Insurance sales are typically driven by solicitation and require a high degree of persuasion, typically driven by agents, on the field and over calls. The client had created a digital selling experience to enable consumers to purchase policies on their own but they were experiencing a high amount of drop-offs. To counter this, the contact center of the brand followed up on ‘prospects’ persuading them to complete the application process and purchase.
This sales process was marred by various issues:
We proposed a marketing automation solution, to reduce dependency on the contact centre, personalize communication in a non-intrusive manner, enabling consumers to become educated about the products, features and helping them to make the purchase at their own pace.
This resulted in a boost in ROI with 30% of their overall sales attributed to the automation efforts. Along with this, productivity per contact centre personnel improved by 12X.
The brand is a joint venture between a US based fortune 500 company and an Indian conglomerate. It is one of India’s largest insurance companies, headquartered in Mumbai, with a pan India presence spread across 15 cities. The brand has extensively invested in state-of-the-art technology to give customers and distributors a completely hassle-free and personalized service experience.
The brand wanted to use technology to enable the consumers to purchase policies based on their unique needs. By investing in a web-based purchase experience, the brand assumed that a significant amount of their revenues would be driven digitally.
However, a few factors were proving to be the bottlenecks.
Any approach should solve for reduce the amount of human intervention needed as well as personalize communication, taking into account the consumer’s context.
Our team worked with the client through the following steps:
We weighed in multiple automation platform choices. Realizing that the implementation would need heavy customization, we decided to use Mautic, an open source automation platform, which is both tremendously powerful and practically free to use.
Based on these segments (both purchase stage and demographics), workflows were built for sending emails at each stage based on their interactions on the website, the previous communication received and their demographic data. An illustration for a particular segment is shown here.
Care was taken to tag each email click link with UTM parameters to capture the click-throughs on Google Analytics. The client’s sales team helped with inputs on logical delays between workflow elements, decision points etc.
A point mechanism was implemented to help with lead-scoring, helping the sales force to prioritize and make calls selectively rather than to every prospect in the pipeline.
Systems were put in place to optimize for open and click rates for each segment and to determine the ideal number of interventions required to push a large number of consumers from Stage I to Stage V, i.e., the checkout stage.
The entire automation process helped in improving the following:
Other benefits brought about by this implementation of automation included: