We cover your entire customer life cycle
One of the major differences between Insurance industry in India and abroad is that people abroad treat insurance as a mandatory requirement, whereas in India it requires great efforts for the sales team has to convince their customers to buy the right amount of insurance with the right cover. Further, one of the biggest challenges is to extend the insurance coverage to a large and diverse population and with a range of products that can adapt to their requirement. However, the good thing is that, ever since the insurance sector has been privatised over the last 10 years, it has seen innovation not only in product offerings but also in the way products are promoted and distributed. One of the EY reports says that the effectiveness and cost of diverse distribution strategies of different players is crucial in ensuring the success of players in the insurance business, particularly in the retail lines of business.
Tapping the wide & unexplored market requires companies to have multiple efficient distribution channels, quick turnaround and strong awareness building programs apart from product innovation. Besides, the change in insurance norms, especially relating to ULIPs, in 2010 presented a host of challenges to the insurance companies. Cost cutting and better retention became the top of everyone’s agenda. Outsourcing can help insurance companies to quickly ramp up their work force to achieve their bigger goals without having to invest a huge capex. This can help them to tap significant latent market and enable them to channelize their focus on product innovation.
Calling 24o7 started its first outsourcing project in the insurance sector when the sector was privatised more than a decade ago. We have seen the sector mature over this period and this has helped us gain expertise in all areas of insurance that are extremely crucial but time-consuming for you, including Assist, Sales, Customer relations, up selling, cross selling, claims, renewals, churn management, etc.
The range of services that we offer include: