPD, KYC, etc.)
- Improve the effectiveness of marketing campaigns and cross-selling and enrich the customer experience
- Standardize and centralize the vision of customer data
- Improve the quality, access and sharing of customer data (control of duplicates and data certification, formatting, etc.) for all departments) to all departments
- Reduce costs (rationalisation of interfaces, IS transformation levers, reconciliation and reprocessing of data, having a vision of the risks and equity capital mobilised, etc.).