Net Worth, Total Asset and Liquidity Scores Provide Deeper Understanding of Consumers and Household Affluence for More Precise Marketing Strategy
Bethesda, MD and Chicago; October 15, 2012 - WealthEngine, Inc.™, a leading provider of sophisticated prospect research and wealth intelligence, and TransUnion, a global leader in information and risk management, today announced a strategic partnership to provide new, highly predictive wealth scores for the financial services and insurance markets.
WealthEngine Scores for Net Worth, Total Assets and Liquidity offer some of the most advanced understanding of an individual’s wealth, separate from credit and account information. Wealth scores play an important role in marketing strategy and planning campaign activities related to customer acquisition, expansion and retention, especially when identifying high-opportunity consumer relationships. Wealth scores are not used for determining credit or underwriting decisions.
“We believe this strategic partnership is beneficial to TransUnion’s customers because WealthEngine scores offer the added dimension of insight into an individual’s wealth, giving financial institutions and insurers the ability to better align product offers,“ said Jason Laky, vice president in TransUnion’s financial services business unit.
WealthEngine Scores are based on consumer characteristics related to overall affluence, lifestyle, demographics and business ownership. The data is gathered from WealthEngine’s non-credit data sources, none of which is derived from TransUnion consumer reporting databases. Using sophisticated parsing routines, distinct matching systems and analysis of complex data relationships, WealthEngine helps financial services and insurance firms pinpoint the best customers and prospects for each of their marketing activities, at all wealth levels. TransUnion clients can use this insight to rank order those customers and prospects that are most likely to offer a profitable business relationship based upon their wealth, assets, lifestyle, interests, psychographics, business, family, and other important personal attributes.
“Targeting the right people for the right purpose is what makes a marketing campaign efficient and effective, and that’s the primary function of the WealthEngine Scores,” said Tony Glowacki, President & CEO of WealthEngine. “TransUnion clients will have a strategic advantage when using WealthEngine Scores for their marketing activities. Until now, predictive models used high-level data to define market segments, which can be misleading. WealthEngine incorporates granular data to offer a higher level of accuracy when assessing an individual’s wealth. WealthEngine Scores can be applied to strengthen customer relationships, improve overall return on investment (ROI) from campaigns, and more directly target customers with the right service offerings.”
Since 1991, WealthEngine has analyzed wealth data building extensive knowledge in how to predict wealth and affluence. The development of the Net Worth, Total Assets and Liquidity Scores is based on WealthEngine’s deep understanding of wealth at all levels—from the mass affluent to ultra high-net-worth. Through this strategic partnership with TransUnion, financial services firms such as private wealth managers, asset managers and financial planners, as well as insurance brokers and agents, can use this insight to segment and prioritize their marketing and business development efforts based on their highest value prospects, and execute targeted, cost effective marketing campaigns and sales offers. The result is a more accurate understanding of consumer wealth within the financial and insurance markets and the key predictors that influence purchasing decisions.
About WealthEngine, Inc.TM
WealthEngine is a leading provider of sophisticated wealth identification and prospect research and analytics to firms within financial services, insurance, luxury, healthcare, education and nonprofit organizations. More than 3,700 clients use WealthEngine’s products for comprehensive research and analytics on individuals, companies and foundations. Headquartered in Bethesda, MD, WealthEngine offers products in both the United States and the United Kingdom. For more information, visit www.wealthengine.com.
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in more than 32 countries around the world on five continents. www.transunion.com/business
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