Apollo Munich used Verloop to shorten its Sales Cycle by over 3X.
With Jayan Mathews, Vice President - Digital Marketing & Sales, ApolloMunich
Apollo Munich Health Insurance company is a joint venture between Apollo Hospitals Group
and Munich Health, creating a trusted provider of health, travel and personal accident
plans for individuals, families and corporate groups.
Number of Employees
Drop in time taken to close a sale
Increase in policies sold in 2018
Combining the strength of the Apollo Hospitals Group, Asia’s largest integrated healthcare provider and Munich Health’s insurance
and reinsurance competence alongside its presence in more than 40 countries, Apollo Munich's pedigree
creates a hybrid excellence in the field of Health Insurance. The ability to replicate successes
in healthcare financing from forty plus countries, while understanding ground level realities of
the Indian financing requirements, places ApolloMunich in an esteemed position from a strategic standpoint.
When he signed up for Verloop, Apollo Munich's Vice President - Digital Marketing & Sales Jayan Mathews, had three specific
requirements from the platform. The first was to shorten the amount of time it took to complete the
sales process. The second was to qualify leads better, and earlier in the sales flow. The third,
and most important metric behind choosing Verloop was to make sure both of the previous requirements
were fulfilled with enterprise-grade security. Verloop's Vice President of Customer Solutions, Abhishek
Unnikrishnan, took these challenges in his stride. Using Verloop's Conversational Sales and Marketing
Platform, Apollo Munich was able to achieve all three of its goals, and then some.
Death to the Forms.
Prior to using Verloop, Apollo Munich used the more traditional and widely accepted method of Lead Generation and Qualification;
Forms. As Jayan would tell us, the most pertinent problem with using this method was that it took
Apollo Munich an average of over 18 minutes per customer to generate and qualify leads using forms.
Research has already shown us, through years of lead response research, that forms are terrible. The odds of contacting a
lead if they're engaged within 5 minutes are 100 times higher than if they were engaged in 30 minutes.
The odds of qualifying a lead if a company interacts with them in the first 5 minutes are 21 times
higher versus 30 minutes.
Over 93% of Apollo Munich's policies are issued within 7 working days and over 95% of those claims are settled within 30
days. There was not a second to be lost and Abhishek and Jayan understood that. As they sat together
to design and launch a bot that could tackle these problems, the results started pouring in. In just
one month of using Verloop's Conversational Sales Automation Live Chat, Apollo Munich managed to
take average sales start to sell process, from 18 minutes to under 5 minutes.
“We were hesitant about using a bot at first. But since we deployed a bot for our Product FAQ
needs, we've automated the entire purchase flow for our product, including payment.”
The root of all Customer Experience evil
This unhinged drop in the time it took to complete Apollo Munich's sales cycle has a lot more to do than just getting to
a lead faster.
It's behavioral economics.
Customers search for ease in every aspect of their purchasing behavior. It's why Uber changed the face of cabbing, because
who ACTUALLY wanted to go out and flag a cab down? No one. It's also why product placement near checkout
lanes in grocery stores are such valued commodities, it's an easier way to buy. It's why Voice Assistants
are changing the face of online search platforms. But most importantly, it's why forcing your customers
to jump through the hoops of manual form filling on your website equates to a worse customer experience.
Forms aren't intuitive, don’t feel human, and they definitely don’t feel like the beginning of a healthy relationship with
your lead. When potential customers interact with your site, they’re looking for information now
– not in 30 minutes, or in five days. But by virtue of using forms, more often than not, that’s exactly
what you're forcing your customers to do.
Antony Jacob, CEO of Apollo Munich
A smoother Customer Experience, a smoother Conversion.
Thousands of leads have been engaged by Apollo Munich's bot since it went live, and by spending less time in the purchase
process, more people have started purchasing. In a three month span in 2018, the efficiency of conversion
increased nine-fold. That's right, a 9X boost in policy purchases because of a 3X drop in sales cycle