Boosting sales and renewals by enhancing sales incentives: Insurance Industry

Industry:

Insurance

Intent:

Sales Incentive Program

Background:

One of the prime insurance companies across India selling car, two- wheeler, health & travel insurance with one-of-its-kind insurance policies.

Inbound and outbound teams are incentivised based on predefined criteria with points that are redeemable for a wide range of rewards from Bank Gift Cards, physical & electronic vouchers and merchandise across categories.

Target Audience:

On roll and contractual employees

Objectives:

  • To increase the number of sales calls by sales people
  • To stimulate the sales force by providing a needed change of pace
  • To improve customer service by sales people
  • To increase total sales volume

Accentiv’ Roadmap:

  • Understanding the requirement and scope
  • Finalisation of the incentive structure and workflow
  • Acquiring the data in pre-defined format for the complete organisation
  • Getting approval on the program catalogue
  • Creating the Sales Incentive Program in a demo environment
  • Access to the client for UAT and getting UAT approval from the client
  • Configuring the R&R in the production environment
  • Training to the program administrators
  • GO LIVE

Program Impact:

Sales Incentive Pay out has been increased which is directly proportional to the Insurance sales & renewals. Company is planning to include all inbound and outbound processes in the program following its success.

Contact us to find out how we can help your organisation reach, recognize, reward and retain your customers, channel partners and employees.

CONTACT US

 

Share this post

Share on facebook
Share on linkedin
Share on twitter
Share on email
Explore other categories

Subsribe to Accentiv Newsletter

Get updates and learn from the best

More to explore

Generic

How data can transform your customer loyalty programs

It costs five times more to acquire new customers than it does to retain current customers and existing customers are 50% more likely to try a new product of yours as well as spend 31% more than new customers. Hence, it is no surprise that customer retention is a crucial factor deciding the success of any business.

Read More »
Case Studies

Top Customer Loyalty Trends for 2021 and beyond

It costs five times more to acquire new customers than it does to retain current customers and existing customers are 50% more likely to try a new product of yours as well as spend 31% more than new customers. Hence, it is no surprise that customer retention is a crucial factor deciding the success of any business.

Read More »

We are building loyalty ecosystem

A business with a 60% customer retention rate is losing 3-4 times as many customers a business with 80% retention rates. Besides, increasing customer retention by just 5% boosts profits by 25 to 95%, according to the advisory firm Bain & Co.