One of the world’s leading general insurance companies recently signed an agreement with the largest Bulgarian telecommunications provider. This agreement granted the insurance company access to the telecommunication company’s extensive client data base. Gaining access to this pool of prospective customers encouraged the insurance provider to focus on driving sales for its diversified product offerings among this new group. At the same time, the telecommunications provider was looking to improve customer retention and loyalty from its current customers, all while adhering to the terms of the new contract. We teamed up with the two companies to help them architect a solution that would help them both reach their goals.
Our team began by working with the telecommunications provider to create three unique channels. The first was an outbound sales channel for general insurance products, including property, casualty, and health insurance. Through this channel, our associates reached out to the prospective new insurance customers. When a new sale was closed, the sales associates were trained to gather the appropriate customer data and input it into the insurance company’s information system. Simultaneously, the associates were responsible for copying any new customer information over to the telecommunication provider’s information system, ensuring that the telecommunication provider also had the most up-to-date information. The new customers were then billed for their new insurance services via their existing, monthly telecommunications bills.
The second and third channels were inbound channels, staffed by our specially trained associates. The second channel acted as a customer service line. Each of our inbound associates was trained to answer any and all questions related to the different insurance products. They were also trained to handle complaints, change insurance types, and handle new insurance requests. In addition, like the inbound associates, they were responsible for updating client information within both clients’ information systems. Through the third channel, the claims management channel, our associates documented each customer claim and recorded all accident descriptions. Our associates also had the ability to send Notification of Claims templates and claim terms through the customers’ channel of choice, including SMS, email, standard mail, or fax.
The results? The insurance company was able to sign 6,000 new insurance contracts each month, resulting in a 25 percent overall increase in sales. The telecommunications company benefited from higher customer data accuracy, which resulted from the updated customer information that was collected by the associates. In addition, the telecommunication provider’s customers appreciated being able to purchase diversified insurance solutions through their provider, which increased customer loyalty and retention.