Download PDF
Standard Life Gets ROI from QlikView in Just 10 Days
Technology Category
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Sales & Marketing
- Business Operation
Use Cases
- Predictive Quality Analytics
Services
- Data Science Services
The Challenge
Standard Life, a subsidiary of the Edinburgh-based Standard Life financial services group, was facing challenges in monitoring broker performance in near real time. The company was using Microsoft Excel spreadsheets with extracts from Microsoft SQL server data management software to prepare monitoring reports for distribution to management by email messaging. This process was laborious and time-consuming. Standard Life had two immediate priorities for any new business intelligence (BI) software. The first was for a persistency report showing which insurance policies have lapsed by broker for visibility by high ranking executives and actuaries. The second was to create a Management Information Pack with daily and monthly sales reports by broker for overview by senior management and sales managers.
About The Customer
Standard Life (Asia) Limited (“Standard Life”) in Hong Kong is a subsidiary of the Edinburgh-based Standard Life financial services group (“the Group”), which includes savings and investment businesses operating across global markets. In Hong Kong since 1999, Standard Life partners with financial advisors and other financial institutions to help customers accumulate wealth. The Group is listed on the London Stock Exchange and by the end of September 2011 had total assets under administration of £191 billion. Standard Life prides itself on customer information protection and service of world class standards. Because the company partners with financial advisors, performance analysis is crucial to the success of the business. Its core staff of 100 people in Hong Kong is relatively small, which puts a heavy reliance on third parties and performance monitoring.
The Solution
Standard Life deployed QlikView initially for a persistency report showing which insurance policies have been lapsed by brokers. The second application was a Management Information Pack analysing performance by broker. The breakthrough came in March 2011 from the expertise and specialist knowledge of the BI solution marketplace brought to Standard Life by QlikTech Hong Kong partner Velocity Business Solutions. Velocity organised a ‘Seeing is The breakthrough came in March 2011 from the expertise and specialist knowledge of the BI solution marketplace brought to Standard Life by QlikTech Hong Kong partner Velocity Business Solutions. Velocity offered Standard Life 10 days of consultancy work and created the first application for the broker persistency analysis in just six days. Subsequently, Standard Life started building a second application for five named users to provide a Management Information Pack.
Operational Impact
Quantitative Benefit
Related Case Studies.
Case Study
Real-time In-vehicle Monitoring
The telematic solution provides this vital premium-adjusting information. The solution also helps detect and deter vehicle or trailer theft – as soon as a theft occurs, monitoring personnel can alert the appropriate authorities, providing an exact location.“With more and more insurance companies and major fleet operators interested in monitoring driver behaviour on the grounds of road safety, efficient logistics and costs, the market for this type of device and associated e-business services is growing rapidly within Italy and the rest of Europe,” says Franco.“The insurance companies are especially interested in the pay-per-use and pay-as-you-drive applications while other organisations employ the technology for road user charging.”“One million vehicles in Italy currently carry such devices and forecasts indicate that the European market will increase tenfold by 2014.However, for our technology to work effectively, we needed a highly reliable wireless data network to carry the information between the vehicles and monitoring stations.”
Case Study
Safety First with Folksam
The competitiveness of the car insurance market is driving UBI growth as a means for insurance companies to differentiate their customer propositions as well as improving operational efficiency. An insurance model - usage-based insurance ("UBI") - offers possibilities for insurers to do more efficient market segmentation and accurate risk assessment and pricing. Insurers require an IoT solution for the purpose of data collection and performance analysis
Case Study
Smooth Transition to Energy Savings
The building was equipped with four end-of-life Trane water cooled chillers, located in the basement. Johnson Controls installed four York water cooled centrifugal chillers with unit mounted variable speed drives and a total installed cooling capacity of 6,8 MW. Each chiller has a capacity of 1,6 MW (variable to 1.9MW depending upon condenser water temperatures). Johnson Controls needed to design the equipment in such way that it would fit the dimensional constraints of the existing plant area and plant access route but also the specific performance requirements of the client. Morgan Stanley required the chiller plant to match the building load profile, turn down to match the low load requirement when needed and provide an improvement in the Energy Efficiency Ratio across the entire operating range. Other requirements were a reduction in the chiller noise level to improve the working environment in the plant room and a wide operating envelope coupled with intelligent controls to allow possible variation in both flow rate and temperature. The latter was needed to leverage increased capacity from a reduced number of machines during the different installation phases and allow future enhancement to a variable primary flow system.
Case Study
Automated Pallet Labeling Solution for SPR Packaging
SPR Packaging, an American supplier of packaging solutions, was in search of an automated pallet labeling solution that could meet their immediate and future needs. They aimed to equip their lines with automatic printer applicators, but also required a solution that could interface with their accounting software. The challenge was to find a system that could read a 2D code on pallets at the stretch wrapper, track the pallet, and flag any pallets with unread barcodes for inspection. The pallets could be single or double stacked, and the system needed to be able to differentiate between the two. SPR Packaging sought a system integrator with extensive experience in advanced printing and tracking solutions to provide a complete traceability system.
Case Study
Transforming insurance pricing while improving driver safety
The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices.
Case Study
MasterCard Improves Customer Experience Through Self-Service Data Prep
Derek Madison, Leader of Business Financial Support at MasterCard, oversees the validation of transactions and cash between two systems, whether they’re MasterCard owned or not. He was charged with identifying new ways to increase efficiency and improve MasterCard processes. At the outset, the 13-person team had to manually reconcile system interfaces using reports that resided on the company’s mainframe. Their first order of business each day was to print 20-30 individual, multi-page reports. Using a ruler to keep their place within each report, they would then hand-key the relevant data, line by line, into Excel for validation. “We’re talking about a task that took 40-80 hours each week,” recalls Madison, “As a growing company with rapidly expanding product offerings, we had to find a better way to prepare this data for analysis.”