Additionally, Chola MS is enabling lead and renewal management on a mobile platform to enhance agent efficiency.
"Today, we know which competitor we lost a customer to and why. We can drill down the reasons which can include our price points, services, or other customer-specific issues," says Venkitakrishnan. The company is also able to run analytics and find where it went wrong. For example, if price is a cause of concern for customers, it can now revisit and revamp the pricing model without impacting profitability.
The Benefits: The biggest advantage of the implementation is that a month before the renewal cycle starts, the company knows how many customers are supposed to renew their policies, their policy details, and premiums to be collected. It has increased its customer policy renewal rate by 18 percent in the last six months.
The implementation has facilitated improved traction, processes, and customer awareness as well as enhanced Chola MS' ability to cross-sell and up-sell. The company is now able to manage its partners effectively, monitor their performance, and also train them. One of the challenges that Venkitakrishnan anticipated during the CRM deployment was change management. However, the company started conducting atleast one session on CRM during its annual meetings and performance reviews. It identified 35 people as change champions and trained the rest of the employees across the 93 branch offices. The company's efficiency and productivity has also gone up significantly because of workflow automation and CRM implementation which resulted in 12 percent savings. "Our target is to reach 25 percent," says Venkitakrishnan. Currently, Chola MS has over 322 licensed CRM users and about 900 agents using the system.
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