Improving traditional channel sales
A large multinational insurance provider wanted to improve the insurance sales through its traditional channel of agents and brokers in the face of competition from online sales.
Situation: Losing traditional channel sales due to competition from online channel
The client sold corporate, auto, and home insurance through a network of insurance agents and brokers. A recent survey conducted by the client revealed that there was a steady decline in the number of customers buying a policy through this traditional channel as compared to the online channel. As a result, its sales team and structure were losing efficiency and attracting fewer new clients. The client wanted a solution which helped in creating the right sales and marketing strategies for its field sales team and bring in new clients.
Adopting an analytics powered approach to sales forecasting is crucial to improve margins in today’s complex business scenario, contact us for detailed insights.
Financial analysis, customer profitability analytics, loan to value modeling and sales optimization
We used pricing analytics and modeling applications to create segments of customers, map the right products to right customers in order to provide tailored offers, and create flexible best-fit pricing models which could appeal to vast majority of the customers. We also used loan to value modeling to evaluate the potential customers, and identify the most profitable ones to target.
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53% improvement in revenue from traditional channel
The client was able to identify the customer segments most likely to respond to its sales and marketing pitches and least likely to default. Based on this information, the client created tailored solutions for each segment and trained its sales team the best offers for each segment. As a result, the revenue from traditional channels improved by 53% over the next 6 months.