Standard Life Gets ROI from QlikView in Just 10 Days
Company Size
200-1,000
Region
- Asia
Country
- Hong Kong
Product
- QlikView
Tech Stack
- Microsoft SQL Server
- Microsoft Excel
Implementation Scale
- Departmental Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Predictive Quality Analytics
Services
- Data Science Services
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 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.
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
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