Largest private insurer grows business via gold rewards
BFSI
India's largest private insurance provider incurred success and business growth by whopping 22% via our Gold Rewards
Client earlier relied on their bank arm and its branches for gold reward fulfillment but it was filled with numerous challenges. Later they shifted to vouchers along with one of the vendors and yet the challenges remained unresolved. Upon on-boarding, ABMPL redesigned and set a new process for fulfillment of gold rewards Pan India helping client build a successful loyalty program
The Problem
Non-availability of the products at the bank branches.
Inconvenience to the end customer to pickup from bank branches
Coverage was only in Class A & B towns
Delivery time of over 100 days
Challenges
Even if physical delivery of gold were to give an option following were the challenges
Pan India Home Delivery
Acknowledgements to be taken from the End Customer along with ID proof on each delivery
Ensure Accurate Delivery and Risk Coverage
Maintain Regulatory Compliance as required through the transaction and process
Solution
ABMPL thoroughly studied the client’s requirements and proposed a physical gold delivery solution. ABMPL successfully built a gold redemption model overcoming every challenge through well crafted logistics processes and alliances. ABMPL got regulatory compliance validated at every point of transaction. Finally a full fledged gold rewards system was in place.
Results
ABMPL’s precise and accurate fulfillment model made both client’s and end customers life easy and convenient.
The effort significantly improved the company’s delivery timelines and reduced complaints ratio to almost nil.The contribution from non-performing agents and towns increased significantly thereby a mounting climb in the overall business of the company.
By the numbers, the effort led to:
Reduced lead time by 60%
Increased engagement by 16%
Increased Revenue in the next annual financial year by 20%