SUMMER 2021 21
Updating an old adage “ Experience is everything ” is an age-old adage . Today ’ s adage is
“ digital experience is everything .”
In today ’ s digital strategy world , we increasingly talk about the paramount importance of the customer experience ( CX ) and the user experience ( UX ). Each area sits at the forefront of organizational strategy and service delivery . And nearly every financial services product class has already shifted onto this agenda . Of note , even cars are now designed and ordered through an online digital experience .
Unfortunately , for the life and annuity sector , the sales experience remains entrenched in a legacy model – static 45-page PDF illustrations ; long PowerPoint decks ; and traditional printoriented “ brochureware ”.
Without modernizing the pre-sale digital customer engagement , the life and annuity sector stands little hope of returning to sustainable long-term growth .
A legacy sales experience today undercuts the sales effectiveness of a BGA ’ s network of financial advisors , producers and insurance agents – ultimately , impacting the BGA ’ s own revenue and profit .
Transformation of the wholesaler model is well-underway
Whether you call it “ eWholesaling ” or “ Hybrid Wholesaling ”, it makes no difference . The transformation of the traditional wholesaling model for BGAs and distributors is now underway . Wholesaler demand for digital sales enablement and marketing tools is growing by the day .
What digital sales enablement capabilities are wholesalers crying out for ? In our experience , this has been concentrated around three critical areas : Digital , interactive product analysis tools that support virtual sales engagements Modern platform-based product training , education and marketing experiences Real-time data insight — to drive proactive and targeted case and account follow-up
While the digital hybridization of the advisor-client discussion has already been underway for several years , the eWholesaling shift is just now rapidly taking off .
If you are BGA focused on digital innovation — start now . Not only will your GenX ( age up to 55 ) and Millennial ( age up to 40 ) wholesalers double their sales effectiveness , they will also personally thank you , as will the advisors and agents you serve .