| CLIENT | INDUSTRY | PERIOD |
|---|---|---|
| A large Insurance company in India |
Life Insurance | APR’ 15 - MAR’ 16 |
PROJECT
To conceptualize and build a direct channel sales channel to augment the existing Agency channel for the company from scratch.
OBJECTIVES
• To construct a clear and coherent strategy for the direct channel outlining feasibility, profitability, scope and assumptions of cost and production.
• To setup the direct channel from scratch including a lead generation engine – centralized telemarketing team.
• To aim to make this channel productive and to establish the productivity levels higher than the established Agency channel.
WORK DONE
• Analyzed existing customer database including orphan policies, surrender and lapse base with a view to use this database to generate leads for the direct sales team.
• Built a business case with sales plan, market and sales team assumptions, financials and got the top management (CEO and CFO) to approve the initial investment in sales and marketing.
• Created a clear and differentiated strategy for the direct sales different from the Agency strategy. This included product choice, lead generation, productivity assumptions, systems and incentives.
• Developed a Lead generation engine in form of a centralized Tele-calling centre to aid the conversion process for the direct sales team.
• Designed entire Organization structure, KPIs & Goal-sheets, Incentive plan for both the Tele-calling and the direct sales force.
• Assisted in Hiring of key managers in the team. Designed the sales training program and got the orientation training done.
• Help build a strong team of about 250 staff (200- direct sales team, 50 – Telecalling centre).
KEY OUTCOMES
| The business case was prepared and approved by the CEO and CFO. The responsibility of Project management of this initiative was given to Serengeti Ventures to ensure the outcomes were achieved as planned in first year. | Implementation – was done as per schedule. Telecalling centre was setup, marketing databases were organized, field sales force was hired and trained. |
Local lead generation (corporate worksites, database gathering) was implemented with success. Sales results – the production figures achieved were 87% of the targets in business case by the fourth quarter of the initiative. This result climbed significantly and the channel was on track in the second year of operation. Today it is a successful channel of the company running now for 4 years. |
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KEY LEARNINGS
It is possible to build a new channel with differentiated strategy to supplement a main channel like Agency. The direct team added a different dimension to the company’s sales and distribution because it provided a source of new customer segments and an avenue for Marketing department to target orphan, surrender and lapse customers for cross-sell, up-sell and retention.