With around 100 million customers across the world, the US-based insurance company, founded in the mid-1800s, is one of the world’s largest financial services companies, providing insurance, annuities, employee benefits and asset management to individual and institutional customers.
The company’s strategy team was already sending weekly intelligence newsletters to the senior management with information about competitors and other industry updates. But the recipients wanted to get these useful newsletters on a daily basis, not weekly.
The objective was to increase the frequency from weekly to daily intelligence newsletter reports, with the same high-quality content and insights in these newsletters. But it wasn’t possible because the existing process was painstakingly time-consuming:
It wasn’t possible unless the time-consuming parts of the process are automated. The team was looking for a solution that can not only automate the searching for information but also help in the extraction of insights, and also automate the process of creating the intelligence newsletter with minimal manual efforts.
With the help of Contify, the team implemented a custom market intelligence solution, which not only automated several time-consuming manual parts of the process but also added insights with the help of Contify’s in-house domain experts.
Contify leverages summarization algorithms for extracting insights, but current algorithms fall short at understanding the context of information and fail to extract accurate insights. Contify technology was able and extracts important facts and quotes from the updates, but with some errors and omissions. To address this limitation, Contify supported the process with the help of domain analysts, who reviewed and edited the insights. This is where Contify’s hybrid system, with intuitive workflows, truly excels. Example of insights:
The strategy team increased the frequency of sending intelligence newsletters from weekly to daily intelligence newsletters. This resulted in an 85% reduction in time delay between when the information was available and when it was reported to the top management.
The intelligence reports created using Contify’s market and competitive intelligence solution resulted in 70% time saving for the company. The daily targeted intelligence newsletters gave more time for executives to consume the information and proactively take necessary actions.
Faster delivery of strategic updates
Faster decision making enabled
Time-saved in manual research