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Improved renewal retention for motor policies for eight leading general insurance companies with process improvements and use of technology

Customer Profile

Engagement Since: 2011
Line of Business: Dealer support, technology support, email, Inbound – claim intimation, Outbound renewal calling, renewal notice generation & dispatch and backend support
No of Agents: 44
Technology Used: TCS software, .NET, Oracle
Delivery Location: Hyderabad

Business Challenges
  • Auto Insurance policies are issued annually.
  • With the increasing market competition, it is difficult to retain the existing customers.

Solution

Initially, renewal calling was done for t-30, t-15 & t-7. Once the process improvement started, renewal calling was done for t-30, t-15, t-7, last mile calling t-2 & lost customer calling t+1

Triggered reminder SMS at t-30 & t-7. Regular interaction with customers – triggering SMS on catastrophic events like floods. Enables customized messages with specific instructions to only those areas affected by such events.

Introduced cheque pick up & online payment options

Benefits

Over 45000 additional policies got issued due to this project

Generated an additional revenue of around Rs. 2.7 crore for the client & improved sales

Value add, revenue growth - year on year