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Big Insurance Company* serves clients of all sizes with traditional and speciality insurance products. Their Singapore division was looking to increase personal insurance sales to credit card holder leads supplied by a large bank, using their current outbound call centre agents, and existing technology.
The challenges Big Insurance Company* were facing include:
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Life and Takaful Insurance is one of the leading insurance company in Malaysia.
Traditionally the orphan leads were collected and sent to the agents to call and sell to via email.
Value-Ad’s Orphans Campaign solution helps organisation to route leads to the correct sales people, monitor and manage their behaviour to increase the conversion rate.
PPS’ Member Relations Division (MRD) is responsible for managing and growing their relationships with members through their agents who sell their products. MRD was set up specifically to cultivate relationships with PPS Members who don’t have their own brokers, the so-called “orphans”. These orphans are passed through to agents in the form of leads which they need to follow up on. PPS’ success is therefore predicated on the quality of the leads and the agents’ ability to translate them into profitable members.
Value-Ad’s Leads Management solution helps organisations to route leads to the correct sales people, monitor and manage their behaviour and test marketing activities for effectiveness in converting quality leads. It is designed to improve the quality of the leads, shorten the sales cycles and increase the conversion rate of leads into sales.
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One of the resources offered to the planners in the call centre is that they are provided with a constant supply of leads. With approximately 40 accredited Financial Planners in the call centre at any given time, Momentum Call Centre faced the challenge of distributing the leads.
In an interview, Cobus Myburgh, Head of Acquisition for Momentum Call Centre said the following: “I was brought on board to make sure that there was a constant stream of leads flowing into the call centre. It’s up to me to generate these leads, but we were sitting with a problem in that we had no easy method of distributing these leads to the Planners once we got the leads.”
Historically leads were sent via email to Leads Administrators, who would capture the leads onto an Excel spread sheet then email the spread sheets to the individual Planners. The Planners would then type their feedback onto the spread sheet and then email it back to the Lead Administrator. It was then up to the administrator to consolidate the different spread sheets and try to create some form of reporting using Excel.
Traditionally the bank provided leads classified into different segments, and these were evenly distributed the Telesales Representatives (TSRs).
Some of the difficulties experienced were:
Initial testing of Smart Lead Allocation for Aviva was conducted to determine how best to optimise their sales results. Run on a risk-and-reward basis and using existing Aviva resources, Aviva was not liable for any upfront set-up or implementation costs to Value-Ad. No sensitive client details were revealed, no training was required, and results were quickly evident.
After taking the pilot’s findings into account, Value-Ad was able to reconfigure the Smart Allocation method and implement the system accordingly. Download the pdf to read about how Value-Ad helped find the solution.
Loan Market was successfully generating leads through marketing, real estate and other sources, however the process of collecting the leads, managing the distribution and receiving and managing feedback on leads was manual and time consuming.
Administration staff attempted to track and monitor leads by using spreadsheets, however this was very onerous with a high likelihood of errors. This method meant that the business could not scale, meaning that they were unable to increase the number of leads flowing into the business. The manual process also restricted any drive for better sales results.
Loan Market was attracted to Value-Ad because of their track record in the financial services industries. Over the last 8 years, Value-Ad has assisted many of the top banks and insurances companies in South Africa with lead allocation and management. They have also worked with telecommunications and other industries in Australia.
*Big Bank is one of the Top 5 Retail Banks in South Africa. In order to meet and exceed targets, Big Bank’s Bancassurance division needs to drive revenue using the current staff and technology of their outbound call centre. In these particular circumstances, Value-Ad’s automated lead distribution, feedback and reporting processes are not required, however, Big Bank has applied Value-Ad’s SMART Lead Allocation services to achieve these goals.
Outbound call centre deals are concluded when call centre agents successfully sell a specific product to a sales lead that they have been provided with. Increasing the percentage of deals sold by the same salespeople, using the same resources to sell, can make an enormous difference to profitability, as well as the retention of sales people.
This specific outbound call centre is responsible for cross-selling Funeral Plans, Accidental Death and Injury Policies, Disability Insurance and Critical Illness Insurance products to existing bank customers. The Big Bank has applied Propensity to Purchase modelling to their client data base to compile a list of sales leads to target for these campaigns. Download the pdf to read about how Value-Ad helped find the solution.
Standard Bank Financial Consultancy (SBFC), a division of Standard Bank Insurance and Wealth, offers professional financial planning advice and top end wealth management products to the Bank’s Clients. SBFC’s sales model is based largely on the identification of potential clients from the bank’s customer base using propensity modelling, cross-sell and up-sell campaigns, as well as referrals from the bank branch network.
Prior to 2010, when Value-Ad rolled out its leads management solution to all SBFC’s Consultants, SBFC faced the following challenges:
Many customers engage with Telstra’s Small Business Sales & Service (SBS&S) division through contact centres. The opportunity was identified to up sell and cross sell products to these customers. However, it was recognised that an inbound contact centre agent is not primarily skilled at selling. Also, a customer may not wish to spend too long on the phone once their initial query has been resolved and would probably prefer to be called back at a more convenient time.
Executive Director of SBS&S, Charles Agee, initiated a plan called Project Silver which allowed for leads to be referred from the inbound contact centre agent to a skilled outbound sales person who could best fulfil the customer’s needs.
Telstra Business has three different sales channels and they wanted to ensure that the opportunity is always referred to the most appropriate channel. Where there is a Telstra Business Centre situated near the customer, they should be the prime contact point for the customer. In other cases, the most suitable channel could either be an external industry partner or an internal telesales area. Hence the challenge presented itself; how was Telstra not only going to route these leads correctly but also track and manage the outcomes? If certain channels or sales people within the channel were not performing, how could the process be adjusted to ensure best results?