Cloud-based Solution Enables Self-Service Analytics
A leading designer and marketer of Fixed Indexed Annuity (FIA) products in the financial sector was founded on product innovation that allows it to deliver better value to policyholders. With its FIA designs repeatedly recognized by industry experts as best in class, the company was experiencing continued sales growth, and its leadership wanted to better leverage its customer and sales data.
With multiple insurance products sold through independent distribution companies, the FIA provider focuses heavily on training for its marketers, who in turn educate financial advisors and insurance agents. With data related to each carrier and independent distribution company coming in different formats, frequencies and with varying levels of quality, the FIA provider faced a complicated challenge to aggregate data so that it could be easily analyzed and leveraged. With a mix of internal systems, a Salesforce implementation and limited internal IT capability to implement an automated solution, the organization was forced to piece together one-off reports generated manually. As a result, its product development and marketing teams had limited access to the data needed to make decisions for the organization.
The PK team put together a roadmap to allow the organization to not only evaluate the current state of its environment but also lay the foundation for turning data and analytics into a key competitive advantage.
PK then built a data warehouse that incorporated information from marketing campaigns and from reports generated by sellers submitting an application to underwriters. It served as a data hub that not only supported data analysis but also served as a single source of truth for mission-critical information, with information formerly spread across multiple databases and spreadsheets now consolidated into a single location. The data warehouse also pushed data back into Salesforce, improving the data quality for the organization and increasing the trust of its teams in that Salesforce data.
The PK team also built a variety of dashboards that gave the company improved daily views of performance. The dashboards were enhanced by new key performance indicators that tracked the business’ current focal points, and mobile dashboards designed specifically for the sales team enabled quick access to the insights and information needed on the road. PK also provided training on self-service analytics for the provider’s teams, allowing them to unlock new insights into data and performance.
The end result was a system that enabled push-button mobile access to detailed information on sales team performance, trends and rank. It allowed the FIA provider’s critical functions to have access to enterprise data in one spot using a best-of-breed analytics capability in the form of Tableau.