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PWC.pptx

  1. 1. Dhruv Desai Job Opportunity: PWC, Insurance Domain
  2. 2. Problem Statement 1: Need To Advise the CEO to have a WhatsApp based chat bot solution or CRM kind of application to service the customers/agents for his/her organization(One of them or both in hybrid) Why do we need a CRM or a WhatsApp based application for our Agents/customers? Track, organize and manage all the customer related information Streamline communication Enhance customer experience Help manage data effectively Automation of daily tasks Simplify customer interaction Custom dashboards and reports Intuitive and user friendly application
  3. 3. Benefits and Uses Of CRM & WhatsApp Chat Bot Benefits of using a CRM Software Collaboration of databases Social network analysis Lead distribution Increase contactibility Customer servicing and 360 view Automated dashboard, reports and many more Benefits of using a WhatsApp based Chat Bot Easy to use and user friendly Critical information can be accessed on the go Customer servicing can be done through WhatsApp Extensive training not required for users Personalized journeys can be designed on WhatsApp chat bots basis the user
  4. 4. Why Is It Advisable To Not Go For Just One Amongst CRM and WhatsApp Chat Bot Disadvantages of using only CRM Can only be used by employees High licensing cost Dependency of customers on insurer for service Extensive training to users required Implementation cost high Time to implement and use also very high Disadvantages of using only WhatsApp Chat Bot Can only display data from back end system Dependency on back end system/application for data Minimal functionalities can be designed Customer data and 360 view cannot be stored and initiated on WhatsApp Only a fraction of functionalities can be achieved on WhatsApp in comparison to what can be done through CRM
  5. 5. Solution? We need to have a hybrid of both WhatsApp chat bot as well as CRM software to have a complete ecosystem of servicing the customers and sales agents 1. WhatsApp chat bot only acts as a front end to showcase data 2. The data needs to be fed from a back end source (Application or data warehouse) 3. The backend data source needs to be robust and updated on real time to provide a seamless flow of information 4. CRM cant be extended to agents or customers for multiple reasons such as cost, data security etc and hence we need another front end application Why a hybrid solution? CRM to be an internal software that will track all the customer data, leads, manage customer life cycle etc. WhatsApp chat bot to be a front end application that will be exposed to the customers and agents in which information can be fetched from the CRM
  6. 6. What Will The Chat Bots Have? The WhatsApp chat bots will be exposed to both customers and sales agents to enhance their experience and make their life easier when it comes to insurance Chat bot for sales agents 1. For the year and for the month business details 2. Policies pending for issuance and reasons for the same 3. List of lapsed and discontinued policies along with their customer information and payment link 4. Customer servicing options: policy copy, IT certificate, Bonus statement, Fund statement etc can be downloaded on the chat bot and shared by the sales agent with their customers 5. Change of customer information on his/her request instantly through WhatsApp (Information that doesn’t need UW approval) 6. Product related information (One pagers, collaterals ad videos) to be downloaded on WhatsApp 7. Track the earnings and rewards on monthly and yearly basis Chat bot for customers 1. All their policy related information made available 2. All important policy related documents (Premium receipt, fund statement etc) can be downloaded 3. Customers can make modifications instantly in their policy in case there are no financial or legal aspects (Eg: Name correction, address change etc) 4. Campaigns can be initiated by the organization to upsell and cross sell to their existing customers Snippets of features of Sales Bot Snippets of features of customer Bot
  7. 7. Cost Of Implementing CRM and WhatsApp Chat Bots WhatsApp Chat Bot Cost of acquiring 2 business numbers: 6lakh/year Development cost by developers: 10 lakhs Total Cost: 16 lakhs+6lakh/year CRM Software Cost of implementation: 1.2Cr Cost of licensing (500 users): 5.5Cr Total Cost: 6.7Cr (5 years) Overall Cost (5 years): ~7.2Cr
  8. 8. Problem Statement 2: Multiple complaints from all distribution partners regarding their onboarding experience with the organization. Why is the onboarding process and experience for distribution partners the most important step? To let the distributors know how ready and excited we are for the partnership Helps gauge the technological advancement and readiness Creates an everlasting positive impression Gives confidence of partnership to the distributors Opportunity to get more business by creating delight
  9. 9. Key Steps In The Onboarding Process: Contract Finalization To Go To Market 01- Defining the process of business sourcing and policy issuance 02 – Technological integration and solutions 03 – Specialized servicing and Green corridor for priority policy issuance 04 – Partner specific dashboards, reports and information flow • The end to end process to source business and issue policy to be defined • Distributor code creation in system and premium and commission transfer process to be finalized • Policy issuance and discrepancy resolution TAT to be finalized • Endorsement and cancellation processes to be defined • Integration of partner/distributors system with internal system needs to be done • Use of APIs and Web services to ensure real time or scheduler based flow of information to be finalized • Front end interface to be provided to capture policy details and payments without exposing the core systems • Customizable offerings to the partner to meet their needs • Green corridors to be created for issuance of policies and servicing their priority/ valuable/HNI customers in TATs of few minutes • Different dashboards and reports to be created and shared with the partners basis a fixed interval to eliminate any confusion and solve any irregularities on time
  10. 10. How Can Value Be Added On Every Step? 01- Defining the process of business sourcing and policy issuance 02 – Technological integration and solutions 03 – Specialized servicing and Green corridor for priority policy issuance 04 – Partner specific dashboards, reports and information flow Overall Turn Around Time -> 15 days • To design process in a way which provides more value to the partners and minimal change at their end • Control reports and SOPs to be created to ensure the processes are followed • Overall process design to be closed In 3 days TAT • A common interface application which can be shared with multiple partners with minimal changes to be designed and kept ready • Integrations with partner systems to be done in 9 day TAT • Operations team to have a set of individuals that work only on policies of such green corridors to provide policy issuance and servicing in minutes • The team needs to be notified and policy source to be communicated. 1 DAY TAT • Dashboards and MIS can be created once the system integration is done. • These to be made available from day 1 of business sourcing for both parties to track • This to be done in 3 days TAT
  11. 11. Thank You
  12. 12. Snippets Of Bot For Sales Agents
  13. 13. Snippets Of Bot For Customers

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