AkSigorta - CRM Suite

Company: AkSigorta, Istanbul, Turkey
Company Description: Aksigorta, established in 1960, renders service to retail and corporate customers all over Turkey with its 700 employees, 16 regional headquarters, over 2.000 independent agencies, 990 Akbank branches, 69 brokers and 3.600 contracted institutions. In 2011 Sabanci Holding and Belgian global giant Ageas, purchase 36 % stake each in Aksigorta.
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: CRM Suite - Midmarket - New

Nomination Title: A New Digital Era on Omni-Channel Customer Journey for Aksigorta

Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and sales to date:

About Aksigorta
Aksigorta, established in 1960, is the 3rd biggest player in Turkish insurance market with 625 million USD annual premium production. Aksigorta has 700 employees, 10 regional headquarters, over 2.500 independent, 781 Bancassurance agencies, 69 brokers and 3.600 contracted institutions. Aksigorta offers a vast variety of insurance products such as health, travel, car, home, etc. Our vision is to make insurance lean, easy and accessible. The company focuses on gaining sustainable competitive advantage by focusing on digital technologies.

Situation
As a leading insurance company serving 3 million customers in the non-life insurance segment, Aksigorta embedded customer, digital and innovation into company’s DNA. Among the most critical digital transformation projects was to deploy a CRM system with the goals:

-To implement future state target CRM model to support the improvement and transformation of customer services,
-To automate specific parts of the experience, improve cross-sell & upsell capabilities, gain insights into customer journeys and provide the ability to connect to 3rd party systems.

Solution
Aksigorta decided to implement VeriPark’s VeriTouch CRM solution which is a cloud-based operational CRM solution for financial institutions designed to address the insurances needs based on Microsoft Dynamics 365.

The company has started the CRM journey with 360-degree view for a single customer journey where all customer information centralized on a single screen including; customer profile, contact information, interaction history, cross-sell opportunities. While creating the customer interaction history, Aksigorta made sure to see customer journey through all channels which are also integrated with assistant firms and business associates. Now, thanks to 360-degree visualization, customer only tells their story once and Aksigorta learns about their customer with every interaction.

As now it is possible for Aksigorta to see the customer in one platform, the company was able to start the analytical studies to work on segmentation and churn modeling.This way,Aksigorta was able to calculate the value segment of the customer and the possibility of the not renewing insurance policy.Thus, the company reached to a level where it can take various actions to retain the customers.

Benefits
-Delivering an uninterrupted, Omni-Channel experience that contributes to customer satisfaction & loyalty
-360-degree view for a single customer journey
-New cross-sell & upsell opportunities for the company: e.g.,when a customer calls about renewing earthquake insurance, an agent can also offer pet insurance
-Improved customer retention rate

ROI Metrics
-The total number of the inbound calls handled before implementing CRM was 380,552. Following the implementation, Aksigorta was able to increase the calls handled significantly by 63% which is now reached up to 622,195 as today.
-Before the implementation the average inbound call on monthly basis was 22,385 which then came up to 36,599 showing an increase of 63%.
-Before the CRM implementation, the total number of the outbound calls was 33,989 with a monthly average of 1999 calls. As today, it has increased to total of 38,708 calls with a monthly average of 2276 calls which shows an increase of 13%.
-The PCEI (positive customer experience index)has increased to 76,78% which is higher than average customer satisfaction rate in financial services industry.
-First Call Resolution has decreased to 1,26%.
-Sales in all divisions has increased by 39%.
-Keeping the response time within 24 hours in case of a complaint, demand or for a general inquiry. After CRM implementation, the customer service response time is much less than it’s promised as detailed here; -providing solution to a complaint in 20,3 hours.-answering to a demand in 11 hours and to a general inquiry in 13,5 hours.
-Renewal rates has increased by 9% creating 4,5 M USD additional Gross Written Premium
-1,3 M USD revenue has generated through cross-sell and the monthly ratio has reached to 2,6%.
-2000 new leads converted to Aksigorta customers with creating 7 M USD additional Gross Written Premium.