IBM To Help Korea’s Hanwha Life Insurance Accelerate And Enhance Service Offerings
Posted: 7 December 2012 | Source: IBM - Risk Analytics
IBM (NYSE: IBM) today announced that Hanwha Life Insurance (formerly known as Korea Life Insurance) has engaged IBM for an enterprise-wide customer information transformation initiative that will provide a single, comprehensive view of Hanwha’s customers and critical insights that enable the insurer to respond quickly to changing customer demands and deliver compelling, customized offerings.
A leading financial services company in Korea, Hanwha offers a full range of life insurance products, including whole life, variable life, critical illness insurance and annuities, as well as asset management services to both individual and corporate clients. To strengthen its client sales and retention activities, boost the productivity of its agents, and respond to increasing regulatory requirements, Hanwha needed to have a single, more accurate and current view of the customer across its entire product portfolio.
IBM is providing consulting services and a complete solution that will integrate all of Hanwha’s customer data across its multiple businesses. The solution will also provide new analytics capabilities that allow Hanwha to gain deeper customer insights in order to target offerings and improve interactions across all sales channels, including its agent network, bancassurance partners, which are banks that sell its insurance products, as well as direct sales online and by phone.
As a services company, Hanwha’s business success is driven by better understanding its customers and offering timely, relevant products that meet their needs. However, assimilating legacy customer information from multiple sources, and more importantly, extracting valuable business insights from it, can be a highly challenging task. Hanwha engaged IBM with the goal of providing high-quality, targeted products based on integrated customer data and a strengthened security system.
IBM, with its Business Analytics and Optimization consulting capabilities, will develop a Master Data Management (MDM) solution that will integrate and manage Hanwha’s customer data across businesses. The solution will be powered by IBM analytics software, including Cognos and InfoSphere, and run on IBM Power Systems designed to quickly handle computationally intensive workloads for faster insight.
“Financial services companies in Korea are recognizing the need for better customer insights in order to win and retain customers in an increasingly competitive market. IBM is bringing together its capabilities across services, software and systems to help Hanwha develop a strategic view of their customer data and effectively analyze and act on the information to drive new business growth,” said Sangho Lee, Business Analytics and Optimization Leader, IBM Global Business Services, Korea.
Using the IBM MDM system, Hanwha will also develop its process management governance and customer management strategy that will enable customer information to be updated and securely shared in real-time across all lines of business through a common user interface. The system will provide different levels of access to user groups based on business need.