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The Insurance CEO Mandate – Digital Transformation

According to Deloitte’s research on the insurance industry, future growth will come from selling more prevention products and solutions. Some of these offerings will come from within the business, some from acquisitions, and others from partnerships. The study points out that, by 2024, 33% of the premium volume will come from brand new offerings.

In addition to the broadening of the product catalog, PWC is encouraging insurance CEOs to focus on the following areas.

  • Create a culture deeply rooted in cost-effectiveness, productivity, and operational excellence 
  • Focus on innovation at scale
  • Execution must be a competitive advantage

How do you out-innovate and out-execute your competition, focus on cost-effectiveness, and more products and solutions to the field at the same time?

Digital transformation is one piece of the business puzzle you must use to get, and stay, ahead of the competition.

Why digital transformation in insurance is key

It doesn’t matter how many new products you offer; if your agents can’t find the information about those products or understand what they discover, they won’t sell these offerings. You need to ensure that whether in-person or virtual, broker-to-customer experience is seamless as the one your customers receive when they use a modern digital solution like Amazon: Easy to find, easy to buy.

How can you make this happen and ensure that your advisors, agents, and producers interact with customers for maximum impact?  

And even more so – how will you enable brokers to have value-based selling conversations that bring the right customers the right solutions during the sales conversation?

Modern sales enablement software solutions for insurance, like Bigtincan, solve these challenges by:

Providing access to the right information anytime, anywhere

As already noted, your advisors, agents, and producers will only discuss your offerings if they can find, understand, and discuss them. This fact becomes even more critical as additional products and services are added to the mix.  

How does Bigtincan ensure this happens?

  • Content can be stored in an easy to use content solution that works across any platform, online, or offline.
  • Content is fully searchable via a fast, Google-like experience.
  • A user interface that is easy to use, avoiding the need to invest time and effort training users on the system when you should be focused on your products and solutions.

Simplifying the lives of your end consumers

As you add new products and services, it’s challenging to train teams to identify all potential customer needs.

Easy to navigate sales presentation tools provide advisors, agents, and producers the ability to understand their buyer’s journey. Sellers can post the presentations on microsites so buyers can interact with the content in their time.

As the potential buyer interacts with the content, analytics pinpoint where viewing time is being spent and helps sellers understand what products the buyer may need, better informing, and better preparing them to discuss the right products with each customer.

Streamline your content creation process

Rich content usage analytics enable your teams to focus on producing the content that effectively drives revenue. By streamlining your efforts in this area, you reduce cost and increase productivity.

We often find that insurance organizations spend weeks each quarter creating, working with compliance and legal, and then deploying new, customized content to their prospects. Our document automation solution allows for:

  • Compliance to be built into the process
  • Dynamic content customization from data sources inside and outside of your organization (e.g., critical financial systems)
  • Rapid creation, which supports both bulk content creation and just-in-time requirements

Enabling end consumers to guide advisors to their needs

Those same analytics identify what pages/slides buyers’ are spending time on and help advisors, agents, and producers understand who to follow up with, the timing, and what additional information they need to provide. 

This understanding shortens the sales cycle and gives sellers the ability to stop wasting time on buyers that are not interested. Spending more time with interested buyers, by definition, leads to increased sales. 

These are only a handful of ways Bigtincan helps insurance companies innovate while streamlining operations and maximizing revenue. 

Contact us today to learn more about how our sales enablement platform can be custom-tailored to fit our organization’s needs.

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