Almost 90% of leads generated by Insurance companies never get converted into sales. It’s not only about quality of leads but also about wrong positioning of insurance product.
The lead management app developed by GrayMatter, not only helps in managing leads effectively but it’s in-built algorithm (affinity model) recommends the right product to be positioned based on the customer’s profile, resulting in very high likelihood to close which effectively increases sales conversation ratio.
The app is equipped with extensive features including ability to create & edit new leads, schedule meetings, set reminders & follow-ups, track lead progress and change lead status (cold, warm, hot etc.)
Key Takeaways
Product Recommendation Engine
- The product recommendation engine is built using advanced statistical models with several linear and nonlinear variables for likelihood computation
- This model recommends which product to be position to a new customer using algorithms and business rules
- The recommendation is based on supervised learning from the customer database
- Once customer’s information are entered into mobile app, the predictive engine will recommend top 3 products with exact suiting to customer needs with most likelihood to buy
- Matching specific products for the customers who would be more willing to buy, increases sales conversion ratio and agent’s productivity
Technical Architecture
The technical architecture of lead management application cross link with BI server along with mobile server for flow of information between mobile application users and BI application users. In case the company does not use any BI application than the mobile server can be directly integrated with policy admin systems using ETL; thereby mobile users can access policy and commission information from mobile server.
- The Lead management app is directly connected to database server (mobile server) for all lead related information
- Lead management app can be also integrated with the BI application server to provide lead information on sales dashboard for complete sales hierarchy from Agency Managers to the CAO level
- ETL tool has been used to extract the data from Policy admin system and Flat files/Excel and load into database server
