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Creating a New Purchase Journey for a Life Carrier

The ManageMy Platform gave this client a new buying experience.
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The Challenge

  • Simplified onboarding
  • Post-sale self-service
  • Upselling and cross-selling

Our Clients Used

XPCustomer

The Results

  • Reduced CAC by almost a quarter
  • 30% increase in add-on uptake
  • Increased persistency by 14%

The Challenge

Not all digital portals are created equal! Our client had a very limited customer portal and knew it wasn’t enough. All the existing capabilities could achieve was to allow customers to view their policy details. The carrier knew that better digital capabilities could deliver great dividends to both their business and their customers.

How it Works

Direct Sales Gap

The client wanted to maximize the interaction between customer, agent and technology to enable digital fulfilment opportunities and increase revenue at point of sale. To enhance the customer experience, the client needed to offer richer digital journeys.

Incomplete Digital Experience

Ideally, the carrier wanted customers to access a digital onboarding journey with an agent, where they could finalize their life insurance policy. This onboarding journey could also be used as an upsell opportunity. At the moment, their upsell program relied solely on agent discretion or costly inbound phone calls.

Missed Revenue Opportunities

Getting our client’s customers into the platform was key – this same digital journey would be used to support existing customers with cross-selling and upselling opportunities. This would help them to increase the share of the wallet, and provide better value to their customers, too.

Before ManageMy, we had a digital presence, but it was really limited. Now, we’ve got something we can be proud of, a digital experience that allows us to sell directly, and provides the customer with relevant products that meet their needs.”
President & CEO, Life Carrier

The Solution

After analyzing the client's business needs and goals, ManageMy suggested a straightforward route to expanding the digital offering. Within 8 weeks, the client had full digital fulfilment, and could sell policies to new customers, adding upselling and cross-selling at the point of sale.

Explore The Platform
Mobile app with options

How it Works

Asset 17

Technology Supports New Business

Agents use the ManageMy Platform for full control over new customer creation – and the onboarding process is automated at point of sale.

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Self-Service Portal


Customers have immediate access to all of their policy and personal information via web portal and mobile app.

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Insurance Marketplace

The carrier can upsell and cross-sell directly to the customer, with smooth transitions to help the customer complete their purchase.

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Seamless Back End Integration

The client’s existing administrative processes are used to receive customer and policy information, with customer onboarding hooked into our APIs to enable real time data delivery.

Additional Information

Fast and Easy Onboarding

Historically, customers and agents faced a long, paper heavy experience. With ManageMy, the whole process is simplified, and customers can get covered quickly and digitally.

Customer Acquisition

Direct sales capabilities increase the number of customers our client can reach and impress through sheer ease of platform use. Customer acquisition costs have dropped, while the number of policies and product sales increases. That’s more sales, with less hassle, at lower cost.

Add-On Products

The client can now offer add-on products, all at the point of sale, such as critical illness, accidental death, and more. Add-on product can now be offered digitally, instead of solely relying on agents and customers themselves.

The Results

Our client now has a complete digital portal for new and existing business, enabling direct sales and communication to customers for the first time.

Stats

  • %

    Reduction in Customer Acquisition Cost

  • %

    Increase in Persistency

  • %

    Increase in Add-on Uptake

Added Benefits

Asset 19

Reduced CAC

By utilizing the digital platform, the costs of acquisition went down by 24%, allowing our client to divert these savings elsewhere.

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Persistency

Client has seen a 14% increase in persistency, while simultaneously increasing customer-client engagement.

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Direct Sales

Our client's new digital strategy lead to a 30% increase in point-of-sale cross-selling.

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A Supportive Partner

With ManageMy to consult on future growth, the client has a knowledgeable source of digital insight and experience.