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How did a bank unleash digital potential of branches to sell insurance?
Mrz 20, 2020 Sollers , Case study , Digital, Innovations

About Customer 

Our client is one of the biggest financial institutions in the world and one of the leaders in consumer finance in Poland. It is most famous for dominating the consumer loans market and reaching an exceptionally strong position in instalment and car loans. Serving over 2 million of customers the bank operates through over 300 branches and over thousands partnering points of sales, call center and internet channels. 

What was the goal of the project 

As the customer motivations for taking a loan can vary from buying a laptop for studying to financing a dream vacation, one of the concerns usually stays the same. Majority of customer are asking a similar question: “Is there any risk of me not being able to pay the debt in the future?” 

Having thousands of conversations with customers every day, the bank knows their concerns and biggest risks. To address those risks, the bank chose to expand its insurance offer to provide comprehensive protection for loan takers. The bank decided to develop standalone insurance products portfolio to open up new revenue streams. 

One of the main business assumptions was selling insurance through bank’s wide network of branches.  Already having a complex range of banking products in the offer, the sales process needed to be fast and easy both for the customers and for bank’s sales staff.  

In order to achieve that, our client decided to implement a digital platform which is user friendly and allows high level of automation to support the sales process. What is more, the challenge was to implement a low-code, configurable platform that wouldn’t require significant involvement of scarce, internal IT resources. 

What solution was implemented 

Sollers partnered with the bank to implement RIFE – an omnichannel digital platform designed to create seamless digital customer journeys. 

RIFE-based platform utilizes robo-advisory in order to automatically provide a packaged offering from multiple providers. 

The bank’s team had a vision of comprehensive insurance coverage for their customers. But how to implement this vision when insurance is a secondary line of business and IT project focuses on development around core banking products? 

The project was 100% agile, in fact first successful agile project in the bank’s history, allowing our client to have constant control over the outcomes. Engaging client’s line workers from very beginning of the project and smart agile prototyping was the key to simple and powerful interface powered by recommendation engine that enabled insurance packages sales in seconds, supported by customer needs analysis. 

As a result, the bank received an independent platform, sales, servicing and managing insurance products. From that moment, introducing new products is easier, faster and cheaper allowing to further enrich the offering. 

Fast and profitable implementation 

  1. 4 months for go-live allowing quick launch of sales. 
  1. Fully automated offer personalization. Robo-advisory: automatic recommendation of the best out of from over 50 variants 
  1. Increase in number of policies sold and percentage of customers who purchased more than one policy