Insurance is a whopping USD 41 billion industry in India. Over the past few decades, Insurance has become more of a commodity with selling processes growing more aggressive than ever. According to IRDA (Insurance Regulatory Development Authority), new businesses done by insurance companies in India have grown up to 22% in the last fiscal. However, organizations where insurance is not the core business, such as in the automobile or healthcare industry, are facing an impending loss of market share due to inability to provide focused service. To answer this, insurance companies usually outsource the sales processes to get a more targeted service from a company having core competency in Insurance selling domain. The number of such insurance seller and reseller companies has also increased manifold in recent few years.
To survive and grow in cut-throat competition scenarios, these insurance selling companies deploy various process automations and latest technology solutions. The motive is to increase revenue while lowering process costs and attract more customers to the insurance company. Custom business models mapping to the insurance sales processes find application here. Drishti's strong expertise in communication applications and process automations brings it on the front-end as a solution provider for insurance sales processes. Smart solutions like Drishti's Ameyo Ensure provide advanced capabilities that can be leveraged by any insurance selling enterprise to gain a significant edge over their market counterparts.
In a typical insurance sales process, interactions take place between three entities - customer, call center agent and field sales representatives at various phases. The call center agent dials from a customer lists and establishes contact with the prospective insurance buyers. Customer is briefed on the various insurance products available. The customer expresses his desire to buy or not to buy insurance and his response is recorded by the agent. Internal verification of the insurance sale based on customer-agent interaction might also be done as per business policies. Relevant information of the customer is then assigned to a field sales representative, who takes down the necessary information and completes the documentation from the customer’s end. He then sends the application to insurance company for processing sale of insurance policy.
Here the communications and information flow takes places over multiple channels and involves modifications at every stage. Ameyo Ensure is an all-in-one solution that automates the entire insurance sales process. It provides for effective management and complete automation in an intelligent manner. Predictive dialing module of Ameyo Ensure can be used as the ultimate telecalling application for dialing to a segregated customer list without wasting agent time. The blended dialing feature of Ameyo Ensure enables use of same telesales agents for handling incoming customer queries on the various insurance products as well.
Tight integration with database and CRM applications enable creation of individual customer profile. Customer information collected is fed into a database and updated at each level of internal insurance processing. The dashboard of Ameyo Ensure can be customized for the agents, supervisor, verifier and quality analyst and various information access and modification rights can be assigned to them as per their defined roles in the process.
Even the field sales force can be effectively managed using Ameyo Ensure. The system can automatically route or distribute leads to the insurance agent on field based on a set of configurable assignment rules such geography, health information, product interest, revenue potential, and others. Integration of multiple communication channels such as SMS, Fax, Email and Web with Voice can add to promptness of the process. For instance, the qualified customer leads can be notified instantly to the field sales executive via SMS for a prompt action. Similarly, a customer can fax the necessary documents for an instant insurance buying. The entire process can also be configured with web enquiries from the insurance company website.
For effective monitoring of the sales process, Ameyo Ensure provides for advanced reporting and quality monitoring solutions. Real-time campaign statistics can be configured to a business specific wallboard to show the current status and pipeline of the sales process to the management. Web access of Ameyo Ensure facilitates a multi-site insurance selling environment with a centrally managed database residing with the parent insurance company. Advanced features like SMS and Email broadcast can be utilized to execute highly targeted, personalized SMS/ e-mail campaigns in a variety of formats for mass reach to prospective customers.
The comprehensive capabilities of cutting-edge technology platforms like Ameyo Ensure not just provide end-to-end automation to insurance selling industry but also a range of advanced features that can be leveraged intelligently to stand tall in competition. The insurance sales agencies can focus more on sales and design innovative campaigns to not just attract but retain customers. As the insurance industry expands further with increasing role of insurance selling enterprises, industry-grade solutions like Ameyo Ensure would find further advantage.
Drishti-Soft Solutions Pvt. Ltd. (drishti-soft.com) is a leading innovator of communications technologies for next-generation Enterprises, empowering them to dynamically manage their Business Processes. Their customers enjoy significant benefits in terms of increase in efficiency levels, reduction in operational costs, flexibility to grow, consistent user experience and a demonstrable ROI. Drishti's multi-award winning innovative solutions are powering millions of customer interactions across the globe.