How to Improve Customer Retention and Prevent Revenue Leakage?

The insurance company aimed to implement an effective mechanism to retain existing customers while minimizing dependence on intermediaries who were handling a significant number of customers. They received complaints from customers being approached by competitors, indicating data leakage. Also, reaching out to customers through intermediaries/brokers often resulted in prolonged delays, so the company sought to minimize their dependence on them, especially for customer retention and boost renewals by directly engaging with more customers.
To prioritize data security and prevent potential leaks, they sought to implement stricter access controls. This involved restricting access to certain personal customer details for branch executives, field agents, and call center staff. They also aimed to improve renewal rates, which had declined in 2022 due to the discontinuation of personal customer data sharing with executives, leading to limited engagement.

Leveraging Ozonetel CCaaS for Seamless Collaboration and Effective Outreach

They deployed Ozonetel CCaaS across 200 branches, appointing dedicated Points of Contact to ensure the smooth implementation of the dialer solutions. Executives from over 200 locations could access the system and collaborate effectively, eliminating geographical barriers and improving operational efficiency. Within months, the dialer achieved nearly 100% adoption, indicating its effectiveness and acceptance among the teams. This enabled direct outreach to customers, improved engagement, and resulted in a 5% improvement in customer retention and substantial revenue savings.

Building Customer Trust with Improved Data Security & Privacy

With Ozonetel, renewal executives could connect with customers without accessing their personal information. This initiative helped secure customer data and prevented revenue leakage. With the new system, executives could access customer details but were restricted from viewing mobile numbers and precise addresses. Consequently, executives could no longer reach out to customers independently, ensuring improved data security and privacy. As a result, customer complaints about fake calls were reduced by 80%. This improvement boosted customer trust and made communication smoother, giving priority to genuine interactions.

Enabling Omnichannel Campaign Management for Improved Renewals

Earlier, renewal campaigns were handled personally by sales and account managers, causing frequent delays. They took control of the process, centrally managing and executing renewal campaigns. This shift helped reduce delay by 50% allowing sales representatives to focus on other tasks, leading to increased closures. Additionally, supervisors could orchestrate renewal omnichannel campaigns centrally, utilizing various communication channels such as IVR, auto-dialer, SMS, WhatsApp, bots, emails, tele-calling, social messaging, and advisor-related campaigns. This diversified approach ensured that customers were reached through their preferred channels, thereby enhancing the overall customer experience. Through this centralized approach, they efficiently ran renewal campaigns with minimal reliance on intermediaries, resulting in improved conversion rates.

Boosting Efficiency & Reducing Closure Time with CRM-Dialer Integration

To further streamline customer engagement, the insurance firm integrated Ozonetel CX platform with their in-house CRM system. This integration empowered executives to reach out to leads directly from the CRM interface, eliminating the need to switch between systems. Agents could now initiate customer interactions via CRM, leveraging Ozonetel’s capabilities. The time required to close a deal or complete a renewal process has significantly improved due to a reduction in handling time. Earlier, 11% of customers experienced prolonged delays in renewals, but this was reduced by more than 50%. For the remaining 89% of customers, there was a 35% reduction in closure time.. With this approach, they enhanced the customer experience, reducing operational bottlenecks, and facilitating faster, more efficient renewals.