- Banking & Finance
How Navi Used WhatsApp to Increase Insurance Upsells by 1.5x
Navi was looking for a way to increase insurance sales to potential customers, and that’s where the MoEngage and WhatsApp integration comes in!
Founded in Dec 2018, Navi is the latest venture by Sachin Bansal and Ankit Agarwal that plans to make financial services simple, transparent, and accessible to all. Navi has taken a technology-driven and customer-centric approach to launch products in the financial services space. Navi started with Digital Lending and has served over 1.5 lac customers with their wholly-owned NBFC subsidiary. Additionally, Navi Finserv, in only 3 months post its launch, became one of the largest lending apps in the country. Shortly after, Navi launched General Insurance with their health insurance app, which guarantees cashless claim approvals in under 20 mins with over 10,000+ hospitals in India.
When we decided to use WhatsApp as a channel to communicate with our customers, we quickly realized how easy it is to engage with them. The ease of integration and the ease of use of the channel helped us create awareness for our products and what customers can get from them.
Navi wanted to increase conversions of insurance products to potential customers. However, traditional engagement channels were unable to help them with this goal. So, they decided to look for an alternative channel to help them with their upsells.
Navi decided to reach out to customers interested in loans and insurance, leveraging WhatsApp as a new-age marketing channel through MoEngage. This helped them create a unique segment of customers who were engaged and interested in what Navi had to offer, and consequently, Navi saw an increase in insurance upsells!
With MoEngage as a solution and WhatsApp as their new channel for engagement, Navi saw a significant reduction in Customer Acquisition Cost (CAC), along with some other great numbers:
- Increased insurance upsells by 1.5X
- 75% higher conversion rates for campaigns
- 120% increase in loan disbursals
- 4X more customers reached