Partnered With a Leading General Insurance Company in India to Increase the Conversion Rates From 4% to a Whopping 8 % for Its Motor Insurance Segment
EXECUTIVE SUMMARY
- Our client is a leading General Insurance Company in India that caters to various individual & business insurance needs. They offer products such as Motor insurance, Health Insurance, Home Insurance, Travel Insurance, etc.
Business Challenges
The client has always been a frontrunner in deploying latest technology processes to meet its business requirements.
- Overall, increase Conversion Rates from (4 to 8 %)
- Client unable to call all their customers within 5 minutes and the first touch percentage hovered around 30%
- Not able to focus on cream data (working hour data) as working & non-working hour data came at the same time
Solution Components
Processes Covered:
- Lead Generation, Gather mandatory vehicle & customer Information, Lead sent for verification
- Payment link will be sent to customer,
- Once payment done on link, Instantly Policy would be delivered via mail.
- Introduced separate campaign for working and non-working hour data.
- Aligned agents to working hour data to improve conversions and first touch
- Introduced rotational shifts to cover the data for Sunday’s to further improve conversions
- Agent wise data allocation based on potential and tenure of the caller
- Analysis on overall data to reduce opportunity lost cases
- Provide multilingual support in English, Hindi, and Marathi
- Technology Used: Genesys, OCRM, E Connect
Benefits
- Able to contact around 93% customers within first 5 minutes.
- Improvement in overall conversions or net pull rates (8%)
- Increase in contact % by churning the data
- Agent-wise productivity improved