ARRESTING POLICY PURCHASE DROP-OFF WITH ASSISTED APPROACH FOR ROYAL SUNDARAM
Influence policy purchase process and drive online policy purchase
Business Analyst, Functional Consultant, UI Developer, Software Developer, Content Management Executive, Quality Analysts, Contact Centre Agents
User Experience Process, Form Tracking Process, System-Human Handoff Process, Tracking Policy Setup
Liferay Portal, MS Dynamics CRM, Java, Oracle
Google Analytics, Google Tag Manager
Royal Sundaram Alliance Insurance Company Limited (RSA), the first private sector general insurance company in India to be licensed since 2001, has been providing innovative general insurance solutions to individuals, families and businesses. RSA offers Motor, Health, Personal Accident, Home and Travel Insurance to individuals and has wide specialized insurance offerings in Fire, Marine, Engineering, Liability and Business Interruption risks for commercial customers.
Royal Sundaram Alliance (RSA) wanted to use Digital Transformation as a means to beat cut-throat competition and onboarded Xerago as their transaction portal management partner.
However, after making the digital insurance products available online, Royal Sundaram was facing drop-off challenge where many customers dropped off at various stages in the policy purchase journey.
Having been aware of Xerago's Yield Management capability, Royal Sundaram wanted Xerago to arrest drop-off.
Earlier, Xerago had broken down the long winding policy purchase form to a staggered form in order to improve user experience and reduce cognitive load.
While this had some effect on arresting the drop-off, it was still not ideal. Hence, Xerago decided to build a solution at the application level. Having built the digital policies from the scratch, Xerago had deep visibility on the policy purchase journey and fields captured throughout.
Using this rich information, Xerago built a solution to arrest drop-off at two levels. At the first level, once the user enters their contact details, Xerago automatically register a profile for them with system generated user id and password. These details were stored in the back end.
At level 2, ll other fields in the policy purchase process were grouped in to smaller sub-sections. Whenever the users complete one section the entered details were automatically updated in the back end.
Whenever the users exit the policy purchase process in the mid-way, contact centre agents get alerted and were provided the below information.
- Auto created link with pre-populated fields based on user provided information
- User contact details
The contact centre agents then make calls to the users, find out reasons for drop-off and help the potential customers in completing policy purchase.
For users that insisted on self-completion, the short URL for the application form was sent through an SMS and Email.
The above solution genuinely helped policy applicants that were hit by technical bugs, power shut down, internet disconnection as well as those that changed their mind to hold this for a variety of reasons.
The contact centre agents were able to pinpoint on the reasons for drop-off and provided sufficient reasons to believe and social proof communication to convince applicants to complete the policy purchase.
The above solution helped RSA recover 39% of dropped-off applicants. Without the solution, all those applicants would have been lost.