Founded in 1935, Menora specializes in life, health and general insurance. Described by The New York Times in 2018 as “one of Israel’s largest financial institutions,” Menora manages nearly 180 billion NIS in assets. The mission of Menora’s insurtech division is to lead the sector through a full lifecycle approach to innovation – with agile product development, marketplace expertise and real-time solutions.
Menora was bogged down in a bottleneck of paperwork that took a team of 10 full-time employees to tackle. The tedious, human-centric process was made up of four parts; gathering general information about the applicant, conducting a personal survey, compiling banking information, and finalizing the agreement.
On top of this, Menora was looking to transition and digitize their auto insurance offerings and enable direct sales rather than through agency resellers as they had been doing until now.
“ We’re now getting more qualified leads than before. Our SDRs are having more qualified conversations and we’re driving nearly 30% more MQLs. “— Ben Battaglia, Director of Marketing, Menora
Engage’s flexible, omnichannel platform provided a unified experience for Menora customers that lessened the burden of the employees.
Engage embarked on two customer journey projects with Menora – a pension fund platform called Redemption, which led to a 50 percent increase in pension plan redemption within three months. The automated process provided a better customer experience by eliminating the need to wait on line and interact with multiple customer service agents.
Deployed in under three months, the projects utilized Engage’s products: customer journey, omnichannel, conversational AI and chatbot modules.
In the second project, Menora turned to Engage to digitize their auto insurance offering and enable direct sales rather than through agencies. Engage set up an all encompassing digital solution in which customers can purchase auto insurance in under five minutes without any human involvement. The platform integrated with Menora’s core system, including CRM, calculated risk and customer service, resulting in a better, more customized user experience. With built-in personalization, the UI adapts to each customer, for example, it takes on a cool, conversational vibe with young adults, and a more formal tone with older clients.
The successful integration of the pension and auto insurance solutions – and the potential cost savings of a reduced workforce – has sparked Menora’s drive to digitize all its business units, reinforcing its role as a leader of global innovation. Both digitization projects won The People Professional Forums 2019 IT Awards for most innovative insurance platform.