Tag Archive | Insurance
Why Configuration is Essential for the Future of the Insurance Industry
Insurance is one of those products that is customized by definition. There is no ‘one size fits all’ approach to buying and selling insurance coverage, whether for health, life, auto or home. Every person, car and house is different, and combined with desired coverage levels, pricing can vary widely. Insurers use a variety of tools and practices to determine what the appropriate cost is for a particular level and type of coverage based on different constraints. However, many insurance salespeople today are still not utilizing a tool that can make an immediate, direct and measurable difference to their bottom line – a configure, price, quote (CPQ) solution.
Expert Confirms Insurance Online Selling Trends
According to Accenture’s Multi-Channel Distribution Insurance Consumer Survey, the internet will grow faster than any other channel when it comes to people looking to purchase or renew their insurance in the next 12 months. The number of those wanting to purchase or renew insurance through the internet was greatest in the United Kingdom where an astounding 70 percent of consumers plan to purchase their insurance online, with only 17 percent reporting they would go through an insurance agent. So what do these fun facts mean for insurance companies?
Gartner’s Top 10 Technologies Impacting the Life Insurance Industry
Gartner just published a new report “Top 10 Technologies With the Greatest Impact on the Life Insurance Industry” which outlines the 10 technologies that are going to impact the life insurance industry in the next few years.
Insurers Need to Focus on Online Market
You can buy just about anything online nowadays, but some industries have been slower to grow the ecommerce channel than others. One in particular is the insurance industry.
Product Lifecycle Management and Guided Selling Tools for Services Companies: Part 2
Today we continue our previous discussion about how sales teams in services companies can utilize PLM to improve performance. Now we will discuss multichannel issues and specific tolls that can be used to help in this endeavor.
Product Lifecycle Management and Guided Selling Tools for Services Companies: Part 1
Sales tactics in the service sector can be quite different from those when selling a physical product. We humans tend to have more of an emotional connection to things we can see and feel. This means service providers need to work extra hard to differentiate themselves and develop a loyal following.
For services companies, such as telecommunications providers, insurance companies or financial services firms, Product Lifecycle Management (PLM) is an essential activity with a big effect on the bottom line. With increased regulation (or deregulation), technological innovations, evolution of consumer behaviors, and more competitive pressure, it is necessary to have an agile marketing strategy for launching new offers across different channels including call centers, agencies, retailers, and online. This agility must also be present in the sales field through guided selling tools in order to guarantee the best customer experience.