Date Added: Jul 2009
A US-based Fortune 100 insurance company that was also operating out of India in a joint venture had two requirements to meet to improve customer service. The first was to consolidate their customer base of over three million serviced by insurance agents and channel sales personnel. The second was to track and record performance of their marketing investments while keeping a track of potential opportunities that could have been lost due to inability to identify and service the orphaned customers. The insurance company already had in place an agency distribution hub-and-spoke model in order to penetrate deeper parts of the rural sector. The idea was to grow business through additional distribution channels. Sales for the company were driven with a multi-channel strategy that covered 33 bancassurance relationships, 14 corporate agency tie-ups and direct sales force at 14 locations and 133 (13 hubs, 120 spokes) offices. This insurance provider wanted to use Mahindra Satyam as a strategic partner so as to be able to kick start a new marketing campaign Share-of-the-Wallet (SOW). This campaign was devised to consolidate their customer base and come up with new opportunities they could use for up-sell/cross-sell, while simplifying decision making. The Mahindra Satyam BI team deployed the required technology and infrastructure component to work out the SOW campaign. For the same, a devoted campaign management team works with the insurance major's CRM team to ideate, conceptualize and execute their marketing campaigns.