The Warranty Group (TWG)— a global provider of warranty solutions and underwriting services—has partnered Singapore-based startup Latize to make better business decisions through big data analytics.
It will use Latize's solution to generate insights to be more responsive, deepen relationships with customers, and even sell those insights to other service providers so that they can make data-driven decisions
"We will help TWG aggregate the diverse data from their various clients and markets, so that they can derive better insights and build deeper engagement with their customers. This will also help them to remain competitive in today's increasingly digital world of finance," explained Vikram Mengi, CEO, Latize.
"In the race to uncover new business opportunities or to make existing operations work more efficiently and effectively, many financial institutions turn to one common resource that is often under-utilised: data," said Gary Lim, head of Business Intelligence, The Warranty Group (TWG).
"Collecting and storing data is simple, but Latize helps us to structure and analyse the anonymised data in a seamless and timely manner. Latize's approach to data harmonisation and ability to work across diverse markets has empowered our company to transition from traditional warranty services to a data intelligence-enabled company," he added.
New CEO to meet the needs of financial institutions
According to market research firm IDC, the banking industry spent nearly US$17 billion on big data and analytics in 2016, and it is set to see the fastest spending growth on such services till 2020.
To ride on this projected growth, Latize has appointed Devendra Sharma as the new CEO in North America. Sharma will spearhead the company's push into the U.S. market while keeping the focus on the financial services sector. He was a former Citigroup veteran and chief information officer of Citicorp International.
Besides Singapore, Latize has offices in Sydney and Perth, and representatives in Europe and U.S. It is looking to raise a Series A funding round of approximately US$5-US$7 million to aid their expansion efforts into the US market, and to also target the FSI sector.
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