Bajaj Allianz General Insurance Company (BAGIC), a joint venture between Bajaj Finserv and Allianz SE, is a leading General Insurance provider in India and is ranked 2nd amongst the top Health Insurance Brands in the country.
About Bajaj Allianz General Insurance Company
The company reported a 30.3% increase in its GWP in the last financial year and continues to grow. To grow at such a fast rate required expanding their reach beyond the 200 cities they were present in at the end of 2015. BAGIC depended heavily on their extended network of partners and agents for more than 80% of incoming revenue. This network was further targeted to grow by 10X over the next 5 years.
With the ongoing massive expansion, the organization risked its bottom-line to productivity loss. Baseline partner activation levels and RM productivity indicated significant upside potential if improved. BAGIC signed up Vymo in 2016 to drive up overall Field Sales Productivity across all channels. With over 10 channels, each channel posed its own unique challenges and constraints.
Challenges
Leads from various sources are collated centrally and manually assigned to field reps by their supervisors. This delayed TAT and led to subjectivity on allocation Supervisors / Relationship Managers have no view on the actions taken by reps on the leads assigned to them Reviews were post facto with no factual intelligence on what happened to the 90%+ leads that did not convert
Pushing the team to update existing activity reporting systems led to bad or incomplete data sets
Top reps bypassed reporting systems leaving BAGIC with no baseline to recommend SOPs to an average rep
- Intelligent lead allocation based on sales rep profile and priorities.
- Seamless onboarding of customers and partner engagement setup.
- In-app coaching in the form of ‘next best actions’ based on time and context.
- Decline in average activation levels of partners in any given month
- Declining productivity (sales per month) of RM network
- Increasing attrition levels amongst partner network Decline in average activation levels of partners in any given month .
- Declining productivity (sales per month) of RM network
- Increasing attrition levels amongst partner network
Solutions Deployed
BAGIC is currently at the end of phase 1 of its deployment of Vymo. In phase 1, the focus has been to;
Drive adoption of Vymo deeply enough to baseline rep behaviours (top reps vs. bottom quartile). Baseline activity levels and assess correlation to outcomes.
Phase 2 will involve learning based interventions to drive up specific business outcomes e.g. Increase meetings per day, improve timespend with high potential but underperforming partners.
Bagic leveraged the below modules from vymo to address these challenges
LEAD MANAGEMENT
Rule based allocation allowing leads to be assigned to the ‘best available’ Sales Rep in real time crashing TAT to first response and improving overall chance of conversion
Interventions to nudge action when leads stagnate beyond recommended duration at certain life stages
Real time pipeline and activity view to supervisors / marketing team
API integration with core systems allowing Sales Reps to receive real time alerts if applications / policy issuance is bottlenecked and requires intervention
ACTIVITY MANAGEMENT
Real time view of actual levels of engagement across all partners, channels, customers and geographies enabled the team to setup proactive engagements with their partners and improve overall account coverage
Automated logging of calls, visits to estimate timespend and identify ‘unattended’ partners / customers
Visibility into agents who were investing in activities but struggling on outcomes; redirecting managers to focus on skill building
The team was able to correlate the levels of engagement back to the actual business performance for the partners and identify SOPs that can be prescribed across the board as best practices
EXPENSE MANAGEMENT AUTOMATION
Integrated with the internal Expense Management System, Vymo automatically tracks the distance travelled by the users daily and pushes information to reimbursement systems for automatic processing
HIERARCHY MANAGEMENT
Separate Modules for each channel on the same app allowed for a consolidated view to the senior management across all channels while providing each channel a detailed view of the performance within their group
Also, in low density markets, ‘virtual satellite offices’ could be created by enabling an agent to handle leads, activities and renewals across multiple channels (direct, orphan agency, bancassurance) to achieve higher productivity and break even
Key Stats
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days
Suggestions Accepted
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Adoption (daily active usage) within 8 weeks of launch
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Drop in time to win a lead
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Improvement in partner engagement frequency