Joy - Jun 28, 2021

Case Study: Banca Sales Up by 300%

Great Banca partnerships are formed when a bank refers their customers or prospects to an insurance company that sells products suited to the bank’s client base’s needs. The client benefits as a referral makes it easy for their insurance needs to be met, the referer benefits by keeping their customer happy and often also earning referrer fees along the way, and the company receiving the referral gains a customer. 
Win, win, win. 
However, to keep this referrer-referee relationship healthy and worthwhile for both parties, the referring business needs to know whether their clients are being well taken care of, and the company receiving the referral needs to know leads of enough quality and quantity are being sent through - especially if they have been paid for upfront. 

For 15 years Value-Ad has specialised in optimising lead management and outcomes in the financial services sector. 

One of our clients in the Philippines - a partnership between one of the largest banks in the Philippines and a global financial services company  - recently increased its banca sales conversion rate by 300% using Value Ad! Please read on to see how.

Traditional Manual Process

Before Value-Ad was implemented:  

  1. The bank would generate leads from its existing customer base, walk-in traffic or a website capture form;
  2. A sales admin would compile the leads on a regular basis, and then send the leads to their partner insurance company via an Excel sheet;
  3. The partner insurance company would then distribute the leads to their sales managers and 
  4. The sales managers would then randomly distribute the leads out to their salespeople. 

We have seen this and similar manual processes followed in many companies many times.

Some of the major problems encountered with this manual process are:

  1. Long Turnaround Time (TAT)
    It usually takes up to 3 to 5 working days for the salespeople to call and follow up with the leads.
  2. Low Transparency / No Insights for Referring Bank
    The bank management has no insight into the status of the leads after they have been received by their insurance partner.
  3. Limited Insight into Quality, Quantity and Action Rate of Leads for Insurance Company
    The insurance management has no way to accurately know and report how many leads were sent through, how many of these leads were actioned and the quality of leads being supplied.

The biggest issues are that it is not possible to see how each stage of the process is performing, and it is difficult for the insurance company to report back on the progress being made to the bank. This insight would give an indication of the quality and quantity of the leads, as well as the skills and activity/in-activity of the salespeople. Without this information, it is difficult to explain and/or improve revenue.

Digital Work Flow by Value-Ad

Value-Ad’s Smart Lead Management System automates the entire sales process by:

i) Instantly collecting the leads generated by the bank’s web capture form via an API, as well as collating the leads uploaded by the bank campaign manager via our user interface (UI);
ii) Importing the leads into the backend of the leads management system to be deduplicated; and then
iii) Matching each lead to the most suitable partner insurance salesperson based on factors that include their geographical location and the language spoken by the prospect. 

It is important to note that Value-Ad can create multiple campaigns with different allocation rules and workflow deadlines to cater for the best practice for different lead sources. This makes a big difference to outcomes.

Getting the Leads to the Salespeople in Seconds

iv) Delivering the lead to the salesperson in seconds. The insurance company can decide if the salespeople receive the lead via our mobile application or if Value-Ad’s backend is integrated via APIs into the insurance company's front end. In this example, the insurance company’s existing front end was used so that the salesperson only had to log into one application to complete different tasks. Both front end options can be configured in days.
v) Notifying the salesperson that they have been matched to a new lead and must make contact and provide feedback on the interactions. 

As mentioned, the workflow and deadlines the salesperson has to follow can be adjusted according to the type of campaign each lead is from. For example, leads from digital campaigns are hot, i.e. the prospect is expecting a callback, so the salespeople are required to call and give feedback within 2 hours. Leads from sources where the prospect is not waiting for the salesperson to call, e.g. data-based mined cross-sell opportunities, should have longer feedback deadline requirements. Hot leads can be reassigned if they are not contacted within the decided period to prevent them from going cold, as this results in reduced conversion rates.

vi) Collecting feedback on sales activity which includes whether the salesperson tried contacting the lead, if they were able to reach them, did they manage to set-up an appointment or make a sale, and if not - the reasons why not.

If no feedback is submitted, or if a deadline is missed - this is also an important insight into the sales process and is collected too, and can be used for future matching decisions and management decisions. 

Calls made can be recorded if required. Call recordings are particularly useful when it comes to training.

Notification Received

Lead Information

Feedback Collected

Example of lead delivery and feedback collection via Value-Ad’s application


Delivering Campaign Insight via our Reporting Tool

vii) Reporting on the status of each lead, as well as the performance of each salesperson and team. The bank and insurance company can access the reports and details relevant to them. Data points include how many leads each salesperson received,  how many leads were actioned,  how many leads had to be reallocated due to missing the deadline to make contact, no-sale reasons as well as individual conversion rates. This information gives insight where results can be improved due to how active the salespeople are, their skills, as well as the quantity and quality of the leads provided. 

Prospect Summary Report

So how did we increase banca conversion rate by 300%? By Value-Ad’s Smart Lead Management System automating and managing its lead process. This included: automating the collection of the leads generated; instantly matching to the salesperson most likely to close the deal using complex; predefined matching rules; seamlessly distributing the lead to the salesperson via (in this case) their existing user interface; guiding collecting feedback; while delivering real-time reporting insights for the sales management team to monitor the salespeople and make wiser decisions to achieve better results. 

Schedule a call with us to find out more!

Written by Joy