A Terragni Case Study Driving Persistency in Life Insurance TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes Top 4 Players In Private Life Insurance Sector Offices pan India 638 A Large Workforce Of Insurance Advisors And Other Channel Intermediaries Rural Customers 10,00,000
TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes Inconsistency in Premium Renewal 1st, 3rd & 5th year persistency under tremendous pressure. Premium payment collection is hugely resource intensive and therefore high cost. Premium collection is not going digital therefore driving losses & fraud possibilities.
Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes Barriers to premium renewal transaction Areas of high effort and friction in the renewal transaction Barriers to engagement with Insurance Emotions and attitudes associated with the product category & their impact on customer behaviour Barriers to engagement with the Brand Emotions and attitudes associated with the brand , product & touchpoints & their impact on customer behaviour TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL 1 2 3 Phenomenological in depth interactions for episodic recall. One-on-One in-depth interactions, 50 hours of interview transcripts Qualitative Insights 1TB worth transaction data of a 3 Year Time Span Released to 10,00,000 rural customers, in 4 Indian languages over 6 weeks, testing: Trustworthiness, Touch Points Interaction Friction, Redemption Insights Quantitative Insights Consumer Neuroscience Based Widespan Assessment
Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes Claim Settlement Ratio- **.** % Reach in terms of physical presence is high TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes “Concepts -to-specifics” gap with respect to Life insurance as a product category vis-à-vis own life insurance policy leading to de-prioritization of premium payments. High cognitive and perceived friction for customers when establishing goal relevance & self-relevance. High cognitive friction in the premium payment process – through all touchpoints High perceived friction associated with digital payments.
Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes Transparency - Totality & Intuitiveness Consistency -Across the entire lifecycle Flexibility - Ability to control outcome Decision maker - Financial basket allocation decisions (which expenses to prioritize) significantly influenced by the lady of the household, however premium reminders sent only to the policy holder, typically the seniormost male member of the family. TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
Client Background Challenge What We Did Strengths Barriers Opportunities Solutions Business Outcomes Behaviour shift design through – Bridging the value perception gap – Behaviour science led communication across touchpoints (messages, calls) to establish the salience of their policies Eliminating frictionBehavioural Journey Design to eliminate cognitive friction at Peaks & End of the digital payment journey Behavioural Communication & Messaging Design to address Perceived friction - Premium payment, digital payment journey, the brand and the category Process Blueprinting for implementation of the journey designs TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
Client Background Challenge What We Did Strengths Opportunities Solutions Business Outcomes ⬆Improved Persistency ⬆Enhanced Digital (online) Adoption ⬇Reduced Cost of Service ⬆Enhanced Customer Connect and Contactability TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
Thank You dipti@terragni.in +91 895 698 2522 TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
India London Bucharest www.terragni.in www.buyerbrain.com TERRAGNI CONSULTING (P) LTD PRIVATE AND CONFIDENTIAL
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