AnalyticsIQ, a database company known for its predictive data and analytics, announced Monday the launch of its business-to-consumer solution that combines data from its business database and customer database.
The company has information on about 250 million people, 24 million businesses, and 102.7 million contacts in its business database.
Of those 100 million contacts, AnalyticsIQ now links 60% to its consumer database forming the basis for its Connection+ product, which officially launched today.
Curtis Marshall, senior vice president of Business Data Partnerships, says the link allows B2C data connections, making it possible to identify micro- and small businesses, as well as the people and the preferences behind them in their professional and non-working lives.
“The link has been available and now we have built it into a new product,” Marshall says. Financial and insurance customers are the two main market segments working with AnalyticsIQ that now use Connection+ with the ability to link business to consumer data.
The technology behind AnalyticsIQ’s two databases -- PeopleCore, and BusinessCore -- makes it possible. The combination gives brands access to predictive, contextual profiles of both businesses and their decision makers in real-time.
The data first matches to AnalyticsIQ business database and then the consumer database, with a focus on the insurance industry, explains Director of Strategic Partnerships Brandon Smith.
“Small commercial insurance, carriers underwriting mainstream America policies have begun to use the platform,” he says.
AnalyticsIQ has two ways to compile data from about 120 sources, public and private.
All behavioral data is built through a survey process. The company uses what Smith describes as “cognitive psychologists” that help its analysts build survey proprietary panels, composed of about 4 million consumers.
In-house, the data gets stripped of all personally identifiable information before it is used.
The Insuretech platform saw a 40% lift in predictive model power when using the data and Connection+ linkage over a traditional workers comp model. The small commercial insurer saw an 80% match rate to small businesses.
A company in the identity space saw between a 7% and 8% increase in identity links when incorporating Connection+.
When asked whether the platform could be used in other industries, the two said it can be used in any opportunity where marketers are looking to identify a company or a person.
On average, Connection+ can identify more than 80% of small businesses by applying a superior matching methodology using a wider range of possible identifying factors. Clients can leverage any of AnalyticsIQ’s 1,300 unique business, professional and consumer attributes for additional insights and better modeling.
With API capabilities, B2B users can instantly identify customers and prospects to offer them personalized products, services and experiences.