Success Story
R+V Insurance
Data quality as a central component in the customer journey.
- Address validation from point of entry.
- Autocompletion for convenient form filling.
- Optimization of digital closing routes.
Online closing routes with high customer experience.
#STORY
R+V is the insurer of the Volksbanken Raiffeisenbanken Finance Group. With around 17,000 employees and around 9 million customers, the R+V Group is one of the largest insurers in Germany. Together with its cooperative partners, R+V insurance offers a full range of financial services. Advice and products are offered both in person and digitally.
Reliable customer master data and high data quality are of key importance in the insurance environment. Customer master data is the basis of contracts. It is therefore not surprising that data quality is generally a high priority for insurances.
For this reason, an initiative was launched at R+V Insurance around the topic of customer master data. The value of data has been reassessed centrally. The aim of the internal initiative is to focus even more on customers and to make processes simpler and more customer-friendly. The project also aims to improve the customer experience for digital closing routes.
Overall, the project is part of a major mission at R+V Insurance. One of the goals set is to ensure that all data entered into the systems is checked directly as it is entered. Accordingly, the check must take place right at the beginning so that only validated data can enter the internal systems.
Not only the external view benefits from a high data quality directly from the input, but also internally there is a great interest in a clean data basis. This makes it possible, for example, to evaluate analyses more precisely and plan campaigns better. Data quality is becoming increasingly important, especially in view of the use of AI technologies.
In addition to data quality, the ease of filling out forms should also be further improved. Digital contact with the customer has become one of the most important points of contact. This includes making it as easy and fast as possible for the customer to go through the online closing process. Helpful here is an autofill function that provides suggestions for filling in the fields completely after just a few entries.
Focus on data quality.
#SOLUTION
The requirements for a solution were quite clear; from the very beginning, only valid data should flow into the systems. Verification was to take place directly at the point of entry and filling out the forms was to be as simple as possible. At the same time, the data quality had to be right internally. By linking address validation directly in the front end and in customer systems such as CRM, additional time should be saved for post-processing the addresses. Since, up to now, there has been no verification of the data either externally, in the case of digital closing routes, or internally, a solution had to be found that could be used at all points of data entry.
In order to meet these requirements, R+V looked for a strong partner with experience in the area of customer master data. And they also found one in Uniserv with the Location solution. With the address validation Location from Uniserv, address data are checked appropriately according to the requirements.
In addition, Location provides comprehensive autocompletion as standard; an important point so that customers have to type as little as possible in the input field in forms.
In addition to the high quality of results, Location's streamlined, modern interface and high security standards were particularly convincing. R+V Insurance's goal was to optimize the process of its various online closing routes. Customers select the desired insurance product online and conclude the contract independently.
The first route for which Location is now being used productively is liability insurance. Here, in addition to the final address check, the autocomplete function is also used to support customers as they enter their address. In the future, R+V would like to use Location for other online insurance routes.
Benefits with Uniserv Location
- Secure and valid addresses with premium reference data, refined by our own team.
- Clear error classes.
- House number accurate validation.
- Validation of data is done in real time.
- Easy integration through delivery as Docker and OpenAPI documentation.
- Lower abandonment rates in forms due to autocomplete.
- Less effort in post-processing.
- More precise analyses thanks to a reliable data basis.
- Leaner processes.
- Greater user-friendliness and thus higher conversion rate.
„With Uniserv Location, we are optimizing our online closing routes. High data quality from the beginning, with verification directly from input, is just as relevant for us as the ease of filling out the form. This is exactly what Uniserv offers us with the address validation Location.“
Shyam Melautra, Digitalization and Operations Processes, R+V Insurance
Data quality for internal and external processes.
#SUCCESS
R+V was looking for a solution to make online closing lines simpler and more customer-friendly. At the same time, internal processes were to be simplified and improved by keeping data quality high and validating the data as early as the capture stage. This is the only way to ensure that only validated data enters the systems.
Since every contract is based on customer master data, there is a great deal of focus on the data. This is especially true for address data. The insurance policy, for example, is issued on the basis of the address data. Therefore, R+V was looking for a solution which can carry out the validation directly during the input, so that only verified data can be used internally for further processing.
With the use of Uniserv Location, R+V Insurance can make the central component of online insurance available to customers in an experience-oriented manner. Conclusion routes are provided with valid data and a reliable autocomplete function, all in order to make getting started as easy as possible. Since the topic of cloud solutions is becoming increasingly important in the insurance environment, the simple conclusion or processing of contract data is very important, especially in the mobile environment.
R+V Insurance has already achieved its first successes. The use of Location offers considerable savings potential. The data already validated during data entry results in significantly less post-processing work in the systems themselves. The maintenance effort required for the data in the follow-up to contract processing has been significantly reduced. Contracts are issued more quickly and with less checking effort, a particular advantage for customers. Internally, data records can be found more quickly.
In addition, the customer journey is improved for the customer. It is much easier to conclude a contract online. This in turn leads to lower abandonment rates in the closing process. Faster and more convenient completion of forms makes it easier for users to go through the process. The rate of prematurely terminated online contracts decreases, the conversion rate increases.
The aspect that analyses are easier, faster and more precise to perform is also covered with a clean database. This is particularly relevant when thinking about topics such as AI, Next Best Offer/Action or even campaigns. This path also offers a lot of savings potential here, since the evaluations are based on reliable figures and data.
About R+V Insurance
With around 9 million customers, R+V Versicherung is one of Germany's largest insurers. As part of the Volksbanken Raiffeisenbanken Cooperative Financial Network, R+V offers its customers tailored, innovative insurance solutions. The product range of the R+V companies includes all well-known insurance policies for private and corporate customers. This also includes cover against occupational disability. In 2022, the R+V Group generated premium income of almost 20 billion euros and employed more than 17,000 people nationwide.
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