Data Science in Real Time
NetQuote implemented an Operational Data Vault behind their web-sales app, tripled their business profitability in 18 months (Circa 2006)
- Customer Conversion time dropped from 15 minutes to 5 minutes
- Business Sold in 2 years
NetQuote was an on-line insurance broker, matching insurance policies with prospective buyers. Their challenge was: provide the right incentive at the right time to decrease customer churn, decrease “decision time”, and increase profitability.
NetQuote was a new startup when we began this process. They had no legacy systems to speak of. We spoke to the CIO at the time about what had just been done for Cendant Timeshare Resource group, and the successes they had with an Operational Data Vault.
We then proceeded to build an Operational Data Vault Data Warehouse, and powered the web-front-end with a Data Vault back-end. We built a live data mining recommendation engine on top of the real-time Data Vault (operational Data Vault). The mining engine would decide on which ads were most effective and when to share them with the reader as they moved through the pages on the web site.
The end results speak for themselves. Hugely successful, dramatically increased profitability and ultimately allowed them to sell their company.