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AEGON Religare Life Insurance, a new player in Indian insurance market, is dedicated to build a firm future, both for customers and employees by balancing a local approach with the power of an expanding global operation. A new entrant in the insurance industry, the company needed to target and capture significant market share. To help achieve its goal, the company required a robust, integrated customer relationship management solution. With help from Religare Technova, a Microsoft® Certified Gold Partner, it opted to deploy Microsoft® Dynamics™ CRM 4.0. The implementation has aligned the company’s sales and customer services strategies. It has also resulted in increase in efficiency of business processes across branches.
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| Situation |
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AEGON, one of the world’s largest life insurance and pension groups and
Religare, one of India’s leading integrated financial services groups, have come
together to launch AEGON Religare Life Insurance Company Limited. This venture
is dedicated to build a firm future, both for customers and employees and will
continue to balance a local approach with the power of an expanding global
operation.
The company launched its pan-India multi-channel operations in July, 2008 with
over 25 branches spread across India. Its business philosophy is to help people
plan their life better. It provides high quality advice to customers and offer
superior customer service.
In an industry first, AEGON Religare Life Insurance offers policy servicing on
the phone via Interactive Voice Response (IVR) System by issuing the customer a
T-Pin for authentication. It is also the first company to include the customer’s
medical report in the policy kit.
In a servicing industry, Lead Management and Case Management are the areas where
a company has to concentrate more to make themselves different from others. The
main objective for AEGON Religare was to automate its sales force, customer
service, and reporting systems.
Some of the other challenges faced by the company were:
• Auto assignment of Lead to Direct Agency or Tied Agency as per-defined logic
• Servicing City mapping for assignment of Lead
• Pin Code mapping for assignment of Lead to Business Manager or Agent
• Sending alerts to user
• Escalation of mails of multiple Leads
• Incorporating Non-CRM users in a case
• Mapping Department with Assignment and escalation of the case
• Auto assigning cases to Non-CRM user
There was a pressing need to incorporate certain processes. Elucidating the need
for customer management solution, Srinivasan Iyengar, Director - Information
Technology & Change Mgt, AEGON Religare says, “Customer-focused strategies
require CRM solution to help acquire customers thorough various touch points and
translate operational data into actionable insights for proactively serving
customers.” As a result, the company decided to opt for a solution that would
help it achieve competitive advantage. |
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The solution creates an efficient working environment for us, and we are seeing the results in more satisfied customers.
Srinivasan Iyengar
Director - Information Technology & Change Mgt, AEGON Religare
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| Solution |
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AEGON Religare considered a number of options and decided to implement
Microsoft® Dynamics™ CRM 4.0, supported by Religare Technova, a Microsoft®
Certified Gold Partner.
According to Srinivasan Iyengar, “Our industry faces unique, multiple challenges
such as high levels of customer churn; attaining net growth in customer base;
selling more products to existing customers to improve profitability etc.
Religare Technova which has in-depth understanding of the financial services
industry and its demands is best suited to partner with us in our endeavour to
streamline.”
The company selected Microsoft® Dynamics™ CRM 4.0 as the base application for
Lead Management, Service Management and Campaign Management. It also has the
facility to customize and get maximum output in terms of day-to-day data, which
can be used for MIS reports.
The two important modules that were customized by the solution were:
• Lead Management System: This is the most important system where the company
interacts with prospects. To have better control, prompt action and outstanding
service to the customer, a special logic is introduced in the Lead Management
System, which will automatically allocate the nearest agent for each Lead. An
allocation SMS alert is dispatched to the agent along with the client details.
The leads can be generated by Web, internal portal, e-mail, SMS, phone or direct
walk-in.
• Case Management System: The client base can be retained and also grown by
solving issues as early as possible. In this system, cases automatically get
assigned based on the reason type and severity. All case related activities are
recorded in CRM Activities and have escalation as well. The user defined
escalations play a significant role to follow and control the company process,
and provide quick service to the customer. Cases can be raised by phone, e-mail,
Web, or internal portal.
“Microsoft® Dynamics™ CRM 4.0 is designed specifically to meet the needs of
client-facing staff of insurance companies,” shares Srinivasan Iyengar.
Some of the unique requirements addressed with the new solution were: Customer
Service Automation, Lead Management, Case Management, and Campaign Management.
Commenced in September 2007, the implementation was completed by February 2008.
The solution was implemented at the company’s office in Mumbai and access was
extended across all locations. AEGON Religare deployed the Sale, Marketing, and
Service modules.
With Microsoft® Dynamics™ CRM 4.0, employees are better equipped to deliver
highly personalized customer services and improve customer satisfaction. The
company now has a solution that will support the team’s growth for years to
come.
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| Benefits |
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Microsoft® Dynamics™ CRM 4.0 allowed AEGON Religare a granular view of its
customers, helping the company to design better products, improve service levels
and reduce operational costs significantly.
Improves Efficiency Across Branches
AEGON Religare has more than 50 branches across India where leads are assigned
and cases addressed. “Because of Microsoft® Dynamics™ CRM 4.0, all leads are
assigned automatically and every lead is attended based on the assignment
matrix,” says Srinivasan. “In addition, agents get the assignment alerts along
with client information, which ensures that services of all agents across India
are properly utilized.”
Srinivasan says, “With faster, automated processes on systems, employees can
spend more time building customer loyalty. As a result, productivity has
improved.”
Enhances Customer Satisfaction
With a combination of easy-to-use customer interfaces and robust functionality,
Microsoft® Dynamics™ CRM 4.0 delivers quick and easy access to customer
information. Clients can reach the company by all possible mediums like, direct
walk-in, phone, e-mail and SMS. This intuitive access has improved both employee
and customer satisfaction.
“The solution creates an efficient working environment for us, and we are seeing
the results in more satisfied and successful customers,” says Srinivasan Iyengar.
Provides Greater Customization
The solution also improves campaign management for AEGON Religare. It traps all
promotional activities of the company. A custom made campaign, KILB – Kum
Insurance Lene Ki Bimari, was introduced by AEGON Religare and all leads were
mapped with this promotion management tool. The response of the campaign was
captured through Microsoft® Dynamics™ CRM 4.0.
By this the company will able to know the impact of the promotion. In addition,
all leads will be attached with the latest active campaign which will help
company take monitory calls.
About Religare Technova
Religare Technova Limited is the holding company for the IT business of a large
diversified Indian transnational business group. The Religare Technova umbrella
includes Religare Technova Global Solutions Ltd. (formerly Asian CERC
Information Technology Ltd and Capital Market Solutions Pvt. Ltd.), a global
leader in providing Enterprise Software Solutions to the Capital and Financial
markets; Religare Technova IT Services Limited, which provides Enterprise IT
Solutions and Religare Technova Business Intellect Ltd., which provides
Knowledge Management Solutions.
Currently with over 1500 employees and presence in over 10 countries, Religare
Technova is poised to be a leader in the global IT space. The group entities
have partnered with IT majors, Independent Software Vendors (ISVs) and Internet
companies to provide a broad spectrum of IT services, products and solutions to
their customers. Religare Technova focuses on clients in key verticals such as
Banking and Financial Services, Insurance, Capital Markets and Health Sciences.
Microsoft Dynamics
Microsoft Dynamics is a line of integrated, adaptable business management
solutions that enables you and your people to make business decisions with
greater confidence. Microsoft Dynamics works like familiar Microsoft software
such as Microsoft Office, which means less of a learning curve for your people,
so they can get up and running quickly and focus on what’s most important. And
because it is from Microsoft, it easily works with the systems that your company
already has implemented. By automating and streamlining financial, customer
relationship, and supply chain processes, Microsoft Dynamics brings together
people, processes, and technologies, increasing the productivity and
effectiveness of your business, and helping you drive business success.
For more information about Microsoft Dynamics, go to:
www.microsoft.com/dynamics
For More Information
For more information about Microsoft products and services, call the Microsoft
Sales Information Center at (800) 426-9400. In Canada, call the Microsoft Canada
Information Centre at (877) 568-2495. Customers who are deaf or hard-of-hearing
can reach Microsoft text telephone (TTY/TDD) services at (800) 892-5234 in the
United States or (905) 568-9641 in Canada. Outside the 50 United States and
Canada, please contact your local Microsoft subsidiary. To access information
using the World Wide Web, go to: www.microsoft.com
For more information about AEGON Religare products and services, 1800 209 9090
or visit the Web site at: www.aegonreligare.com
For more information about Religare Technova products and services, write to
connect@religaretechnova.com or visit the Web site at:
www.religaretechnova.com
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| Solution Overview |
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| Company |
| AEGON Religare
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| Industry |
| Banking and financial Services |
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| Industry Size |
| Large |
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| Customer Profile |
| AEGON Religare Life Insurance Company Limited, launched in July 2008, is a joint venture between AEGON, a leading life insurance and pension group and Religare, a diversified financial services group in India. |
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| Business Situation |
| A new entrant in India, AEGON Religare did not have a customer management solution. To capture a dominant market share in the highly competitive insurance industry, the company required an efficient solution to manage customers through the entire lifecycle. |
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| Solution |
| To accomplish its goals, AEGON Religare opted to implement Microsoft® Dynamics™ CRM 4.0 with help from Religare Technova, a Microsoft® Certified Gold Partner. |
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| Benefits |
• Improves efficiency across branches
• Enhances customer satisfaction
• Provides greater customization |
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| Software and Services |
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Windows Server System |
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Microsoft Windows Server 2003 |
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Microsoft SQL server 2005 |
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Microsoft Dynamics |
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| Hardware |
| • Dell PowerEdge X86, Intel Xeon 2 GHz, 2 GB RAM, 300 GB HDD |
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| Partner |
| Religare Technova Limited |
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| "With faster, automated processes within the new system, employees can spend more time building customer loyalty."
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Srinivasan Iyengar
Director - Information Technology & Change Mgt, AEGON Religare
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