| CLIENT | INDUSTRY | PERIOD |
|---|---|---|
| A large Insurance company in India |
Life Insurance | Jan ’14 - Mar ’15 |
PROJECT
To grow Cross-sell lead generation and conversion of the Centralized Tele-calling team (TELCA).
OBJECTIVES
• To grow the stagnant (flat sales graph for prior 3 years) of the Tele-calling channel (TELCA);
• To improve per caller productivity in terms of leads generated and also conversion rates;
• To reduce cost of acquisition of this channel.
WORK DONE
• Deep diagnostic study of the tele-caller wise productivity was done. This revealed fundamental gaps in the way the channel was run and managed. Both supervisory and tele-caller level interventions were needed.
• Key metric of the calling team was changed from lead generation to conversion. Quality not quantity of leads was made a priority.
• Incentive system was inadequate and was completely redesigned and implemented.
• Product Pitches aimed at only getting an appointment somehow. The customer’s need and the right product fit were not assessed. This was corrected.
• There was ‘Database fatigue’. This was immediately corrected by Serengeti Ventures. We identified opportunities in the database after doing a ‘Waterfall analysis’. A database of ~25,000 eligible new clients was provided.
• We discovered mis-selling, misappropriation of business sourced and compliance issues during our work. This was brought to the notice of the CEO and was subsequently corrected. This was an important positive side-effect of the project.
• Accountability of the field sales force was improved after fixing a quality check on leads provided by the TELCA team before passing on to the field team. This improved the conversion rate.
• Training programs were conducted to improve ‘soft skills’ of the tele-callers to improve the interaction of callers with existing customers.
KEY OUTCOMES
| Sales grew by 41% year on year. |
Cost of acquisition was brought down from ~20% to under 10%. |
The Finance team had given a budget of 12% which was me in the last quarter of the project. |
|---|
KEY LEARNINGS
Tele-calling is an effective channel for lead generation provided the following are monitored and managed carefully:
• Availability of good database and identification of right segment-product fit;
• Proper incentivization and alignment of targets for tele-caller effectiveness;
• Development of appropriate product pitches and training of staff.