Revolutionizing Lead Management for India's Largest Private Life Insurance Provider
Maximizing marketing with PrimeMatch to reduce costs & improve compliance
India’s largest private life insurance company faced significant challenges in managing its marketing database and ensuring compliance with regulatory requirements. Posidex’s PrimeMatchTM solution enabled them to streamline their operations, eliminate inefficiencies, and enhance customer engagement, achieving remarkable results.
Problem Statement
Solution
Results
Overcoming inefficiencies in marketing operations
Efficiently managing a massive prospect database is critical for any insurance company, especially one with over 1900 branches, 210,000 advisors, and a diverse customer base. However, the companies’ marketing division encountered several pressing challenges in managing sales leads.
Duplicate Records: The existing solution failed to detect duplicates accurately, leading to multiple calls to the same prospect, creating inefficiencies and reducing customer satisfaction.
Compliance Issues: The inability to cross-check data effectively resulted in violations of the Do Not Call (DNC) list, risking fines and tarnishing the company’s reputation.
Wasted Resources: Purchasing duplicate prospect data from multiple agents led to unnecessary expenses.
Scaling Problems: The existing system couldn’t handle the growing data volume of sales leads. Without an accurate and unified prospect master database, effective lead management and demographic insight were not possible.
The game-changing solution for insurance
The leading private life insurance provider decided to implement our proprietary PrimeMatchTM technology to address the challenges and transform their prospect management processes.
- Prospect Master Database (PDMS): The technology created a master database of prospects by eliminating duplicates and merging demographic details from multiple records, providing a single view of each prospect.
- Urban-Rural Classification: An additional solution classified policies based on urban and rural location by matching the address with census data at district, tehsil, and village levels.
Tangible benefits and transformation
With PrimeMatch in place, the insurance company cut the verification process times from months to weeks, significantly accelerating processes. Besides faster verification, the solution made the company scalable as it could efficiently handle growing data volumes, ensuring long-term sustainability.
- Cost Savings: Significant reduction in marketing and sales costs by eliminating redundant data purchases and optimizing campaign expenditures.
- Enhanced Selling Potential: Clean and accurate data enabled more targeted marketing campaigns, increasing cross-selling opportunities.
- Improved Compliance: Integrated compliance checks with the DNC regulations boosted the company’s image and customer trust.
Driving sustained efficiency and compliance
Through PrimeMatch™, Posidex made India’s largest private life insurance provider ready for the future with scalable, accurate, and efficient data management and enhanced compliance with regulatory mandates.
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