Financial Services
Driving renewals and cross-sell for a leading digital insurance broker
05 Jan 2024
ContextA
leading digital insurance broker wanted to understand improvements in the sales
and distribution process to improve renewal rates and cross-sell to its
customer base
Understanding current sales process and distribution
landscape
- Gathered an understanding of the current key sales metrics cross sell, upsell, renewal rates, etc. and benchmarked with key competitors
Deep-dived into the current renewal process to find pain points and areas of improvement
Analysed the current product portfolio, agent persona fit to identify new products that can be integrated into the current product mix for up-sell and cross-sell opportunities
Gathered insights on customer journey throughout the sales and after-sales process to reduce drop-offs and maximise the customer base
Identifying opportunities and areas of improvement
- Created an analytics framework to identify cross-sell and upsell opportunities for existing customers across different product categories
- Created an exhaustive list of all new product opportunities and used process of elimination to identify products that are a suitable fit for the player and hence diversify their product portfolio to sell to both current and new customers
- Developed solutions for addressing identified pain points within the sales and customer service processes, aiming to enhance customer experience and foster higher retention rates
Roadmap
for implementation
- Prioritised basis management discussions and outlined implementation programs / initiatives to enhance output
- Evaluated distribution models for the new product opportunities identified, designed pilots for the selected distribution model
- Performance measurement, monitoring & controlling of the initiatives for the pilot was put into place
Praxis value delivered
- Identified areas to improve the renewals process specifically for motor insurance. The motor renewal process was outsourced to a contact center partner. Within one month, contact center was able to achieve ~10% motor renewals [PAN India]
- Provided an analytics framework to improve cross-sell and upsell ratios by identifying the right product pitch
- Offered insights on enhancing customer retention by diversifying the product portfolio mix and refining sales processes to optimize the customer journey
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