Case Study
Cross-Industry Collaboration: Insurance and Data Bureau
To enhance the contactability of policyholders and dependents and expedite the claims process for beneficiaries by updating and enriching the contact details of policyholders and their dependents.
In an initiative to comply with regulatory mandates and enhance policyholder experience, an insurance company overlapped their dataset with a data bureau’s dataset. This collaboration, safeguarded by strict data privacy measures, led to updated contact details, quick identification of beneficiaries, and proactive outreach in case of a policyholder’s death.
The insurance company overlapped its policyholder data with data from the data bureau. Through Omnisient’s desktop app, personal details of policyholders were transformed into hashed characters, ensuring confidentiality and regulatory compliance. This anonymized and tokenized data was then overlapped with the data bureau’s dataset to update missing or erroneous contact details, find policyholders’ dependents, and determine deceased policyholders.
When integrated, these datasets enabled the enrichment of the insurance company’s policyholder contact details, identification of potential beneficiaries, and determination of deceased policyholders.
Identification of incomplete or inaccurate contact details of policyholders, enabling their rectification.
Discovery of dependents associated with policyholders, likely beneficiaries for life insurance payouts.
Detection of deceased policyholders, streamlining the claims process for dependents.
Ensured compliance with regulatory requirements, enhanced efficiency in claims processing, strengthened policyholder trust and loyalty through proactive outreach.
Assured timely and efficient payout to beneficiaries. Enhanced trust in the insurance process, knowing that even in the absence of the policyholder, the company would take proactive measures.
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