Bancassurance is the insurance distribution model where insurance carriers and banks join forces to sell insurance products to consumers.
The channel utilizes the respective strengths of insurance carriers and banks to not just distribute insurance policies in a whole new way, but to increase customer satisfaction and maximize their own profits and reduce costs.
eBook on Digital Sales and Operations in Insurance [Free Download]
The State of Insurance Industry
Currently, the insurance penetration in India stands at 3.7% of GDP, against the world average of 6.31% (Source: Business Today, 2019).
In comparison, some of the emerging economies in Asia such as such as Malaysia (4.77%), Thailand (5.42%) and China (4.77%) have a higher insurance penetration.
It’s clear that the opportunity is immense both globally and in India to get more people to buy insurance, both life, and non-life. India, especially being the 2nd most populous country in the world holds immense potential.
The Need for Bancassurance Model
The bancassurance distribution model for insurance grew to capitalize on this opportunity – to increase the distribution reach with the least possible resources (in terms of infrastructure, manpower and time). Banks with their vast reach in the financial services market were the perfect vehicle to aid the insurance carriers in this endeavor and thus rose the bancassurance channel.
In certain markets around the world, the growth rate for bancassurance is four times the growth of life insurance. (Source: Marketwatch, 2018). Now, with this opportunity, it’s obvious that the competition would be immense as well, and it is, with many insurers and banks launching new alliances all over the globe. So, innovations are needed in the Bancassurance model as well.
Innovations in Bancassurance Model
While mergers and acquisitions in the insurance and banking industry remain a classic move to gain an advantage, there are several new innovations that are helping some insurance carriers rise above the intense competition.
Following are a few other technological advances in bancassurance (and in the insurance sector in general) that are being used by certain insurance carriers to increase their operational efficiencies.
For speedy, transparent and secure authentication, underwriting and claims attribution.
AIA Hong Kong has led the way in this regard. They have launched a blockchain-enabled bancassurance platform allowing the life insurer and its bank distributors to share policy data and digital documents in real time, streamlining the onboarding process, improving transparency, and reconciling commissions automatically through smart contracts. (Source: Deloitte, 2019).
For underwriting and claim settlement using real-time data. Examples of the usage of IoT in insurance include wearables for health insurance, telematics for car insurance, connected smoke alarms for property insurance and many more.
c) Data Analytics
Banks sit on mounds of data, including the demographic and financial details of clients, their transactional details, their complete portfolio, and credit repayment history and more. Bancassurance channels can utilize this data to predict customer needs and deliver customized products.
Tapping into the strengths of both the partners
Banks strengthen the coalition by acting as the insurance distributors with their vast reach, market penetration and established customer trust, while insurance carriers bring their vast, specialized knowledge of the insurance market to the table.
While banks benefit by enriching customer portfolio and making extra risk-free income over and above interest rates, carriers get access to a much wider audience than they could have reached solo.
How banks strengthen the bancassurance alliance
Banks already have a huge reach and market penetration because of their existing customer base. This serves as the key advantage that banks bring to the bancassurance coalition.
b) Customer Trust
Because of the reach and the long-standing relationship of customers with their banks, the chances of an insurance policy being sold via the bank’s influence is higher.
c) Customer Data and Segmentation
Banks have access to a huge amount of data on their customers, including their existing financial products, preferences and other demographic information. This data makes segmentation very easy for them, allowing the bancassurance alliance to market the insurance products in a highly personalized and relevant manner.
How insurers strengthen the bancassurance alliance
a) Market Expertise
Insurance carriers know the industry inside out and are well-versed in using all available data to make predictions and package the right insurance products for the customers.
b) Employee Training
One of the major challenges in accepting bancassurance alliance into the bank’s culture is the resistance of the employees. However, insurance carriers with their market expertise can step-in in not just training the bank employees on selling insurance but helping the banks devise an encouraging incentive structure.
c) Customized Offers
Insurance Carrier’s expertise, along with the bank’s access to customer segments, allows the alliance to package highly relevant insurance products and create customized offers for different segments of customers.
This was a brief gist of the bancassurance distribution model – why it came about, how it functions and the key innovations in the model. To really understand the advantages that bancassurance brings in insurance distribution, for customers, banks and the insurance carriers, check the advantages of the bancassurance model here.
https://www.leadsquared.com/wp-content/uploads/2021/11/What-is-Bancassurance.png315560Meenu Joshihttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngMeenu Joshi2019-05-23 17:47:162022-04-05 16:11:39Bancassurance Model in Insurance – What, Why and How?
Do all the students you enroll show up in the classroom?
162 of the 400 schools we audited say they don’t. About 42% of them don’t- a painfully sizeable chunk.
What’s worse, they withdraw right before the session starts, leaving little time to enroll replacement candidates. There are reasons, of course:
They enroll at another school.
They decide that the time is not right.
They uncover some information about your school they don’t like.
But, it always means a bunch of frustrating calls for the admission reps, and a revenue loss for the management – both entirely avoidable in most case.
Why does this happen?
Because conventional thinking ends the enrolment funnel as soon as the student enrolls.
Ending your process funnel means you have stopped talking, it never means that the student has stopped listening. They’re still browsing the internet looking for reviews on you, still getting offers from other admission reps and still speaking to people, trying to figure out if choosing you was really a good decision.
It’s a war of stories. And you’re leaving yourself miserably exposed if all you’re giving them is a welcome kit and some brochures.
How do you avoid it?
Here’s the catch- you can’t take a lot of your rep’s time in trying cover this.
Enrollment communication is the perfect blend of stories and timing. Whoever tells the more inspiring story at the more critical time wins the trust of the student. And it’s simple (if not easy) to do it correctly:
1. Pick your stories.
Nail down the content you want to send to people based on the program they’re enrolled in. Keep it simple, make it inspiring and get them excited about joining you.
Testimonials, alumni employment highlights or a video showing the day in the life of a student are some strong stories to start with.
2. Setup an automated engagement logic.
Use your enrollment system to create a post-enrollment workflow. Get creative, blend channels – emails, texts and phone calls– to keep candidate invested. Add every person that enrolls to this engagement workflow for continued nurturing until the first day of class.
Logical automation makes it easy for the rep to keep up the conversation without spending A LOT of their time and energy on it.
3. Measure, experiment and repeat.
With an enrollment solution like LeadSquared, you can start this off at your school within one day. The harder part is improving thereafter
You need to measure the number of leads that remain after every step of the workflow. If you see anything unexpected at any point, find out what caused it, try something else, then measure yet again.
42% of career schools losing enrolled students because of a slight oversight is no trivial matter.
But (as we saw), it’s not that hard to start containing these drop-offs either. It’s just a matter of keeping invested in your candidates even after they have enrolled. After all, if you stop caring right after enrolment, why shouldn’t they?
Key is, stay interested to keep them interested. To sum it up –
Keep up regular communication with enrolled students until the session starts.
Automatically share the right stories at the right time, using the right channels.
Measure the effectiveness of every single story, at every point.
Manage your Insurance Sales & Operations Digitally [Download Now]
You must have heard of the overused adage: “Change is the only constant’. Of course, it is true, despite being the cliché that it is. Unsurprisingly, this inevitability of change has also redefined the way a lot of businesses operate today. And if I had to name an industry that has undergone the most drastic change, then it would be insurance. In particular, life insurance.
Evolution of Life Insurance:
A few decades ago, when insurance started gaining prominence, it was just a risk mitigation scheme. Not many were particularly aware of it, and even fewer actively sought it. Now, insurance organizations are broadly classified as life & non-life. While subsets like health & auto insurance have had their fair share of the cake, the sale of life insurance policies still hogs the limelight.
Though more people are actively seeking insurance, the numbers are still not so great. You can attribute this to the fact that users are now spoilt for choices, and they lack the clarity needed to make informed decisions. Which is why life insurance marketing plays such an important role in educating your leads.
Challenges in Life Insurance Marketing:
Aligning your marketing activities to meet the changing demands and interests of your buyers is essential. While it’s easy to deduce that improved customer centricity leads to increased policy sales, the steps which lead to this result are often misconstrued. Here are some aspects that you need to focus on as a life insurance marketer.
Providing an omnichannel experience:
As far as initiatives go, this needs to be on top of the list. The modern buyer is active on a wide range of channels. Even for research, they tend to use multiple channels, with online channels proving to be the most favored. Given this fact, limiting yourself to just emails or a basic contact center will leave you considerably behind your desired level.
Establishing a good presence across your website, social media, advertisements etc. will put you in a prime position to engage with new potential prospects. Consumers also prefer to talk to an agent before making the actual purchasing decision. This further means that the onus is on your organization to make sure that you provide a seamless, one-stop journey which caters to everything from basic research to the final decision.
Enabling intelligent engagement:
While it is important to engage, generic attempts, irrespective of its volume, no longer create the same impact. Bulk emails and out of the blue calls are met with a frightening amount of disdain. Segmenting the target market and analyzing their behavior helps in gaining invaluable insights into areas like life events, purchasing power and other trends apart from basic demographics of your potential customers.
Engagement, based on these insights, which is sending the right content, to the right person, at the right time is what will help in creating and developing a rapport with your prospects. This kind of ruthless personalization based on acquired intelligence is the yardstick which will set you apart from your competition.
Any strategy which you create should be compatible with all the different types of screens used by people. Our world might be a global village, but it is an interconnected, fast-paced environment where everyone is constantly on the move. This means that even your average buyer spends a significant amount of time on a smartphone.
At times, a prospect might even shift from one screen to another at any point in his purchasing/decision making cycle. However, you intend to drive engagement, it should be compatible with both a web and a mobile device. Providing this ease is no longer an option but an absolute necessity as organizations have already started to adopt digital transformation to enhance customer experience.
What is the solution?
The simplicity of what needs to be done can be quite misleading. Life insurance organizations have been around for a long time and transforming their business process and customizing at scale can be a daunting task. This is why companies have turned towards robust, tailor-made execution solutions for the insurance sector.
Here is how you can make life insurance marketing more automated:
Seamless lead capture:
Life insurance organizations may have multiple channels from which they gather their potential insurers. This could be through online media such as the website, paid ads or even social media. With the growth of their internet, there has been a surge of aggregators such as PolicyBazaar, MyInsuranceClub, and others. You should be able to link to these sites as well and capture leads from there.
In the case of insurance, there are many offline channels as well, such as kiosks in prominent locations, events or your feet-on-street team, who go around collecting leads. You should be able to capture all these leads to your insurance CRM.
Easy list segmentation:
Your life insurance program may have many different categories depending on the policyholder’s income. You would not want to sell a low-income policy to someone on the higher bracket or vice versa. Which is why having clear, distinguishable segments allow you to understand who to target and how.
This will also allow you to nurture the leads according to their segment. You can send educational or promotional emails to each list, or even use these lists to remarket to them using PPC channels.
Imagine a lead, interested in policy, responding to your well-thought-out marketing campaign. But, the lead is ignored because no one knew that the lead had to be contacted. Such a waste of effort and a good opportunity lost.
However, by instantly alerting your sales team as soon as a positive action occurs, you can solve this problem. The salesperson can then immediately get in touch with the lead and try to persuade him to insure with you.
Sometimes, you may get stumped as to how to keep nurturing the leads that have already signed up with you. They might already be in touch with someone from your team or might have asked for time for consideration.
But what if you were able to know what communications, be it phone or email, that your team has with the leads? Then you would be able to personalize your messages and tweak your campaigns accordingly.
You know those calls that you get asking you to renew your plan. You tend to ignore them and think, ‘I’ll do it later’. This may happen with your policyholders as well. So how do you persuade them to renew their policies?
Automate their renewals, and just ask them for their consent. You can send them a notification stating that their policy is up for auto-renewal and they can cancel if they do not want. This makes it easier for both you and them.
A modern-day Insurance CRM is a powerful tool which leverages comprehensive intelligence to help you identify, nurture and engage with the right prospects. Apart from acting as a central repository for managing your leads and streamlining your digital & marketing processes, a unified solution will also provide mobility for your internal sales teams thereby increasing productivity. Such tools, with their tremendous scope to enhance entire business processes, are definitely a jackpot for organizations looking to level up.
https://www.leadsquared.com/wp-content/uploads/2021/11/banner-1-1-1.jpg4501000Deepuhttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngDeepu2019-05-23 17:35:142021-08-05 09:58:43Challenges in Life Insurance Marketing and How to Solve Them
As discussed in my previous article, (and as you probably already know), the bancassurance model of insurance distribution has found success in many markets. In fact, the growth rate for Banca is four times the growth of life insurance in certain geographies. (Source: Marketwatch, 2018).
As the channel continues to grow, it would help to understand the different advantages of bancassurance for all the parties involved. This means the customers, the banks and the insurance carriers.This would help banks and insurance carriers help grow the channel in new markets, as well as in existing ones.
Let’s start with the stakeholders who drive the growth of any marketing or sales channel anywhere – the customers. In any market, where the regulations allow for the bancassurance to grow, the acceptance of the customers is the foremost success factor.
I) Advantages of Bancassurance for Customers
Let’s look at the major advantages of bancassurance for customers in the infographic below. This would help the bancassurance alliances make the offering more appealing to the end users:
Following are the above-listed advantages of bancassurance for customers, explained:
1. A Complete Solution, Not Just a One-off Policy
The most important thing in B2C buying is customer experience. Financial products are not an exception. Customers want a solution and not just a product.
For instance, when customers buy something off Amazon, they don’t buy just the product. They buy the assurance that comes with it.
The assurance that they’ll be able to return or replace the product if it doesn’t fit their needs. The assurance that it’ll be delivered to their doorstep. And, the assurance of the best value for money.
And, Amazon provides this solution and takes it one step further to ensure cross-sell. Check this email from Amazon post-purchase. I am also recommended products based on my buying pattern, thus keeping me on the site, ensuring that I spend more.
Netflix became a global success not solely based on its content. Not initially, at least. It became a success because it addressed a customer problem – the high late fees of Blockbuster + easier access to entertainment.
Consequently, Netflix’s user base and revenue grew, while Blockbuster’s popularity declined until it finally faded away.
One of the main advantages of bancassurance is this. A customized insurance product at a reduced price (because of the operational cost cutting) along with expert guidance.
Customers trust their banks to sell them the right product. The trust they would place on insurance carriers and independent agents is comparatively lesser. Therefore, the propensity to buy insurance products from their banks is higher.
4. One-stop-shop for All Financial Needs
Bancassurance distribution model allows the customers to get an amalgamation of other financial services under one roof. Insurance used to be the missing piece of the puzzle which Bancassurance now completes.
5. Expert Advise
Banks sit on mounds of customer data. This, along with insurance carriers’ expertise in packaging insurance products helps the alliance suggest the right products. Customers also recognize this expertise, majorly because of their trust in their banks.
6. Ease of Renewals
Bank being the front dealing with customers, handle renewals as well, making the transaction even more hassle-free.
In the EY survey quoted above, 52% of insurance customers from banks stated their willingness to renew their policies. This was against a dismal 19% of insurance customers from non-bank channels, willing to renew.
Also with new tech and data access for the bancassurance channel, tracking the renewals is very easy.
7. Easy Access to Claims
Again, taking its root in trust is the belief of an easy claims process. This makes insurance through Banca channel a big draw for the customers.
8. Improved Application and Policy Processing Time
Bank already has the data and documentation of customers. This real-time information accessibility makes sure that the turnaround time is reduced – in application processing and claims management. This is one of the major advantages of bancassurance for customers.
Hopefully, now these advantages of bancassurance for customers are clear to you. Let’s discuss the reasons why banks are entering bancassurance partnerships, and if they aren’t, why they should be.
II) Advantages of Bancassurance for Banks
Banks enter the bancassurance alliances because in most cases, that’s the only way they’ll be allowed to sell insurance. This is attractive for the banks because there is a tremendous untapped opportunity for growth globally in insurance. Let’s discuss the other advantages that they gain by entering these partnerships with insurance carriers.
1. Diversification of Customer Portfolio
Banks already have a relationship with their customers selling them an amalgamation of financial products. With Bancassurance, insurance is added to the mix, diversifying the customer portfolio.
2. Improved Profitability & Non-interest Fee Income
In Bancassurance models, banks can easily generate risk-free income in the form of the commissions from insurance carriers. Multiple studies have been done in Indian bancassurance context to prove its positive impact on the bank’s profitability. Following are a few specific stats from different bancassurance case studies:
Axis Bank’s fee-based income increased by 30% in 2010-11 after taking a stake in Max Life Insurance Company. Source: Economic Times)
SBI, after entering Bancassurance, improved almost all components of CAMEL model (except four indicators). The 4 metrics also improved, but the improvement wasn’t significant. Capital Adequacy Ratio (CRAR), Non-interest income (NII), Return-on-Assets (ROA) and Return-on-Equity (ROE) were the 4. (Source: Academia.edu)
With bancassurance, banks can cross-sell insurance, with no increase in their operational expenses. Banks can leverage their distribution and processing capabilities to achieve profitable operating expense ratio.
3. Customer Loyalty and Retention
Banks enjoy the benefit of being able to provide yet another product to their customers. Providing integrated financial services strengthens customer relationships and builds better customer loyalty and retention levels.
4. Increased Customer Lifetime Value
With increased loyalty and stickiness, comes higher CLV per customer which is a very important metric for banks.
5. Cost-effective Use of Existing Resources
Banks use their existing premises and employees (tellers and branch staff) for the sale of the new insurance products. This means that there’s no additional cost of operation in selling insurance. They also utilize the insurance company’s expertise in training bank employees and packaging insurance products. This reduces the cost of distribution for both insurers and the banks, increasing the channel’s profitability. Banks also get an increased Return on their Assets though this (ROA).
6. Specialized Training for Tellers and Branch Staff
Bank staff is often reluctant to take on the responsibility of selling insurance, in addition to their regular tasks. This is a major challenge in bancassurance implementation. Banks address this by taking the insurance carrier’s help to devise attractive incentive plans & providing them specialized training. So, banks would be able to keep their employees motivated, while helping them build on their skills.
III) Advantages of Bancassurance for Carriers:
Bancassurance forms a very important distribution channel for insurance carriers, with sometimes even 70% of their premiums originating from it. Clearly the advantages of bancassurance for the insurance carriers are huge. Let’s look at them one by one:
1. Piggybacking on Banks’ High Market Penetration Rate
On its own, it would be impossible for insurance companies to reach the market coverage comparable to that of banks. Banks have a magnanimous distribution network, especially in India, with lakhs of commercial bank branches. There are 150,947 branches spread across urban and rural regions of India (according to RBI’s September 2018 data). So, penetration is the foremost benefit that the insurance carriers gain out of a bancassurance alliance.
2. Increased Premium Turnover
With increased market penetration, insurers’ motive of increasing premium turnover is also achieved using Banca as the driving force.
For instance, Max Life’s partnership with Axis Bank accounted for 55% of its revenue after Axis bank acquired its shares.
3. Customer Trust from Existing Banking Relationships
Banks have already gained trust among their customers. Using Bancassurance as the driver, insurance companies use this confidence to increase their range, penetration, and premiums.
Look at the graph below from EY’s survey of bancassurance customers in Brazil. Bank reputation is one of the top reasons listed by the surveyed customers for buying insurance at the bank.
The same study suggests that satisfied bancassurance customers rate the bank’s reputation highly for their satisfaction. This further highlights the influence of the bank and the customer’s existing relationship.
Banks have a huge amount of data on their customers. This includes their demographic and financial info, transactional information, spending patterns, credit repayment history (investment and purchase capability) and more. The carriers and banks can use this information to forge intelligent engagement workflows and to customize relevant insurance covers.
4. Information on New Insurance Products to Launch
Learning from the success/failures of their existing covers, insurance carriers can launch new products more likely to succeed. This is possible because of the bank’s access to data on the covers garnering most interest in specific customer segments.
5. Increased Operational Efficiency and Reduced Costs
In several of the Bancassurance distribution models, bank employees are on the forefront, closing the deals and taking responsibility. Therefore the channel proves to have a much wider reach with much less investment. A similar reach through traditional channels would need them to hire several hundred agents in different parts of the country. Through bancassurance, their market penetration goals can thus be met in a much shorter timeframe than through an agency channel.
For instance: Max Life consolidated 60 branches and closed down 140 to increase efficiency and bring down costs in 2010-11. This was after it entered a Bancassurance agreement with Axis Bank.
6. Better Customer Experience Throughout the Lifecycle
The entire process of origination, application processing, underwriting, risk assessment, fund management, delivery, and claims is managed by the bank. This makes customer experience seamless and hassle-free because there’s just one point-of-contact for them.
7. Improved Turn Around Times (TATs)
Bank employees are on the forefront, data access ensures that the turn-around-time is low (responsiveness is high). This is important because responsiveness is rated by most customers as a very important factor in insurance buying. In the EY bancassurance study conducted in Brazil, a timely response was rated highly in the decision to buy insurance.
So, these were the advantages of bancassurance for all the involved stakeholders – customers, banks and insurance. This encompasses the reasons why bancassurance is finding success in so many parts of the world. With these advantages leveraged well, the operational efficiencies and the profitability of the bancassurance sales channel can be increased manifold.
https://www.leadsquared.com/wp-content/uploads/2021/11/feature_image.jpg5201000Meenu Joshihttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngMeenu Joshi2019-05-23 17:18:062022-03-16 17:41:06Advantages of Bancassurance for Customers, Banks, and Insurance Carriers
Boosting enrollment numbers is a goal of just about every university. In fact, just about 34 percent of colleges meet their enrollment goals, so that leaves hundreds of educational institutions that are not able to achieve the number of students they want to enroll every year. Higher education management has to include a comprehensive student enrollment strategy, and having a cohesive story to tell through the college’s branding outreach efforts is critical.
One of the best ways to reach students is through an admissions CRM, or customer relationship management system. These are very similar to what retail brands use to engage customers and take stock of how their marketing efforts are doing. Customers, and students, today expect a brand to resonate with them on a personal level, and a college has to build individual relationships with their potential students if it wants to enroll them.
Aspects Of Higher Education Management
Build a Good Brand
A college has to know what motivates its potential applicants. What makes them tick? What makes them think that your college might have what they want in their future higher education institution? With this knowledge in hand, a college can build its brand so that it engages potential future students.
Just as a retail brand sends out messages that target different sections of its market, a college must do the same. While the central message of the college’s value remains the same, the message of how it can meet the needs of individual students changes, depending on what the students want from their college experience.
Developing a coherent branding message is critical for any marketing campaign to work. Sending the right messages out and sending them in a way that resonates with the target audience is what an admissions CRM can help a college do. It provides them with the data needed to analyze various marketing campaigns and outreach efforts so that they can be adjusted to get better engagement. If a particular effort is not producing the results desired, it can be quickly identified and tweaked so that it does, for instance.
Use an Admissions CRM
An admissions CRM does not replace the college’s efforts to recruit students through a variety of channels, such as email or social media accounts. It helps to bring the results of all of those efforts into one place so that recruiters can better stay on top of how far a lead is in the process of enrolling and take timely steps to make sure that they apply and formally enroll.
Relationship-building through the consistent application of the college’s brand is what gets students to enroll. It might be a billboard or a postcard in the mail that gets their attention initially, but when the potential student takes a step to engage the college in talk about enrolling, it’s critical that they are noticed as individuals and that a recruiter follow up. An admissions CRM provides a central place for recruiters to take charge of the many leads they have so that they can effectively guide the potential students toward enrollment.
Engage with Email
Through segmented email lists that target potential student populations based on demographics, activities, and interests, among other characteristics, recruiters can share the story of the school: its core values, history, vision for the future, areas of research, etc. They do this through our email tool that empowers them to build custom email series that are sent out to those lists at just the right point in the recruiting process. Recruiters can easily build these emails with our drag-and-drop custom email builder and with templates to create visually-appealing emails quickly.
Build Responsive Landing Pages
With our well-designed landing pages, potential students’ attention will be drawn to the promise of a person reaching out to them shortly through our autoresponders. The college gets to keep their website domain, and we host the landing pages to get potential applicants’ email addresses so that recruiters can get started in building those critical relationships.
Use Data and Integration
Our program integrates easily with many other marketing tools and apps that the college already uses to capture leads from various sources. The program then syncs the data from those sources with our CRM. Then recruiters can analyze the data from all of the leads and compare it to their marketing efforts to find out what is working. If a particular email is getting lots of engagement, for example, recruiters can replicate its structure for a future email. Admissions officers can also analyze all of the data to quickly respond to trends and try out new engagement techniques to better connect with their target audiences.
Build Visual Workflows
Recruiters no longer have to sift through dozens of voicemails or emails to try to find information about one particular candidate when they are following up with them. Our visual workflow builder puts all of the information they need right at their fingertips in a centralized dashboard. All of their conversations with potential students are recorded, whether they are emails, phone calls, or chats. This makes it easy for recruiters to quickly remember who they need to follow up with any particular information about individuals so that they can help move the lead toward enrollment.
Additionally, recruiters can see where leads are in the application and enrollment process so that they can choose the right methods of reaching out to them. Phone and email alerts are sent to recruiters through the systems reminding them to follow up with leads, so recruiting is much more efficient with our admissions CRM. Recruiters can focus on building relationships and getting enrollment numbers up.
Technology is a powerful tool in higher education management. It doesn’t replace recruiters’ work at all, but it instead helps them to do their work more effectively. It cuts down on time spent responding to individual leads and can save money by bringing information from all of the marketing outlets to one location so that more time is spent building relationships with leads. Marketing and admissions are on the same page when the college uses LeadSquared’s admissions CRM, and that can also help up the school’s enrollment numbers.
Today, students can get just about any information they want to know about a college from the Internet. The competition between schools to get the right students for their schools is fierce. To recruit students, universities have to build and nurture relationships with potential students. This can’t be done with individual prospective students, of course, so what is the secret to using technology to start those important relationships and to bring students all the way through to enrollment?
The answer to higher education marketing is a technology-based recruiting system. With a suite of technological tools, a college can tailor their recruiting efforts for students and their recruitment officers. All this works together to support a school’s efforts to boost enrollment.
A recruiting system can give information about your college’s story, which is what students want to know about. In their search for the right university, they want to hear what sets each school apart, what its story is. Creating a marketing story and conveying that message across all recruitment outlets is essential. A recruiting system you can tell your school story in a way that engages prospective students.
Why is your university different from the rest?
Your university has to build and share its brand in the same way that a big-name retail brand would. It has to tell its history, core values, areas of research, about its athletic legacy, etc. All of this information is part of the school’s brand. You want to share this information to attract prospective students as a commercial brand would to attract customers. Students are looking for an institution that is the perfect match for their needs and hopes for their futures, and using a recruitment management system can help share the message that your school is the right fit for them effectively.
You want to share what sets your school apart from others. You need to know what motivates the type of students you want to attract, what they’re into, what they’re passionate about. You can then customize your message to meet their needs and adjust it by tracking data and analytics from all of your marketing efforts through the recruitment system. This will help your school’s story resonate with more prospective students.
Why you need a Recruitment Management System
Colleges often only attain about 34 percent of their enrollment goals, but, by using a recruitment management system, they can improve that number significantly.
Drip marketing is a central tool in our recruitment system. It provides a visual workflow builder to lay out the paths to conversion recruitment officers can create with their potential recruits. When a recruitment event starts the workflow, a recruitment officer can send out a welcome email and then send it again with a different subject if it isn’t opened.
Update your leads automatically
The lead can be updated to warm if the potential student opens the email, and the recruitment officer can see where any individual recruit is in the application process at a glance. They’ll get a quick idea of how they feel about hearing more from the university, and this empowers them to try new ways of reaching them if the student seems like they want to engage more.
With our automated funnel movement feature, officers can update lead stages automatically when a trigger event occurs. The officer will receive instant notification of each recruitment activity that happens that could result in enrollment. The officer can act right away to build that critical relationship with a possible future student. You can also sync complex business processes or create an interconnected system to update data in other marketing apps and customer relationship management systems that the university utilizes.
Send engaging email campaigns
With higher education marketing that is built on a technological base, you can use email marketing to nurture relationships with students who don’t want to engage in phone or in-person conversations about the university yet. With our easy-to-use drag-and-drop email builder and sophisticated and fun templates, recruitment officers can build personalized emails for different email lists. You can send a series of emails automatically to leads who are at different stages of the enrollment process. This helps them stay engaged and wanting to learn more. With the analytics available for our email tool, you can replicate emails that get plenty of opens and responses.
Use the email list feature to create lists that are representative of students interests, activities, and demographic characteristics so that your emails will reach them where they are at and demonstrate what your university can offer them. Smart list segmentation empowers your recruitment team to perform custom list actions, such as sending an email to all of the leads on a list or to a call center application that auto-dials students.
Use landing pages to attract more leads
With our recruitment system, you can also create well-designed landing pages that we host for you. You can capture email addresses of potential future students with autoresponders that will keep them engaged until a recruitment officer can reach out to them to answer their questions. We host these landing pages, but they are put onto your university’s website.
Integrate with other tools easily
This recruiting system can be easily integrated with all of the other marketing apps and tools the university uses to get leads from all sources and then to sync the data with your customer relationship management program. This reduces response time to students so that recruitment officers can keep those conversations going and increase enrollment numbers.
Get detailed reports
When your recruitment team uses the analysis tools available in the recruitment system for all its marketing outlets with its integration tools, they can change up anything that needs to be tweaked based on emerging trends. They can replicate what is successful. Knowing what your leads want and providing it leads to better enrollment statistics.
View everything in one place
Your recruitment team will be able to see their daily schedule on their dashboards and know who to follow up with and when. They’ll receive email and phone alerts on individual potential applicants, and each conversation (phone, email, or chat) is recorded in one place so they can quickly reference the content of their conversations with each potential enrollee.
In our powerful LeadSquared recruitment management system, marketing and recruitment come together for a better higher education marketing experience. It improves communication with future students and puts marketers and recruiters on the same page. It offers DIY tools, data, analytics, and cuts costs, all while driving the university towards better student enrollment.