Banking   Not only does the vast majority of the population hold bank accounts of some form or another, the numerous services that banks now offer mean that the public will often have interactions with more than one departments.   Centralised address management, with the AddressBase products at the core is essential for efficient, joined up departmental working, which in turn will help to improve operational excellence and profitability.

With fraud an ongoing issue in banking, the verfication and validation of addresses is as important as ever. Because the AddressBase products are the most accurate address data available, this process of validation is quicker and more accurate, offering the banking sector more security and the customer a better service.

The best way for this to be achieved is through the use of the web services available through Symphony SinglePoint. This will allow for all addresses to be held centrally and access corporately, ensuring that all departments are referencing the same data and that the job of updating the database only needs to be done at one, single location.

Insurance Companies

Assessing risk is the crux of the insurance industry; the better you can assess risk, the better the service you can offer to the consumer.   Each address within the AddressBase products have their own, specific geographic coordinates, which means you are able to identify its precise location, unlike with many conventional methods whereby properties are only spatially enabled to postcode level.

Because risk assessment by postcode was based on Royal Mail delivery areas, there would be numerous cases of inaccurate assessments such as one house on top a hill, one at the bottom, each given the same flood risk because they had the same postcode.

The AddressBase products removes this entirely as each property can be precisely identified and cross referenced with other statistics.

Examples of risk analysis that will benefit from sub-postcode data includes:

• Flood risk
• Ground instability
• Crime statistics
• Contaminated land
• Social demographics

This ability to precisely locate property locations is further enhanced by detailed property classifications, which will help in reducing the accumulation/concentration of risk. This is also aided by high level of details regarding houses in multiple occupancy.

Symphony SinglePoint, in addition to being used in CRM for the purposes of customer service, sales and marketing, can be configured to allow geographical information systems (GIS) to access the data. Any property can be searched for and then once found, full GIS functionality can be made available.

In both banking and insurance, there is much to be gained by linking information together through the UPRN, which will enable a much clearer view of all customers and all property.