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Mastering 750 million Customer Data with Posidex MDM
Now, let’s rewind and delve deeper into how Posidex implemented arguably the largest customer MDM solution globally that too, at an incredibly low TCO.
Posidex Customer MDM gave to the Indian insurance giant which is probably the world’s biggest in terms of policies, a staggering leap in operational velocity, allowing for daily policy synchronisations and real-time query capability.
The need was to do de duplication of 750 million Customer policies and create unique customers and then link new policy data with master data on a daily basis, so that Customer data is clean, accurate, and up-to-date for better insights and customer serviceability.
In the insurance industry, efficient cross-sell and quick claim processing aren't just nice to have. It's crucial for happy customers and a thriving business.
And you can't do that without updated, accurate information about each customer. But as the customer base increases, connecting all the data points to achieve unique customer identification for achieving business goals (happy customers and growth) gets complicated. Compounding this complexity are the shifting life stages of customers, with changing addresses & phone numbers due to relocations and sometimes even changes in surname modifications following marriage.
This is a universal problem faced by every BFSI organization across the world, including our client.
With an impressive 750+ million customer policies under its belt, the insurance giant is probably the world’s biggest in terms of policies. Let’s put that number into better perspective: it’s 2.5 times the total life insurance policies in force in the USA, or more than the entire population of Europe.
However, customer data had duplicates, inaccuracies, and inconsistencies across various customer elements like names, birthdates, addresses, phone numbers, and the use of different identification documents. A customer master data management (MDM) solution from a global MNC was implemented sometime ago to create & update a unique Customer base. While some of the data issues were resolved, some major challenges persisted.
To overcome the above, Customer decided to migrate to a new customer MDM solution that could:
A global tender was floated for a solution to meet the above requirements.
After a rigorous evaluation process, the client shortlisted 3 solutions and from these selected Posidex. Solution development commenced in 2021, and by 2022, the platform was live. Posidex's solution met all the needs and performance expectations of the client.
To tackle the complexity of managing such a large amount of customer data, a proven solution i.e. Posidex Prime MDM Platform, with a proprietary AI/ML model was used which cut through such large data like a hot knife through butter. Since the volume is unprecedented, the new feature of Horizontal Scalability was implemented
The solution was implemented using an open-source database and cost-effective commodity hardware for production, UAT, and DR. Thus the TCO was remarkably low given such a large volume of data and the demanding computational needs of the project.
Compared to similar solutions from global multinational companies, our solution gave the insurance firm near real-time data and rapid response, to drive the business with the lowest TCO with a near huge improvement in speed.
