Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz today has a countrywide network connected through the latest technology for quick communication and response in over 200 towns spread across the length and breadth of the country. Bajaj Allianz Life Insurance Corporation (BALIC), uses its in-house call center to cross sell to its existing customer base through regular telecalling done by its staff. However, the same did not yield efficient results, thus reducing profitability. Customer Centria, used initial list of its policy holders, for study and analysis to dig deeper into the customers profile and behavior.
Business Objective
To increase the cross sell conversion rates on its health insurance and other related products, from its existing database of customers, using call center as the primary channel of contact.
Our Approach
- Conducted an audit of existing data infrastructure
- Generate customer understanding (Insights and Analysis) for cross selling products
- Segment the customer base
- Develop analytical models basis segmentation and product portfolio
- Test and validate basis responses and feed back
Implementation
A detailed analysis data systems, data model and data tables
- Identify profile and analyse BALIC's customer data for data accuracy and completeness
- Generate appropriate program codes for aggregation, data segmentation, merging and purging of data across different data tables as appropriate
Developed appropriate data mining models and techniques using tools and applications as required to
- Create a profile mapping of its existing Life Insurance database
- Generate insights on the relevant cross sell opportunities, in conjunction with BALIC's marketing team which narrowed the focus to cross selling health insurance, specifically the product Family Care First
Mapping of the insights with the profiles on the Life Insurance database, to create a cross selling road map for the team, using telecalling as a first point of contact, but progressively integrating a multichannel contact program to maximise responses, basis customers past behavior to first contact.
Expanded the scope of generating customer lists for various other cross selling opportunities identified and mutually agreed upon with the product portfolio .
The Result
- Cross Sell conversion rates saw a dramatic increase, in some cases consistently high at 10 %
- Ensured best practices for data mining models and techniques
- Expansion of cross sell opportunity to potentially migrate to a multi channel system from a single channel, namely call center
