Challenge

Long and costly policy renewal processes

Insurance policy renewals were long and costly for Tokio Marine. Up to 20 of the insurer’s internal departments messaged customers directly because their databases were not unified.

Tokio Marine also relied on third-party messaging providers, and these two factors combined to create four challenges for the business:

• Lack of alignment: This led to multiple departments inadvertently spamming customers.
• Inefficient processes: Customer data was extracted from multiple databases and then manually input into a third-party messaging system for delivery.
• Delivery and reporting: A lot of sent messages were undelivered but third-party sender reports could not explain why.
• Lost sales: Customer complaints rose sharply. Contact center agents sought answers from messaging providers and needed up to three days to resolve complaints, leaving no time to upsell or cross-sell.

Tokio Marine sought to resolve these by partnering with external solution providers.

Solution

Using SMS to improve the policy renewal experience

Through Infobip, Tokio Marine’s IT and Development team received a customized solution that was secure, comprehensive, user-friendly, and well supported.

The leading insurance company used the solution daily to send customers SMS messages about policy updates, renewals, and promotions.

The solution has helped the company:

• Unify multiple databases: Tokio Marine can monitor messages from a single location and prevent spamming customers in the future.
• Identify issues for quick resolution: Infobip’s reporting features make it easy for Tokio Marine agents to target delivery issues quickly and resolve complaints efficiently.
• Simplify delivery processes: Tokio Marine agents can message the right customers by uploading an Excel file containing relevant contact details to Infobip’s web interface.

Result

90% delivery rates and a 2x faster policy renewal process

Working with Infobip and using SMS to stay connected with customers has led to significant results in terms of productivity, efficiency, and speed:

• Policy renewals are completed 2x faster now
• Delivery rates have risen from 50% to 90% with Infobip

• Customer complaints have decreased by 70% after switching to Infobip

• Two employees can do the work of 10 (sending messages, as well as monitoring and analyzing complaints), freeing the others to focus on revenue increasing activities such as upselling and cross-selling.

Infobip helped increase conversion rates by complementing the insurer’s existing tools to support customer behavior via Voice, Email, 2-Way SMS, and more.

Tokio Marine’s future plans are to further enhance its contact center with voice recognition chatbots.