UK Insurance Provider Reduces Costs and Fraud While Increasing Policy Count and Customer Retention
PALO ALTO, Calif., – April 9, 2015 – Cloudera, the leader in enterprise analytic data management powered by Apache™ Hadoop®, has announced that UK insurance holdings underwriter, Markerstudy, has implemented a Cloudera-powered enterprise data hub (EDH) which is already delivering demonstrable business benefits.
The partnership has enabled Markerstudy to use real-time and existing customer data in the EDH for a more accurate overview, ensuring that it provides the most appropriate price and product to every customer.
As its customer data and business activity data expanded, Markerstudy needed the ability to store and analyze large data sets using business intelligence to help deliver better value to its customers.
After evaluating a number of leading big data technologies, Markerstudy selected Cloudera to help it improve its end-to-end customer experience offering.
· Approximately £5 million reduction in claim costs through better fraud detection and prevention at point-of-quote.
· 120% increase in policy count over an 18-month period.
· 50% reduction in customer cancellation rates and increased customer retention at renewal.
Markerstudy also won the ‘Data Mastery and Analytics’ Award at the recent Celent Model Insurer Awards 2015 for the successful implementation of its Insurer Hosted Rating and Big Data Project using platforms from SAS, RDT, and Cloudera.
Dan Fiehn, group head of IT for Markerstudy, said, “We were impressed by the depth of Cloudera’s expertise, and full service contribution. Working with our Cloudera EDH, we are now more sensitive to changes in the market and customer behavior, and can adjust in real time. Ultimately we can provide a better service, including pricing and product offering.”
Cloudera’s big data evangelist and subject matter expert for financial services, Steve Totman, added, “In the insurance market, companies receive tens of millions of quote requests a day and all this data is expected to be crunched in real time, giving the customer a tailored offering. We are delighted to see Markerstudy storing, governing, and analyzing diverse data sets in one centralized hub.”
Cloudera is revolutionizing enterprise data management by offering the first unified Platform for big data, an enterprise data hub built on Apache Hadoop. Cloudera offers enterprises one place to store, access, process, secure, and analyze all their data, empowering them to extend the value of existing investments while enabling fundamental new ways to derive value from their data. Cloudera's open source big data platform is the most widely adopted in the world, and Cloudera is the most prolific contributor to the open source Hadoop ecosystem. As the leading educator of Hadoop professionals, Cloudera has trained over 40,000 individuals worldwide. Over 1,700 partners and a seasoned professional services team help deliver greater time to value. Leading organizations in every industry plus top public sector organizations globally run Cloudera in production.
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