Insurwave is a platform for insurance teams who need to manage their insurance portfolio, generate insights, and share data and documents with operations, brokers and insurers.
With total funding of $6.41M raised as of 2023, the company is one of the fastest growing startups in the Insurtech Industry.
The company was awarded “Best Risk Management Solution Provider” by European Insurance Technology Awards in 2022.
The Insurwave team had been having trouble managing leads in the HubSpot instance. They found their process relatively unstructured, which resulted in the following challenges:
With an overwhelming number of leads, a lot of important prospects were being lost in the pipeline. Insurwave had been losing a large chunk of their revenue due to slippage.
The Insurwave business development teams had been unable to follow-up leads in a timely manner. This often led to frustrated prospects and a negative impact on customer relationships.
The business development team had also been struggling with duplicate and inconsistent data, resulting in wastage of time and resources.
Undefined process structure
There was also an inconsistency in the management of new leads by different business development team members.
In order to solve the above challenges, we first conducted a workshop to understand the requirements of all the internal stakeholders and came up with a restructured framework for the BDR (business development representative) pipeline.
The BDR pipeline restructuring involved the following steps:
a) Redefining and automating lifecycle stages
b) Identifying and building out key stages in BDR pipeline
c) Identifying and building out important properties for enrichment
d) Automating Reminder Notifications
e) Property visualisation
f) Automation for data migration
Redefining and Automating Lifecycle Stages
We redefined the lifecycle stage for Insurwave and developed a framework to automatically update the property using HubSpot Workflow tools.
With our automated solution, we have completely removed the need to update the lifecycle stage manually reducing the human error by 100%.
Identifying and building out key stages in BDR pipeline
We identified key stages in the BDR communication process and built it out in the HubSpot pipeline. To streamline the process, it was critical to identify and build the key stages and weed-out the ones not necessary.
Properties for enrichment for deal stages
To have consistent data across the system, we identified important properties against every deal stage and put it as a blocker in the BDR pipeline.
Now every time a lead is moved across stages, HubSpot will make sure that relevant property gets enriched by the BDR team.
Automated follow-up reminder notifications have been set when a lead is stuck in the same stage for more than 15 days. This system will ensure that leads do not get stuck midway for a long period of time.
In order to have better data visibility, we customised the HubSpot sidebars into different segments. This helped people from different teams to access the required data record with just a click of a button.
Automation for Data Migration
To maintain data consistency through the CRM system, we first identified objects considered as the main source of truth. An automated system was designed to migrate that data across all other objects.
The system ensured that there is no inconsistent data, which can cause confusion and kill a worker's productivity.
Revenue increased by 30%
The systematic leads follow-up process we put in place ensured that leads do not slip through the pipeline. This ultimately resulted in increased revenue by 30%.
Improved lead identification
The processes we put in place for better identification of important sales & marketing leads using HubSpot reporting helped the Insurwave team to devise distinct strategies for leads in different stages of the funnel.
Time and money saved
Deploying consistent data across the system resulted in significant reduction in manual work, saving around 4 hours per day. Over a month, this amounted to £5,000 in savings.
40% increase in opportunity
The structured pipeline we created resulted in lead velocity improvement. This resulted in an observed 40% increase in opportunity.
£18,000 per year saved
Errors related to lifecycle stage mapping have been reduced by 100%. As a result, the 2 hours per employee wasted on manually creating reports to analyze customer progress has been eradicated.
"Revops Automated have been helping us setup HubSpot from scratch for sales & marketing. The team has a lot of knowledge and works in a way where projects are completed in a timely manner.
"Before RevOps Automated we didn't have a well-refined process for business development. With the system and reporting they have set up, I am confident we will continue to be able to scale."