Tag Archive | Insurance
Earlier this year we stated Why Configuration is Essential for the Future of the Insurance Industry, stressing that this type of innovative solution is becoming the spearhead for business development in the sector. As 2012 comes to an end, we want to mark this declaration by looking back at the past year.
It’s only a few weeks after Dreamforce in San Francisco, and here we were again at Cloudforce Munich earlier this week to network with the DACH region customers.
This event welcomed 2,500 attendees—and the momentum of Salesforce in this region is getting stronger and stronger; the local partner ecosystem is very dynamic as well. Similar to Dreamforce a few weeks ago, the emphasis was primarily on social and collaborative tools to bring businesses to the next level.
The new reality for most companies today is that power has switched from the seller to the buyer, and the buyer expectations have increased exponentially. This new market reality dictates that vendors have the ability to quickly and accurately assess and understand customer requirements in order for sales executives to offer the product or solution that best matches customer budgets and timing.
One approach to this shift – guided selling – has moved to the forefront as it allows sales to access centrally maintained information repositories containing actual inventories and solution combinations, then build solutions and generate proposals with a question and answer exchange.
Increasing your overall cart revenue when selling an online insurance policy, reducing churn in the telecommunications industry, and building a quote for a potential client in the middle of nowhere: three different challenges, three different industries, one single solution – A Next Gen Configure Price Quote Solution.
While it is true that configure, price, quote (CPQ) technology was born in the manufacturing industry, today’s CPQ market has evolved and now encompasses other verticals such as the telecommunications, insurance and financial service industries.
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.
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?