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Westpac Life New Zealand

Westpac created a project to establish a single source of the truth for insurance and business performance.

Westpac Life New Zealand is one of the country’s largest full service banks with over 1.2 million customers, around 200 branches and 500 ATM’s nationwide. The organization also has around 900,000 registered users of its Online Banking service, performing 3 million transactions online.

Challenges

  • Understand customer behaviour and leverage it to improve sales
  • Meet demands for governance and risk management
  • Deliver projects that help provide more strategic value
The Insurance project enabled the amalgamation of our business data and provided visualization of that data in new ways to help us grow the business.
— Joe Benbow
Product Actuary
Westpac Life New Zealand
Read Success Story PDF

Results

  • Enabled timely identification of where sales are strongest. This is expected to increase revenue by at least 1% over policies life
  • Provided expected drop of 1% in customer attrition, delivering extra revenue over life of insurance policies
  • Enabled potential 1% improvement in cross-sell rates, delivering extra revenue over insurance policies life
  • Enabled a new government framework to be achieved that required a new formula for the calculation of tax liability on all life insurance products
  • Reduced time spent manually reconciling reports from data collected in different insurance applications
  • Enabled timely identification of policies outside of the bank’s risk appetite
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