Boosting data enrichment for a global insurance leader

Highlights

• Successfully matched 79% of the small business records 
• Enriched 74% of business records with firmographic, business health, compliance, company hierarchy, and diversity data
• Returned 125 data fields versus the 13 the company requested

Background

A top-tier global insurance company serving businesses of all sizes faced verification challenges. At the same time, it wanted to enrich its client data. Markaaz used its robust directory and proprietary algorithms to solve the problem. 

The Problem

Despite having access to several data sources, the benefits team at a leading global insurance company could not complete business verification checks for many of its small business applicants. As a result, a large percentage of SMBs could not be approved for benefits products such as 401(k)s and retirement plans. 

The team also lacked employee count data, crucial information that helps with initial KYB verification and tailoring their upsell and cross-sell strategies. Improving business verification and enriching data records with this information had the potential to increase sales and revenue. 

The approach

The insurance company provided Markaaz with a data file containing records their current provider could and could not verify. The company did not disclose which records had previously been verified. Their goal was to test Markaaz’s ability to:

• Verify SMBs that the other data provider could not
• Append additional useful data attributes to the SMBs

To provide the requested results, Markaaz applied both its verification and data enrichment solutions.

Verification

Business verification begins with the Markaaz Directory. Using proprietary, state-of-the-art matching algorithms, Markaaz can instantly provide verified business information such as basic company details and names of executives. This proves the SMB’s legitimacy and streamlines approvals of new business customers.

Data enrichment

Markaaz uses data from its business records to enhance existing records. Additional details may include firmographics, credit scores and financial risk, compliance, officer names, diversity, and corporate hierarchy data.

The results

• Markaaz matched 79% of the records in the insurance provider’s file.
• 74% of the records were enriched with additional data, such as firmographic, business health, company hierarchy, and compliance data.

A notable feature of this case study was Markaaz's ability to manage multiple addresses for the same business. This ensured more accurate matching, drawing from the Markaaz Directory to find the appropriate business record.

The insurance company also wanted more information on each SMB's diversity and employee counts. They requested an additional 13 data fields, but Markaaz enriched their records with an additional 125 data fields.

Markaaz's industry-leading capabilities

Markaaz maintains a global database of over 300 million businesses across 200 countries. It’s this database that powers our verification and data enrichment solutions.

We acquire data from the best premium and public data sources across the globe. We then use proprietary data-matching algorithms crafted by our data experts and enhanced through artificial intelligence and machine learning (AI/ML) to select the best data elements across over 65,000 sources. They are then merged into a single “Golden Record,” the most accurate business record available.

Markaaz’s unique matching algorithms help address the industry-wide challenge of outdated or incorrect business data that causes KYB business verification gaps. Our integrated solutions provide instant business data delivery, making it easy to serve large customer portfolios in real time.

Connect with a Markaaz team member to test our data on your customer lists and see the impact of superior SMB data in your KYB processes.