Sales Cycle Management

Situation: General insurance products were being increasingly commoditized and sold on price for this large insurance client based in India. Their distribution channels were reliant on intermediaries. Other than tied agents, brokers were selling based exclusively on commission structure.

Solution: Convergence Group established a capability to drive lead generation into the broker network and grow insurer loyalty. We provided analytic and list development capability for sales leads from past enquirers and lapsed policyholders tied to renewal date. We also modeled likely conversions and implemented decreased and increased incentive schemes based on product competitiveness by geography. In addition, we provided ongoing reporting as a service to the brokers.

Result: Convergence Group was able to increase channel offering and effectiveness by 14% inclusive of new sales and persistency.