Information and insights provider TransUnion is working with Rebel Energy as the innovative energy market entrant prepares to transform the industry. Using in-depth data and a nuanced approach to risk management, its aim is to help support customers who might usually be denied access to the lowest energy prices because of their credit status.
To do this, Rebel Energy has selected TransUnion’s next-generation trended data platform, TrueVision, to provide a more accurate and dynamic picture of an individual’s credit history, and is the first utility company in the UK to take this approach.
With up to 72 months of credit account history, TrueVision can help enable Rebel Energy to make more informed decisions, as well as providing greater understanding about each individual’s financial circumstances. This can create opportunities for tailored plans and enhance customer relationships.
Dominic Goslett, director of utilities at TransUnion in the UK said: “We’re really pleased to be supporting Rebel Energy in its mission to set itself apart within the energy sector. It’s really important as the industry continues to deal with the impact of COVID-19 that energy providers know and understand their customer’s financial position so they can engage with them in a meaningful way. TrueVision will help Rebel Energy to do that. This is a first for the UK energy sector and demonstrates the forward-thinking approach that is at the core of Rebel Energy’s philosophy.”
TransUnion’s Financial Hardship Study has been tracking the impact of the pandemic since March and has consistently shown that utilities is one of the areas of greatest concern for those who are struggling with their bills. The latest figures show over a third (34%) of those impacted are worried they won’t be able to pay.
Dan Bates, founder and CEO of Rebel Energy commented: “Rebel Energy is on a mission to make a positive and lasting impact on our world and in our society – it’s about making a genuine difference. Harnessing the insights available from TransUnion, we will use a unique approach to moving customers away from prepay onto new, smarter meters that enable them to get the best prices for their gas and electricity. This will enable our customers to access better tariffs and also to build their credit history, helping them to move out of fuel poverty and transforming lives.”
TrueVision can be used by businesses in a number of ways, whether setting out new policies or refining existing strategies. Its extensive portfolio of attributes and proprietary algorithms can produce a more holistic view into consumer behaviour, helping the organisation to identify and understand the customer’s financial situation. Customer relationships can be strengthened by delivering appropriate communications and offers to the right customers at the right time, improving the customer experience.
In addition to TrueVision, Rebel Energy will also be using TransUnion’s industry-leading audience segmentation tool, CAMEO UK, for additional insight into its customers. CAMEO UK uses the latest modelling techniques to build intelligence, so businesses can make better decisions.