[Case Study] How Personalized Lead Nurturing Campaigns Help You Build Better Stronger Customer Relationships
This case study features Edelweiss Tokio Life and was originally published on WebEngage.
The Company
The Insurance sector in India consists of a total of 57 insurance companies. Out of which 24 companies are the life insurance providers, and the remaining 33 are non-life insurers.
Edelweiss Tokio Life is a new generation life insurer with presence in 93 cities through its 121 branches. Established in 2011, Edelweiss Tokio Life is a joint venture between Edelweiss Financial Services, a diversified financial services company, and Tokio Marine Holdings, a global insurance giant.
With a strong focus on customer centricity, the insurer is known for its award-winning and innovative products and services. Its strong lineage equips them with the expertise to address the customers’ needs. Headquartered in Mumbai, the insurer serves over 2 lakh customers (as on March 2019) through its multi-channel business.
The Objective
To achieve such success, Edelweiss Tokio Life focuses not just on sales — but also on acquiring quality customers and giving them the right experience throughout their journey.
Shown below is the basic journey every new customer follows at Edelweiss Tokio Life.
The team at Edelweiss Tokio Life proactively finds ways to make their customer’s journey interactive and simple at every touchpoint.
Out of all the stages mentioned above, lead nurturing plays a pivotal role in creating a seamless customer experience.
What is Lead Nurturing?
To put it simply, lead nurturing for insurance companies means devoting time to build meaningful relationships with each prospect. However, building relationships and fostering loyalty is tough for companies, especially if you have thousands of customers. This is where the marketers or businesses as a whole need to move about carefully.
The Challenge with Lead Nurturing
Edelweiss Tokio Life faced the following challenges to set-up a lead nurturing process, which was as interactive and meaningful as the rest of the customer’s journey:
- Communicating successfully with the customer in the digital age, primarily via mobile
- Leveraging customer data and insights to map complete customer lifecycle
- Qualifying and segmenting prospects to nurture them with content specific to their needs, and;
- Keeping costs down while increasing efficiencies throughout their customer lifecycle
The Solution
To successfully nurture each lead, WebEngage equipped Edelweiss Tokio Life with the right technology support at every step of their lead nurturing process.
