| CLIENT | INDUSTRY | PERIOD |
|---|---|---|
| A large Insurance company in Thailand | Life Insurance | Jan ’20 - Oct ’20 |
PROJECT
Policy Conservation
OBJECTIVES
To increase premium collection by setting up a Policy Conservation Unit (PCU) with the aim to conserve policies that are due to lapse at T+45 (T is Premium Due Date).
WORK DONE
Phase I: PCU Setup (3 months)
• PCU Team: Identification/hiring of the team members and the team’s supervisor.
• Skills and Training: Design and roll-out of Call Scripts, Standard Operating Procedure, Training material, Objection handling techniques and Soft-skills training.
• Data Analytics: Customer Analytics on the lapse base to prioritize calling efforts of the PCU.
• Technology: Implementation of payment-on-phone facility. Setup the capability for regular and timely generation of database to be used for calling by PCU Team.
• Conservation KPIs, Targets and Incentives: Design of and roll-out of Conservation KPIs, Targets and Incentive programs for the PCU Team.
• Go live: Initiate policy conservation as well as tracking of performance metrics.
Phase 2: PCU Performance Ramp-up (6 months)
• Post Go-live Monitoring: Review and refinement of the entire process and performance metrics such as Premium Benefit, Conversion KPIs.
• Skills and Training: Regular follow-up training sessions with the PCU team. Assist the PCU Team to enhance conversions on-the-phone.
• Data Analytics: Enhance the Customer Analytics based on review of performance of the base versus expectations taking into account customer responses to lapse calling.
• Management Dashboard: Development of a dashboard based on the results of PCU performance and analysis of successful/unsuccessful premium collection.
Review PCU performance with the Sponsor on a monthly basis
KEY OUTCOMES
