The insurance industry continues to show significant growth, providing great opportunities for sales advisors to widen their reach and capture a portion of this growth for themselves. According to some estimates, experts predict the insurance space will grow at an annual compound rate of 9% per year until 2026.
Despite this positive outlook, there are a number of forces revolutionizing the space that even experienced sales advisors will need to reckon with in order to continue experiencing success. One such factor is the ongoing digital transformation of the industry, which is leading insurers and sales advisors to rethink how they serve policyholders and what modern consumers are seeking in their insurance products.
The following are some effective strategies today’s top insurance sales advisors have adopted to create an edge for themselves and succeed in the digital age.
Learn about Covenir’s industry leading ONSHORE Insurance BPO Services.
Embracing Technology
The impact of technology on the insurance space is undeniable. From automated claims processing to AI-powered analytics, technology has helped insurers become more efficient and data-driven, and this extends to insurance sales as well.
Sales advisors have more data on prospects and policyholders at their fingertips than ever before. They can now leverage customer relationship management (CRM) software for a comprehensive view of their policyholders, sales leads, and all their interactions.
Most CRM solutions offer some level of reporting and analytics, making it easier for sales advisors to track their performance, focus on the leads they deem most valuable, and close more deals. Further, advanced digital marketing tools are helping sales advisors engage with potential leads across their preferred channels, including email, social, and phone.
There’s also a growing market of insurtech solutions specifically designed to help advisors streamline their workflows and offer personalized service to leads. Modern insurance sales advisors should embrace new software, tools, and technology as they emerge in order to become more efficient and effective.
Building an Online Presence
Today’s top insurance sales advisors are leveraging social media to build their online presence and foster organic relationships with prospects. The sales world has always been based on relationships, and this still holds true, even when interactions take place in a virtual environment.
While sales advisors still hold face-to-face meetings with prospects, building a strong online presence has become more of a focus in today’s market. Sales advisors can make themselves known to a wider audience online by creating a professional website, being active on social media, and leveraging professional networking platforms.
Being present across various online channels essentially allows sales advisors to be in multiple locations at once. So, the most successful advisors today are the ones who are appropriately leveraging their online platforms to build a compelling personal brand, connect with their audience, and establish their expertise
Leveraging Data Analytics for Better Personalization
One of the major factors behind the digital transformation of the insurance sales sector is data analytics. Savvy sales advisors understand this, and they are leveraging advanced data analytics capabilities to give their business a distinct edge in the digital age.
Data analytics tools tap into the vast amounts of data available on prospects and policyholders to generate valuable insights that sales advisors can utilize to boost their performance. This provides them with a unique view into consumer preferences and behaviors, so that they can adapt their approach to best meet prospects’ needs.
In turn, data analytics supports better and more effective customer targeting, as sales advisors can segment prospects based on interests, geographic location, age, and other demographics rather than on a mass scale. Thus, targeted marketing and sales can produce a much higher ROI since it is uniquely focused on the individual needs and wants of policyholders.
Consumers are increasingly demanding a personalized experience, seeking out policy recommendations and premiums that are based on their unique circumstances and wants rather than one-size-fits-all policy coverage and pricing. Sales advisors can use data analytics to offer personalized insurance solutions based on data-driven recommendations that are tailored to individuals.
Elevate Performance with Covenir BPO’s Product Sales Advisors
Our team of outsourced insurance product sales advisors and consultants at Covenir BPO are leaders in the field when it comes to navigating the digital age. We understand that the traditional approach to insurance sales has been turned on its head as the industry continues to undergo digital transformation.
As a result, our sales advisors have adapted their tactics to meet the needs of modern policyholders, underpinned by their years of experience and invaluable hands-on work in the industry.
Insurers that are looking to expand their reach but lack the in-house sales capabilities to drive sales performance can partner with Covenir BPO. We have a team of experienced and licensed sales advisors to help you accelerate sales and take advantage of the lucrative opportunities of the growing insurance market. Our thoughtful and consultative approach is never pushy; instead, we represent your brand with professionalism and expertise that seals the deal.
Learn about Covenir’s industry leading ONSHORE Insurance BPO Services.