The insurance company has devised a method where everyone performs 10x of their counterparts in other businesses, thus deriving efficiency and time out of digital transformation
DEVENDRA RANE
COVERFOX.COM
The CRM not only helps us improve the conversion rates but optimise the advisory team size. We are among the few Indian companies with shrinking advisory costs and increasing business numbers.
Technology is at the heart of all the operations for the insurance company, coverfox.com. The team is cognisant of the latest technologies available and what is best for the company. With the introduction of latest trends in machine learning and artificial intelligence, they aim to create an organisation where everyone performs 10x of their counterparts in other businesses, thus deriving efficiency and time out of digital transformation.
Talking about their approach, Devendra Rane, CTO, shares that the way they approach a problem is to first solve it using simple solutions without technology. This helps them define the problem in a more structured manner as also identify the core issues with the process and operations. “The biggest advantage of starting small and experiencing the problem first hand is that it helps us to prioritise digital transformations around that project,” he says.
Over the last few years, advisory and service support system are among the focus areas where coverfox.com applied this method to achieve 100 per cent digital transformation success. The call centre and Customer Relationship Management (CRM) systems have been completely developed in-house and have been iterating to make it more efficient. From basic call routing to complex customer interaction over emails or social media is all handled by the CRM at a single node. The CRM gives the advisor a complete and single customer view so that the advisor has full context of the call and resolves any query during the call itself.
The operations of the organisation have benefitted manifold from the mobile apps that coverfox.com has built to digitise their complete on-the-foot operations. This has reduced delays in communication and paperwork required through managing insurance – be it purchase, claims, inspection or endorsements.
The organisations' CRM system has helped them achieve better conversion rates than industry standards by a huge margin.
We are 250-plus team and intend to stick the same strength in the coming years. For us, technology and digital transformation drives our business,” explains Rane.
He further adds, “In the long-term, we will like to have a completely automated setup which manages marketing, sales and operations. We have been able to transform some parts of all these departments and are confident that it is possible to achieve 100 per cent automation.”
At coverfox.com, quite a few digital transformation projects are initiated by individual teams and then evaluated by the team of the CIO. Prioritisation and development is done only after taking all stakeholders into confidence about the timelines and final deliverables.
Almost all Coverfox's talented professionals hail from start-ups and the agility culture has seeped deep into the organisation. They have a few small teams which work as start-ups within the organisation and are directly answerable to the management for their deliverables. These teams work only on projects which look, at least, one to two years into the future or have the potential to give them 10x gain in business metrics but can be risky if they fail big. “At coverfox.com, it is always fail fast, fail often and fail small,” says Rane.
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