While the broking industry had experienced substantial growth in the preceding years, with a market participation rate of ~4%, substantial growth opportunities remained. Over the same time period, our client had achieved a turnaround in its operations relying on value driven projects. The next phase of the journey involved building on this success to achieve exponential and sustainable growth. It was therefore evident that streamlining activities and processes through technology and digital enablement would be pivotal for the realization of this vision.

Our Approach

Objective:Given this, the objective of the engagement was to enhance efficiency of existing channels and develop sustainable models. Key drivers included laying the foundation for scalability of the digital business, strengthening franchise networks, and re-aligning branch roles for better servicing.

Solution:Basis a market scan and internal assessment, the implementation roadmap was identified. This involved identifying initiatives for customer and franchisee acquisition & engagement, and revenue augmentation. We set up a project management office and identified project sponsors and teams to track the various initiatives.

Outcome:We successfully streamlined the entire customer journey, with significant wins along the life cycle. For customer acquisitions, third-party platforms and agencies were onboarded for lead management, marketing automation, referrals, digital paid marketing, and SEO.

Phase I of the one-stop-shop Franchisee Portal was initiated, significantly reducing the time taken for Franchisee code creation from 14 days to just 1 day. A 45-day onboarding program was also introduced to familiarize new franchises. For the firm’s e-governance business, we established an online presence through social media, YouTube and paid campaigns to drive agent acquisition.

In terms of servicing and engagement, Phase II of the Franchisee portal for servicing was finalized. A B2B insurance and investment portal was launched for better servicing. Additionally, marketing automation journeys and digital campaigns for specific offerings (e.g., Margin Trading Funding) and outcomes (e.g., re-activation) were introduced, tracking their effectiveness. This aligned with our overarching goal of building a digital organization to optimize processes and cost structures.

The Benefits

• Decreased cost per activation from digital paid campaigns by 50% from FY22 to H2 -23
• Increased activation rate of customers from digital channels by 37.5% from FY 22 to FY 23
• Set the foundation for increase in acquisition from referrals and organic leads through platforms and partnerships
• Increased franchisee acquisitions by 112% YoY, through digital & offline channels
• F&O Revenue grew by 37% YoY, F&O UTC grew by 8% on account of online and offline drives
• Increased acquisition of e-gov agents by 135%; Improved activation rate by 46% from Q1FY23 to March 2023
• Non-broking revenue increased by 35% YoY, on account of offline and online drives