Creating a New Purchase Journey for a Life Insurer

The ManageMy Platform Gave This Client a New Shop Window

the challenge The Challenge

Our client had a basic digital portal, and wanted to extend its digital capabilities, to include:

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

The Results

Digital fulfilment, upsell at point of sale and cross-sell directly throughout the customer lifecycle.

  • 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 offer great dividends to both their business and their customers.

If Only We Could Sell Direct

The client wanted to maximise 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.

A Digital Customer Journey

Ideally, the insurer 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.

Upselling and cross-selling

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.

"We want to forge better relationships with our customers, and the more direct we can be, the more chance there is of that."

President & CEO

Life Insurer

The Solution

After reviewing all of the options, 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.

How it Works

Technology Supports New Business: Agents use the ManageMy workspace for full control over new customer creation – and the onboarding process is automated at point of sale.

Self-Service Portal: Customers have immediate access to all of their policy and personal information via web and app.

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

Seamless back end integration: The client’s existing administration processes are used to receive customer and policy information, with customer onboarding hooked into our APIs to enable real time data delivery.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

As our client can now sell directly, this increases the number of customers that they can reach, and those they can impress with the sheer ease of use. Customer acquisition costs have dropped, while the number of policies and product sales has risen. That’s more sales, with less hassle, at much lower cost.

Add-on Products

The client can now offer add-on products such as critical illness, accidental death and more, all at the point of sale. Instead of needing to revert to phone calls, or for the customer to turn back to the agent to get additional coverage, this can all be completed digitally.

“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.”

The Results

This client now has a complete digital portal for new and existing business, allowing them to sell, and communicate, directly to their customers for the first time.

Added Benefits

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

Persistency: The client has seen a 14% increase in persistency, showing that customers were becoming more engaged with their brand.

Direct Sales: A 30% increase in point-of-sale cross-sell was tracked, proving the effectiveness of the new digital strategy.

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

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