The insurance industry in India is one of the fastest growing industries in the country, with a huge potential for growth due to its large and growing population. The insurance sector in India consists of life insurance and non-life insurance segments. This industry in India holds great promise and is expected to continue growing in the coming years, providing ample opportunities for growth and expansion for companies operating in the market.
A leading insurance company that offers a range of life insurance products, including term insurance, savings and investment plans, child plans, retirement plans, and health insurance. The company has a presence in more than 300 cities in India and has over 33 million customers. They are committed to providing innovative and customer-centric insurance solutions to meet the evolving needs of its customers.
The customer faced several challenges, primarily attributable to the post-COVID era., including a decline in repeat customers and a decline in revenues resulting from low new sales and cross-sales. Another challenge that the customer faces is building a strong brand image in a highly competitive market, where they are contending with other established players. High cost of operating a customer care center also posed a challenge. Providing high-quality customer service is essential for retaining customers and building brand loyalty, but it can be expensive to maintain a customer care center with trained staff, infrastructure, and technology. To address this challenge, the customer needed to explore cost-effective solutions such as automation. Overall, it seems that the client requires a strong focus on customer engagement and service to address the challenges they are facing.
By bringing Mtalkz onboard, provided solutions to many client's challenges in customer engagement and service. Mtalkz offers a variety of tools and features that help businesses improve their customer communication, streamline their customer service operations, and boost customer satisfaction. - By implementing Mtalkz’s automated messaging platform help client to send targeted messages for renewals, upsell and cross-sell to customers at the right time and in the right way, improving engagement while reducing costs. - The platform offers features like conversational chatbots that can handle routine customer inquiries and support requests, freeing up human agents to focus on more complex issues. This reduces operational costs of outbound customer call centre. - By giving relevant product recommendations, chatbot acts as a passive sales agent. It also collects customer information and feedback, increases personalisation helping build better customer relationships. - By implementing WhatsApp solution, online KYC was established. This led to faster reach and improved customer experience. - Segmentation on the customer database was achieved leading to increased customer retention and hence lower churn. With Mtalkz's cost-effective messaging solutions, the client can efficiently manage their customer contacts and schedule messages, streamlining the communication process and providing a superior customer experience.
The implementation resulted in multi-channel capability to manage high volumes of customer interactions. Over a period of 6 months, millions of messages are sent to keep customers informed about their financial portfolio, loan status, application/disbursal requests, and other critical information. The use of chatbots helped to focus on understanding the needs and preferences of their target audience and tailoring their products and services to meet those needs. They developed strategies to foster long-term relationships with customers, such as loyalty programs, personalized offers, and proactive outreach. They also made customers and prospects aware about their USPs, innovative products and superior service and best offers.