12 ID Trends NAILBA
A hybrid D2C model can add further value by enhancing the two factors that are critical to success in this semi-digital environment : education and trust-building .
Sales and marketing from page 10
Going hybrid
The close rate for consumers in those situations can be dramatically increased if an advisor or agent is available to help . In fact , this has long been a cornerstone of the sales role ; answering questions , keeping the consumer motivated , reminding them why they are doing this , and removing obstacles .
The opportunity is to build processes that accept the notquite-digital reality of many sales , and find ways to bake advisor availability into their D2C workflow . Having a personal connection with consumers not only helps prospects through the sales process , but can also increase the number of apps turning into in-force policies for a higher level of satisfaction for all involved . A hybrid D2C model can add further value by enhancing the two factors that are critical to success in this semi-digital environment : education and trust-building for more comfort with products — and also with new digital technology and processes .
Increasing cross-selling and up-selling
For years , the average number of products sold to each client was barely a fraction more than 1 . Now , as a result of pandemic pressures , that metric is beginning to improve . Now that it has become more difficult to prospect face-to-face , the challenge is to find new ways to continue to make sales . For many , this has meant turning their focus away from traditional prospecting events like seminars or ‘ lunch and learn ’ sessions , and instead channeling their activity towards an opportunity that has existed all along — cross-selling and up-selling to current clients .
The opportunity is to encourage and enhance the mining of books of business — enabling more client needs to be met and increasing client engagement . Thanks to increased digitalization over the past two years , more and more routine client service tasks are being automated or performed by the client themselves . This frees up time to work on higher value tasks like relationship management and cross-selling . At the same time , clients have become increasingly aware of the different types of risks they face and are more open to reviewing their insurance needs and filling any gaps .
Cross-selling capabilities can be enhanced by creating a systematized approach , and finding the right technology to support the process . Designing campaigns based on specific needs and products can further mining success , along with specific CRM tools that enable very targeted segmentation — and by integrating them with good financial needs analysis tools that recommend solutions and ensure compliance .
Modernizing systems
All of this beneficial support can be challenging depending upon the effectiveness of one ’ s current agency management systems ( AMS ) for running operations . It ’ s difficult to track and manage productivity when data is not centralized and not available in real time . Even harder when activity assignment and reporting is not automated . If sales tools can ’ t be integrated with the AMS , then engagement and agency growth will be stunted going forward .
In order to hyper-personalize marketing and streamline sales , it is essential to have access to a complete set of client data that can be used by an integrated suite of digital solutions and managed through a modern AMS . The tracking , reporting and management capabilities they deliver make it possible to more effectively transition from traditional sales and marketing models to digitally enabled ones .