Email: sales@simple.works
Union Assurance, the Southeast Asian Life Insurance giant offers a wide range of tailor-made life insurance products and services that are of international standards. More than 4,500 Life Advisors and Bancassurance Agents are involved in daily transactions in onboarding customer from the Sri Lankan market.
One of the key objectives of Union Assurance was to implement a comprehensive sales management solution to track the day-to-day sales activities of the advisors and bancassurance agents in terms of lead to policy conversion and for benchmarking their performance against the set targets.
Client:Union Assurance
Industry:Life insurance
With an objective of improving the standard of the sales team and to empower them with a uniformed sales strategy, Union Assurance’s decided to investigate and identify the challenges in the sales process and how best this could be addressed with the use of a Comprehensive sales management solution. There were a number of gaps identified during the process such as
Lack of clarity on number of leads generated through various different sources.
No transparency in the lead to cash conversion funnel
No reminders & proper follow ups, causing loss of leads through cracks.
No clarity to the Team Leads or Senior Members on the pipeline and the performance of sales advisors
Dependency on individual feedback on potential prospects, leads and sales status.
Discrepancy in lead to Policy conversion figures
It proved to be increasingly challenging to tackle these for Union Assurance hence was on the lookout for a solution that could help the organization to comprehensively manage and get the sales cycle aligned per business needs.
Understanding the challenges of the customer, SimpleCRM approached Union Assurance with a future proof plan to successfully implement its highly flexible & Scalable lead Management solution in order to address the concerns.
SimpleCRM’s Multi-Channel Lead Management solution was deployed which eventually helped UA manage their entire lead lifecycle starting from initial engagement of a prospect to nurturing with proper follow ups, lead scoring, quotation tracking and ultimate sales conversion and handoff for policy generation.
Union Assurance along with Simpleworks brought in a new dimension for the lead & activity tracking dashboard with interactive traffic lights to keep a check on Sales KPI’s
Moreover, the street on the feet agents were also geared with an intuitive mobile and tab-based app, allowing easy identification of prospects and their activities such as meetings, SMS, emails, tasks, to-do reminders and so on.
The mobile app extends to generate quotations based on the data captured, and ultimately powers the data for underwriting.
In addition to the above Simpleworks also custom-built an Insurance Advisors Portal & MI System to track advisor details, on-boarding & appraisal processes, remuneration and other important activities that impact life advisors and bancassurance agents.
The built-in MI module in the Advisor portal is integrated with the core insurance systems to capture data reports on policy listing, inquiries, lapsed premiums and collectables summary and other BI dashboards based on GWP, KVD, Persistency, Grading, Product Mix Analysis, etc.
Other options such as Geo-location tracker helps salesperson to detect nearby customers and leads to arrange sales meetings effectively.
Year and half later Union Assurance realized the importance of aligning the service management operations and adopted SimpleCRM’s service management capabilities where the call-Centre agents were powered with an intuitive Customer 360 Degree view to help them serve the customers better. Customer service agents were able to get a bird’s eye view of the customer details and their interactions with in a single pane reducing the overall call-waiting time.
Complexed Workflows were also configured for SLAs and ticket routing and task assignments based on parameters like domain, geography etc. ensured that right customer was serviced by the right agent.
The service management module was later extended to support internal IT operations, where by all employees used SimpleCRM to record internal IT issues and track them to closure. The complaint management feature of SimpleCRM proved efficient enough to track complaint of the Sales cadre such as Commission and Incentive related issues, bonuses, pay outs and so on giving UA a truly omni channel experience.
