Integrated Sales Platform (ISP) Qorus Innovation in Insurance Awards 2017

Concept IndiaFirst Life designed the Integrated Sales Platform (ISP), a smart sales assistant, to strengthen the capabilities of its sales force to enhance productivity, and customer experience and interactions. ISP effectively transforms each sales personnel into a self-contained “mobile branch”, enabling the on-field sales personnel to carry out all their tasks on-the-go, via handheld Tablets. ISP’s broad scope: I. Target Planning II. Activity Management III. Lead Management IV. Sales Fulfilment V. Performance Tracking VI. Sales Training and Sales Performance Dashboard VII. Customer service at Point of Sale Objectives * Enabling customer delight through suitably equipping the salesforce * To help Sales to: - Penetrate the bancassurance captive base in a more structured and controlled manner - Stay updated with the latest, support productivity and a detailed insight on their performance across various parameters - Monitor all customer interactions (including manager-level supervision) - Move towards a paperless process Reason behind - To proactively engage with Field Sales - To help them operate at optimal efficiency level, anytime and anywhere (online/ offline), - To promote First-Time-Right cases resulting in reduced policy issuance TAT, enhancing customer experience State of competition Solutions implemented by other players are either point solutions, or have limitations around adoption or lack of functionalities such as working in offline mode. So far, none of the players in the insurance industry have an integrated sales process automation approach, as the ISP. Sources of inspiration Imagined possibilities of technology to drive adoption of personal risk-management among customers and facilitate customer delight in the process, through reducing the complexities in the sales process Departments involved Sales, Change Management, Finance and IT Main results so far - Cost savings of over INR 9.25 million since shifting to paperless channel - Reduced TAT and improvement in First-Time-Right cases - Elimination of branch operations layer: 15-20% dip in the operating cost