Premium Renewals of Existing Customers

Every insurance company has only two sources of revenue, viz., new insurance premiums and renewals. Since most of the insurance companies are new, new premiums are the primary source of revenue.

But going forward, recurring premium renewals and thereby customer retention will become a major source of revenue for the insurance companies.

Currently insurance renewals are either paid at the counter or are collected by the insurance agents. Some private insurance companies also collect premiums over the Internet. Although the results are encouraging, net penetration remains an area of concern.

As per IAMAI the net penetration in India is 3.6% and hence insurance companies are looking at alternate channels for on line renewal collections.

Solution

Avaya can address this challenge of delay in servicing a lead by integrating its outbound dialing solutions with lead management solution.

As soon as the lead is generated in form of SMS from potential customer, it is routed to the team of insurance professionals (call center agents) in near real time.

Moreover, integrating the outbound solution with the SMS server of the insurance company enables the agent to speak to customer while the lead is hot and ask the necessary questions before qualifying the customer as opportunity for the product.

The customer's business applications can also be integrated with Field Force Automation systems which can SMS the leads to the selected agents in an encrypted format.

The lead will only open on the client applications installed on the agent's mobile. Agents can also update the centralized business application on the status of the lead after their visit.