Pension & Life Insurance CRM Application Garanti Emeklilik
Garanti Emeklilik is a leading provider of pension and life insurance services in Turkey. By deploying Microsoft Dynamics® CRM and supporting technologies the company has transformed the quality of customer service throughout the pensions and life insurance product lifecycle. Customer enquiries are resolved in just over a day rather than three days under the previous system, while sales teams are now 25 per cent more efficient.
CRM Technology Helps Turkish Insurance Firm Improve Sales Efficiency by 25 Per Cent
Garanti Emeklilik founded in 1992, with assets equivalent to €591 million in January 2009, is a major player in the Turkish financial services industry, having built market share considerably during the past five years. In an increasingly competitive marketplace, customer relationship management (CRM) is essential to the company's success. In recent years, Garanti Emeklilik, a subsidiary of Garanti Bank of Turkey, has seen a large increase in its financial services customers. This is due to several factors, including Turkey's steadily rising gross domestic product and higher disposable income. In addition, Turkey's state pension system is undergoing dramatic reform, driving more people to take up private accounts.
Garanti Emeklilik has responded with a host of new offers targeting a public that's keen to take advantage of private pensions. As a result, it now has 336,511 pensions and about 2.5 million life insurance clients. But new entrants to the industry have added to the competition, while recent legislation places additional pressure on the bank's systems and processes.
Gökhan Özüm, Product Development and Strategic Planning Senior Vice President, Pensions, Garanti Emeklilik, says: "If we don't respond quickly and professionally, customers will take their capital to another financial institution. But service quality was affected by our internal customer applications that were written separately for different parts of the business. This meant it was difficult to consolidate disparate information about one customer into one system or one screen. We had to fix that fundamental problem."
The deployment of new technology raises another challenge if it isn't easy to use. Özüm adds: "With such a large workforce in our sales department and call centres, we have to deploy systems based on the usability and familiarity of applications. We can't afford to disrupt employees' work with long training sessions."
When it came to selecting the right CRM technology for the business, Özüm evaluated solutions from different providers, but finally opted for Microsoft Dynamics CRM delivered by Microsoft Gold Certified Partner VeriPark.
Özüm says: "We wanted a more flexible tool to deliver an outstanding service to customers with shorter time-to-market and lower total cost of ownership. In addition, much of our business is delivered by our sales teams who need to get up to speed very quickly with any new solution. Finally, we want our technology to adapt quickly to the needs of our business. Microsoft Dynamics CRM fulfilled all of our criteria, as well as representing excellent value for money."
In just four months the team at VeriPark, working alongside Garanti Emeklilik employees, successfully deployed the solution. Information from disparate systems is consolidated in Microsoft SQL Server® 2005 data management software while Microsoft SQL Server Integration Services supports data integration and workflow applications that deliver customer information to an easy-to-use interface.
Now 550 out of 600 Garanti Emeklilik employees across the company in contact centres and the sales departments are taking advantage of the familiar Microsoft Dynamics CRM application to respond to customer queries and manage sales applications.
In addition, Garanti Emeklilik has been able to set up about 40 automated business processes as part of the CRM deployment. For example, if a customer changes the details of his or her mobile number or credit card, this information is automatically forwarded to the relevant branch or payment centre of the bank.
First and foremost, the deployment of Microsoft Dynamics CRM gives Garanti Emeklilik a single, 360° view of individual customers and the business. As a result, the company has increased its market share by a significant amount in an extremely competitive market. In addition, the quality of customer service has been transformed throughout the pensions and life insurance product lifecycle. Sales employees are more effective in managing their daily activities, while Garanti Emeklilik has been able to update the solution to accommodate improved and innovative processes, including sophisticated customer segmentation that identifies high net worth customers and ensures that they receive the highest level of service.
- Garanti Emeklilik has increased its overall pensions and life insurance market share by one per cent, a significant shift in the highly competitive financial services market.
- Microsoft Dynamics CRM is helping to improve cross- and up-selling. The average contribution rate per customer a month has increased by almost 43 per cent.
- Sales team efficiency has increased by 25 per cent. These employees can spend more time focusing on after sales care and improving customer relationships.
- With the Advanced Find feature in Microsoft Dynamics CRM, employees can search hundreds of thousands of customers by age, contributions, and location.
- Employees find the solution easy to use. All content, including workflow, is organised on a single page with the familiar Microsoft look and feel.
- Automatic escalation of incomplete actions ensures that customer service is never neglected.
- Since the deployment of the CRM solution, average resolution time of customer enquires has fallen from three days to just over one day, an improvement of 75 per cent.
- Garanti Emeklilik can now segment customers quickly based on demographic, geographic and financial information rather than wait for up to a month to assimilate raw data into a spreadsheet or simple database.
- In the first 12 months since deployment, Garanti Emeklilik has added three batches of features to its Microsoft Dynamics CRM solution. This gives the company confidence that it can continue to innovate and deliver outstanding customer service.