Experian, best known for its role as a personal credit reference agency, has launched a direct marketing tool into the UK market on the basis of strong past performance in the US.
Prime Performance Modelling (PPM) relies in the first instance on existing databases held by financial services firms, including IFA businesses.
It is pitched as a middle ground between basic off-the-shelf profiling software and fully bespoke solutions used for mining data on customes.
Patrice Bendon, senior product manager Experian Market Services, says PPM’s approach as a tool is something that could benefit IFAs, or those who spend a lot of time in the field and rely on access to common databases.
Relying on well-known and proven clustering and regression analysis, and other techniques, PPM enables customer profiling, which can be used to target business more efficiently.
For example, when a new product is launched on the market, PPM may be used to better understand which clients on the books the product may best suit, enabling more focused targeting of advice.
Experian also offers the ability to go beyond an advisers’ own database by offering access to databases of its own, potentially enabling IFA business to focus the search for new customers having already used PPM to identify the customer profiles they are looking for.
Pricing of PPM for users depends on the sophistication of modelling required, starting from £1,000 per 10,000 names, up to £5,200, Bendon says.
Experian has about 400 clients using PPM in the US, where it launched in 2000, she adds.IFAonline
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