Reliance Life Insurance wanted to enable hyper-growth by building a ‘virtual office’ to accelerate the growth in their business. They designed a Lifeline social-portal that delivers services to all of Reliance’s key stakeholder groups: customers, prospects, employees, and agents. The portal provides customers with a one-stop experience through which they can research and purchase insurance plans, manage their portfolios and pay their premiums. Agents can use the platform to get a unified, cross-sectional view of customers’ portfolios and gain the insights to make intelligent cross-selling recommendations that provide optimal coverage for customers. So far they have reduced the time required to develop new services and features by more than 50 percent and reduced their customer/agent service costs nearly 50 percent. In addition, they have doubled market share since introducing Lifeline!
Hi Sandy, looked at the case study for this project, but could not find any mention of community-driven social features of the portal. Could you elaborate on those?
Thanks,
Aneta Hall
I’ve reached out to Reliance too and we try to get more approved!
Here are the points on Reliance for Social Business. Reliance impacted a business process with focus on turn-around time in policy issuance and claims disbursement. The business impacts are: “… in the Virtual Office, customers can shop for products, plan and manage portfolios, and see all their premiums in one place. Agents and employees see a unified view of the customer portfolios. They can easily customize service and cross-sell. Social Analytics are applied to the office to personalize offers and extend existing services that are relevant to the customer. Results are simple: Increased new business premiums by up to 100 percent. However, the intangibles are more important: you have the data to see marketplace trends and identify sales opportunities more quickly. Managers now have granular visibility into staff and policy performance and can invest in the right distributors to scale at speed”
So step 1 is Social Analytics with personalized views to the clients!