The client has operations in the US, Asia, Europe and Latin America. They help individual and institutional customers protect and increase their wealth through insurance, investment management, and retirement-related services.
The client provides car insurance that covers financial protection if their customers are involved in an accident. They want to target current customers in Singapore and assist them with their car insurance policy renewals and gain insights regarding their target market’s behavior.
With over 10 years in the business, our client already has a vast number of existing customers. The goal this time is to get these customers to renew their lapsed subscription or to extend it if the expiry date is near. The client needs help in contacting these subscribers to ensure that continuous subscription is achieved.
Having a vast number of competitors in the country, the client is willing to explore direct marketing solutions to secure renewals for their company. The client has an existing in-house telemarketing team but wants to beef up their activities with targeted lead generation approaches that will sync seamlessly with their existing efforts.
The client also wants to get more insights about their targeted prospects and how they can further penetrate the market. With these challenges, the client settled for a 4-month contract for a pilot campaign with OneBlue.
The OneBlue Solution
OneBlue was able to design a campaign that would cover both scenarios. Together, the solutions will ensure an in-depth information of the target population and attempt to increase renewal rate and new policies. Since the agents selected for the campaign were already experts in the financial industry, the campaign preparation was shorter than the usual. Product knowledge and strategies were quickly learned.
The campaign commenced as soon as the necessary preparations were done. The goals were as follows:
OneBlue conducted a profiling program simultaneously with telemarketing to identify the current interest of the customers regarding the renewal of their subscription. The data will also be used for:
Future Strategy, including the future of their insurance, improving the customer experience and data analytics, and the deals environment
Market and business objections that have affected or will affect insurers
Interested customers are given additional brochures and email information of offers and promotions. Finally, these customers are then set up for appointments with the consultants to assist them with their insurance policy renewals before it expires.
As soon as the campaign launched, the team already generated 2 appointments on the first day. Making sure that the prospects match the criteria of the client, the agents generated interest and convinced the prospects to meet with the client’s consultant for a discussion regarding their car insurance policy.
With a Quality Assurance Analyst to review the appointments, each lead submitted to the client contains accurate information and has genuine interest with the service offered. Prior to the said appointment, the agents would do confirmation calls to ensure that the meeting is good to go and reschedule them if needed.
With the appointments being funneled into the client’s pipeline, their team was able to talk to prospects that are keen to renew and some were actually new clients that wanted to have a different option for their car insurance.
OneBlue’s team has delivered a high volume of leads averaging 2000 calls per month with effective telemarketing strategies and profiling solutions. The campaign lasted for 88 business days with the database cleansed and generated 382 MQL (Marketing Qualified Lead) and 62 appointments set. Upon meeting the appointments, the client was able to make 18 successful renewals.
With the results, the client continued using OneBlue’s calling campaigns to promote brand awareness, seize renewals and continuous customer retention and acquisition.