The Customer: TCS’ client is a leading insurance company formed as a result of a joint venture between one of the world’s largest life insurance companies and leading corporate houses of India. It is among the first in the Indian insurance industry to launch an online policy for term insurance.
The company planned to overhaul and transform its online marketing initiatives and laid down the following goals:
- Develop innovative ways to engage the target audience
- Enhance the online presence of its products and services
- Acquire new customers
We leveraged our experience with global marketing engagements, along with our in-depth insurance domain knowledge to execute this engagement. We also utilized our D5 consulting methodology to interview all the stakeholders from business units including the marketing, sales and customer service teams to identify the current bottlenecks, along with their expectations of the future state.
Next, we defined a digital strategy that focused on three themes:
- Improve user experience and service
- Enhance online marketing initiatives
- Expand customer base
The solution defined within the digital strategy is expected to deliver the following benefits to the company:
- Increase the online turnover by five times within four years
- Enhance customer engagement by 100% in one year
- Increase the Return on Marketing Investment (ROMI) by 40% within four years
- Reduce costs by 35% within two years with an integrated approach
- Enhance customer satisfaction with a uniform experience across all channels