Omnichannel Customer Lifecycle Management (CLM) to boost revenue & impact customer experience
Maximize Customer Lifetime Value by improving renewals & product holding rates
Expected 4-8% improvement in conversions
&
4-7% improvement in retention rates
SBI General Insurance achieved this using • SAS® CI 360 software hosted on AWS Mumbai.
This case study has originally been featured in NASSCOM’s ‘The Cloud Cornerstone Success in Action - Case study Compendium’ and can be downloaded here.
SBI General Insurance builds a single customer view & maximizes Customer Lifecycle Value with SAS® CI 360
SBI General Insurance (SBI GI) one of the largest general insurance organizations in India, needed a single view of its customer base in order to drive personalized and contextual customer journeys. Since marketing’s data resided in multiple systems within the ecosystem, it often-created data silos. This resulted in longer time to marry analytical insights with customer data & drive marketing campaigns; in some cases, it took >20 days. An important aspect of this entire initiative was to create an architecture that enabled to loopback data from across channels, making journey orchestration across traditional & digital channels manageable.
SBI GI was faced with the following challenges:
- Data Silos: They needed to build a true Customer 360 view across policy lifecycles, channels, products & processes
- Orchestration Silos: Multiple different orchestration platforms were in use
- SBI GI needed to maximize Customer Lifetime Value by improving renewals & product holding rates
SBI GI’s objective was to build a solution that could provide them with an Omnichannel Customer Lifecycle Management (CLM) to boost revenue & impact customer experience.
Cloud Solution & Approach
SBI General Insurance (SBI GI) team along with SAS implemented an Enterprise Customer Engagement Hub built on SAS CI360 suite to enable the insurer offer personalized customer experience across its channel ecosystem. The end-to-end solution is unique in its ability to stitch on-premise transactional data, analytical/behavioral insight, & real-time interaction data to personalize the conversation between the insurer & customer. This hybrid solution allows flexibility to SBI GI to host their customer data on-premise & still leverage power of SaaS offering from SAS to execute marketing engagements at scale to achieve their business goals.
SBI GI followed the best practices for customer centricity by synergizing strategies across Data, Analytics & Engagement capabilities.
- SAS’s unique Hybrid architecture allows data storage within SBI GI premises as well as on SAS CI360 software hosted in AWS Mumbai (India), thus helping resolve data residency mandate.
- Leveraging SAS analytics capabilities on top of customer-one-view built by the solution, SBI GI could infuse intelligence in business processes.
- SAS provided end-to-end managed services to deliver outcome-based value for CLM team. The Solution enabled CLM team with real-time orchestration of campaigns & journeys across different touchpoint.
Expected Benefits:
- Expected 4-8% improvement in conversions
- Customer engagement rates expected to be enhanced by 20-25%
- ~4X increase in operational efficiencies due to E2E Automation
- ~400% faster time to market for all campaigns
- Expected improvement in retention rates by 4-7%
- Expected to achieve >`50 crore revenue in first year of implementation of solution
CLM team is now in full control & has visibility around Data, Analytics, Customer engagement & impact measurement resulting in enhanced Customer experience
Innovation Booster:
- SBI GI can expect significant growth in business with end-to-end Marketing Automation that derives better, sharper segments & provides contextually relevant offers / recommendations
- SBI GI can now engage a single customer across traditional & digital touchpoints, which was previously disjointed & manually intensive
“Insurance is a business of “Promise”, a “promise” that we understand the needs of our customers and are there when they need it. At SBI General, we have the opportunity to bring these two strong values together and offer our customers a perceptive engagement, a perceptive built around relevance to the customer and not only to us. The SAS CI 360 Hybrid Marketing solution on the India Cloud tenant, provides us with a complete 360 view of the customer that enables us to seamlessly orchestrate customer journeys and offer omnichannel personalized experiences to our customers all in real-time. Our endeavor through the CLM program is to make the customer experience our DNA of “service” and the value of our “promise” by how we engage with them across their life stages”Pushan Mahapatra President - Strategic Investments & Head - Open Market SBI General Insurance
“The SAS CI 360 suite gave us the platform to build & utilize our “Customer one-view” and marry it with the analytical insights to develop hyper personalized engagements with our vast customer base to maximize the customer lifecycle value. The unique ability of the platform to mesh the new age digital journeys and our traditional engagements through agents, call center, messages etc. in real-time will give us the ability to initiate a contextual engagement when the customer is at our channel and not offer him something post-facto. This is a positive step in driving higher ROI from this program going forward.”Sujatha Aroon Head Business Transformation & Strategic Projects SBI General Insurance
SBI General Insurance – Facts & Figures
20-25%
enhanced customer engagement rates expected
~400%
faster time to market for all campaigns
4-8%
improvement in conversions expected.
Disclaimer: The information in the video/article is for case study purpose only. NASSCOM is not solicitating any Insurance Business for SBI General Insurance Company Ltd. SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Company Limited.
