Case Study one

Transforming the Agency Channel for a leading Indian Insurance Company

One of the largest life insurers in India is leveraging LifeEngage to digitally transform its agency channel. 

Here are some of the key benefits:

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Key business drivers:

  • Increase topline in the agency channel.
  • Reduce churn in the agency force.
  • Increase the agents' productivity.
  • Improve conversion ratios.
  • Leverage bancassurance channels.

Cognizant’s solution built on the LifeEngage platform:

  • Agents empowered with relevant tools and information.
  • End-to-end new business process starting from lead Management to issuance on tablets.
  • Offline/online capabilities across tablets and laptops and support for BYOD.
  • Integrated usage analytics and reporting.

Increased productivity:

  • Conversion ratio for agents using tablets improved from 14:1 to 5:1.
  • Increased customer connect – About 1,700 new customers met by the agents every day.
  • Over 8,000 agents have actively adopted this system across tier 1 and tier 2 cities.
  • Marked increase in ticket sizes.
  • Solution rolled out successfully to bancassurance partner as well in record time.

Award Won

 

Case Study TWO

Award winning implementation for leading Indian insurance company

LifeEngage is helping a leading life insurer in India roll out its agency and business to the consumer channel in record time. 

Here are some of the key benefits:

Key business drivers:

  • Get better visibility on the sales funnel.
  • Improve efficiency by minimizing paper-based processes and improve turnaround time (TAT) for policy issuance.
  • Create a standard structure to handle customer interactions, minimizing mis-selling and rework.
  • Expanding the reach beyond metros to achieve greater financial inclusion.

Cognizant’s solution built on the LifeEngage platform:

  • Simple, but effective lead management system accessible by advisors anytime anywhere.
  • A highly intuitive, user-friendly and interactive module to capture needs of the insured.
  • Automate the process of product recommendations.
  • Real-time generation of illustration.
  • Tablet-based process for policy data capture and issuance.
  • Support local languages to enable reach in rural areas.

Increased Productivity:    

  • 40% increase in Distributor Efficiency.
  • 45% decrease in TAT for policy issuance.
  • 100M savings expected (in Indian Rupees (INR)) from staff reduction in branch offices.
  • 20M savings expected in INR due to reduction of paper based processes.
  • Same solution rolled out to a B2C channel for the bank in record time.

Award Won

 

Case Study Three

Cognizant LifeEngage Boosts Sales for India Life Insurer

A leading insurer wanted to improve the effectiveness of the agents who sell its life insurance policies and other products to

customers in India. It selected Cognizant LifeEngage, a point of sale system that provides agents with up-to-date information

as well as best practices for explaining its products, which speeds the application process and boosts revenue.