Financial Services
Driving renewals and cross-sell for a leading digital insurance broker
05 Jan 2024
A 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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