Policy Sales - What's Next

Almost a year ago we launched end-to-end policy distribution services for a client providing niche insurance products, with thousands of policies sold, across direct and aggregator sales, there is still plenty to be done.

One of the benefits of full scheme oversight is that you have immediate visibility of live scheme performance, from weaker points in the sales funnel, through to who’s buying what, where and when, and what is behind each claim. It triggers the natural inclination to want to dive straight in and squash the weak points, whilst doubling-down the highest performing areas. To have this broad a view of performance is the dream of anyone at the operational end of scheme delivery.

What we have found throughout service delivery for claims is that the cogs are always whirring, there are always improvements that can be made, and as such there is no final optimisation, instead, the whole service delivery process should be iterative.

As we start to branch out in support of other, imminent policy distribution brands, we will be looking to build upon what we have learned from our entry into policy sales and fulfilment.

Alongside any identified enhancements will be new features, such as:

Subscription Payments (Incl. Direct Debit)
In support of new schemes in the pipeline for new, third-party brands, we are in the process of implementing new subscription payment functionality as necessitated by many policies requiring payment of a monthly premium.

Automated Cancellation, Annual Review and Renewal Correspondence
Whilst we already automate the creation of policy schedule documents, as well as the distribution of policy documents such as the schedule, policy wording and TOBA, we are looking to expand this automation to Cancellation, Annual Review and Renewal correspondence.

Advanced Cart Recovery
We monitor and track the stages of the sales funnel in fine detail, this provides us with the opportunity to fine-tune cart abandonment comms to specific purchase journey drop-off points, with cart recovery messaging delivery schedules optimised in line with the identified periods of high consumer interest and online activity.

Exit Intent Pop-Ups
Because we monitor each step of the purchase journey, we can deliver exit intent pop-up boxes restricted to specific pages, carrying promotional messaging, and where appropriate, discount codes.

These features with be rolled out in scheduled updates to all current and future policy sales suites we deliver. For more information on our end-to-end scheme management services, including policy sales, call us today on: 01268 214096, or email enquiries@rpisolutions.com