WELLINGTON, New Zealand and REDWOOD CITY, Calif., Dec. 12, 2011 (GLOBE NEWSWIRE) -- Informatica Corporation (NASDAQ: INFA), the world’s number one independent provider of data integration software, today announced that Westpac Life New Zealand Limited (Westpac), part of the Westpac Group, New Zealand’s largest full service financial institution, has standardized on the Informatica Platform to help power its strategic initiatives around customer centricity and big data.
This includes Westpac’s ambitious Insurance Project, a new enterprise business intelligence environment that is helping the company increase revenues, improve customer retention and cross-sell rates, and reduce risk. Providing a single point of authoritative and trustworthy business and insurance customer data, the Insurance Project is on track to deliver a more than 240 percent return on investment and increase revenues at least one percent over the life of a policy.
Also supported is the company’s recently launched Social Media Project, where the Informatica Platform is helping Westpac to capitalize on the opportunities presented by big interaction data to gain deeper customer insights and compete more effectively as a customer-centric organization.
Westpac, a longtime Informatica customer, has more than 1.2 million customers - 900,000 of whom use online financial services, performing three million online transactions per month. The data being amassed in different parts of the company presents a big data challenge due to its volume, variety and complexity across multiple sources. Westpac’s previous silo-based approach to information management meant that strategic and tactical business decisions were frequently based on inaccurate, delayed and often incomplete data - a situation that led to the launch of the Insurance Project.
Phase One: Insurance Project Objectives Realized in Just 10 Months
Today, with the Informatica Platform underpinning the Insurance Project, Westpac has complete, timely data driving advanced reporting, analytics and visualisations across the business. At the same time, the company’s data is approximately eight times more accurate than before. Armed with timely, relevant and trusted data, Westpac is able to make more intelligent marketing offers to customers and increase customer retention.
Moreover, through its use of the Informatica Platform, Westpac realized its Insurance Project objectives within just ten months, including:
- Enabling timely identification of effective sales behaviors and trends.
- Powering improved cross-selling across Westpac Life’s product portfolio.
- Underpinning customer retention efforts anticipated to deliver further revenue.
- Eliminating time-consuming manual reconciliation of life insurance calculations across policies, products and customers.
- Enabling more timely identification of policies outside the company’s risk tolerance.
- Improving insight into governance activities across the organization.
- Achieving a single view of customers - their needs, buying behaviors and histories.
Phase Two: Capitalizing on Big Data
In its drive towards customer-centricity, Westpac is also turning to the Informatica Platform to help leverage big interaction data through its new Social Media Project. By engaging in sentiment analysis on data derived from social media, the company anticipates achieving an even deeper understanding of customers and prospects, and an enhanced ability to move quickly on business opportunities and challenges. The Informatica Platform ensures that data captured from social media can be integrated easily with other Westpac data for comprehensive analysis.
Tweet this : Westpac Life NZ relies on @InformaticaCorp to realize #bigdata opportunities http://bit.ly/tIXYtt #returnondata
Supporting Quotes:
- "In an environment of financial uncertainty, financial efficiency and business insights for faster decision-making is a challenge Westpac has tackled," said Kevin Crowley, head of Insurance, Westpac Life New Zealand Limited. "We are better positioned because of Informatica to respond to demands for greater transparency and turn the company’s customer insurance data assets into business insights."
- "As part of an evolution in the exploiting of big data across Westpac, we are interested in leveraging big interaction data to provide a lens into the future of the business and the relationships created between the brand and customers," said Torrance Mayberry, senior systems manager, Westpac Life New Zealand Limited. "The Informatica Platform enables a data-centric approach to addressing business issues across the enterprise, regardless of the sheer volume, disparity and multiplicity of sources, and increasing complexity of the data involved. By being more data-centric, we are able to become more customer-centric."
- "Insurers and other financial services organizations must constantly be on the search for new and innovative ways to sustain competitive advantage, whether through more precisely targeted products and services or more efficient business processes," said Graham Sowden, senior vice president, Asia Pacific, Informatica. "Westpac’s use of Informatica illustrates how empowering business stakeholders with timely visibility into their data helps to increase business agility and customer loyalty, drive top line and bottom line growth, reduce risk, and achieve a significantly higher Return on Data."
Additional Information
- Westpac Life New Zealand Success Story
- IDC Westpac Life New Zealand Success Story
- Westpac Life New Zealand Wins Two 2011 Ventana Research Leadership Awards
- Westpac Life New Zealand is utilizing the Informatica Platform, specifically Informatica PowerCenter and Informatica PowerExchange.
- For more information on big interaction data, visit Social Data and Devices.
About Informatica
Informatica Corporation (NASDAQ: INFA) is the world’s number one independent provider of data integration software. Organizations around the world rely on Informatica to gain a competitive advantage with timely, relevant and trustworthy data for their top business imperatives. Worldwide, over 4,500 enterprises depend on Informatica for data integration, data quality and big data solutions to access, integrate and trust their information assets residing on-premise and in the Cloud. For more information, call +1 650-385-5000 (1-800-653-3871 in the U.S.), or visit www.informatica.com. Connect with Informatica at http://www.facebook.com/InformaticaCorporation, http://www.linkedin.com/company/informatica and http://twitter.com/InformaticaCorp.
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