India’s leading Insurance Broker uses Riskcovry’s platform to achieve 70% faster sales closure time

6X improvement in customer retention
70% faster sales closure time
6.5X increase in GWP
4X increase in the number of insurance products offering

About the Client

India’s leading insurance broker with over 13 years of service in the retail and institutional insurance space.
Serving over 2 million customers through 2000+ branches throughout the country.

The problem

Most of the partner’s insurance business ran offline, leaving no direct interface between the end-users and the tech platform. This structure meant their insurance agents highly relied on tele-calling to engage customers.

This system came with quite a few hindrances, namely:

  • The steep budget involved in managing the resources to integrate with individual insurers
  • The organisation’s access to limited insurance products
  • Higher sales TAT and lower productivity due to poor efficiency
  • Revenue loss and poor customer experience due to the inefficient sales process

Outsourcing the task to IT companies proved to be a capex-heavy commercial model and provided solutions in a piecemeal approach. Hence, they wanted to find a one-stop expert solution to digitise their end-to-end journey to improve employee productivity and customer experience.

The partner’s expectations from Riskcovry

As one of the most prominent insurance brokers in the country, they worked with multiple insurers. Riskcovry was tasked with digitising its insurance distribution journey via a direct-to-customer flow and providing a single unified platform so that different integrations with each insurer are no longer necessary. They aimed to leverage the operational efficiency enabled via Riskcovry’s auto-recon across insurers and insightful dashboard.

Riskcovry’s approach

Coming from over two-decade of experience in the insurance industry, Riskcovry’s founders curated a solution by bringing essential tech on a single platform that caters to the brand’s requirements.

With the backing of solid relationships with 40+ insurers and the expertise from integrating over 130+ insurance products, Riskcovry was able to integrate a plug-and-play solution with quick GTM speed.

Riskcovry aimed to scale the partner’s insurance business and implement a high operational efficiency through an end-to-end digital flow by way of a unified platform for insurance distribution with minimal tech effort from their end.

Within 3 months, the brand went live with a brand-new digital platform with 20+ insurers readily integrated.

Results

  • Close to 60% improvement in operational efficiency via a reduction in manual underwriting, premium calculation, query resolution, and policy issuance & claims
  • GWP skyrocketed from Rs. 12Crs to Rs. 78Crs
  • 6X improvement in customer retention
  • 70% improvement in sales closure time
  • Reduction in overall capital expenditure
  • The number of insurers increased from 6 to 25, increasing the depth of product offerings
  • Brokers can focus solely on unique use cases that require beter atention
  • Minimal manual intervention = Lesser errors and endorsements

Way ahead

Suvendu Prusty, Cofounder of Riskcovry says- “The partner has been one of the early adopters of Riskcovry’s platform and it has been a flourishing partnership and we hope to continue building success for their vast base of 2 million + customers. Having tasted the success through the digital transformation of the partner’s insurance distribution business, we will continue to partner with all of their new initiatives across DIY and Assisted insurance distribution.

Suvendu Prusty

Co-Founder