Case study
Enabling Legal and General to become data led, technology enabled & customer experience-focused
Summary
Legal & General is the UK’s largest provider of individual life assurance products and a top 20 global asset manager. Founded nearly 200 years ago, the company currently aims to improve customers’ lives, build a better society longer term and create value for shareholders through inclusive capitalism. As one of Europe’s largest insurance providers and a major global investor with over £1.3 trillion in assets under management, Legal & General has long-standing expertise in safeguarding people’s financial futures.
Company Size
10,000
Industry
Financial Services
Products Used
Challenge
James O’Keefe, Commercial Director and Transformation Lead, explains: “Legal & General had set out a clear strategy to drive growth in our direct sales business by being a data led, technology enabled and customer experience-focused digital business. It sounds a simple approach, but we had unique challenges to tackle in our disparate legacy systems and data. The post-GDPR landscape is a critical context too: like all responsible organisations, we’re committed to being compliant, but we’re also looking ahead to the future of global digital privacy.”
“We needed a data and technology partner that could help us think our data strategy through and work with us to define the practices, processes and technology solutions to make it happen. The end game was better use of first party data for effective segmentation, in order to deliver more impactful and relevant customer experiences to customers and prospects.”
Solution
James and his team worked with CACI’s consultants to develop a data and technology roadmap to drive commercial and customer growth. “We needed a foundation of lawful and accessible first-party data that we could enrich with third party data to provide meaningful customer insight at a sub-segment and attribute level,” James explains. “This would inform and enable customer and prospect engagement.” CACI provided overall consultancy, practical advice and skills to accelerate development plus on-demand technical support.
Legal & General had already selected Adobe Campaign Standard for marketing campaign execution. James asked CACI to deploy this as a first step on the journey to delivering a fully evolved, data-led customer experience strategy. “In any transformation programme, it’s worth looking for quick ways to deliver value early on, to prove the ROI and demonstrate results,” James says. “We had a gap in our tech stack that Adobe Campaign filled. CACI worked with us to join data sources, create clean and enriched datasets and to launch the platform. It was an important proof point that delivered good campaign results, gaining buy in and further commitment from stakeholders as well as investment from sponsors.”
With the CACI Demographic Data API, Legal & General is getting even more value from their Acorn and Ocean datasets and CACI-built custom segmentation. Using this real-time connection, CACI provides Legal & General with Ocean characteristics in real time, such as wealth, age and attitudes, to match with prospects and customers in a privacy safe and compliant manner. This means they can be assigned a best-fit persona and served the most relevant and useful customer journey immediately. It also informs and refreshes Legal & General’s models. It’s an innovative way to put together powerful technology and data to create personalised customer experiences from the very first moment.
Results
Legal & General now has proven technology and data to enable business growth through better customer experience. It’s designed for continuous evolution and development, as Legal & General gathers more insight from every campaign.
“Our approach is access, analysis and activation,” says James. “Access means lawful and structured data that’s accessible for segmentation. Analysis means being able to derive insight and create models from the data that tell us where and how to engage most effectively. Activation is executing the campaigns efficiently and feeding results back in to continuously improve customer experience.“
“When people want protection and life assurance products, it’s often as a result of a key life event that can be hard to predict. For example, getting into a serious relationship, buying a property together, a job change, having a child or experiencing a bereavement. Understanding our existing customers gives us modelling data to focus on effective contacts with prospective customers, giving them information they want and need at the right time, through their preferred channels.”
CACI’s Ocean consumer data enriches Legal & General’s first-party data, giving a clearer picture of preferences, behaviours and motivations. The team can prioritise marketing spending and campaigns to make the biggest business impact. Legal & General customers and prospects now receive marketing communications that feel relevant to their life stage and priorities.
