For insurance carriers looking to enhance the producer experience, improve their efficiency, and get them to sell more product, the key is to have one integrated sales support system.
This system needs to support every aspect of the selling process. This starts with prospect tracking through to policy issuance and post-sale service which, if properly done, can lead to cross-sell and up-sale opportunities.
In addition, carriers need to generate leads to producers based on customer insight and prospects life events. Also, every policy change should be viewed as a potential sales opportunity and a lead generated.
External data mining opportunities can be used to create prospect pools, which closely meet key demographics of existing customers. Lead generation can be a huge differentiator in winning more independent producer business and can increase the productivity of captive producers.
The next step is to perform richer needs analysis. A producer needs to be able to enter basic customer financial information and get multiple product alternatives to fill the customer need based upon the carriers experience with similar demographic profiles. To make this capability richer, the basic information gathered by the producer should be enhanced with external data sources and considered in the needs analysis.
In addition, the customers existing holdings should be automatically factored into the needs analysis as well.
Lastly, the competitive position of products should also be considered.
Once the producer selects one or more products, an impactful sales presentation needs to be automatically generated. This presentation should clearly lay out how the customer need is filled by the selected products, as well as generating the appropriate illustrations and compliant output. It should also provide the producer with the ability to quickly modify and update the illustration to show the client or prospect the impact of the suggested change.
It is only through this iterative process that clients can gain comfort with the solutions offered. Report generators today can support the creation of highly graphical and professional presentations. This presentation generation capability allows the carrier to manage its image with the buying public.
When the producer completes the selling process, the application should prefill with any information already gathered. The application itself should be electronic and allow for digital signature. Automatic transmission to the home office should occur and any statutory output should be generated automatically and provided to the customer.
In addition, underwriting questions should expand or contract based on specific prospect responses. By the time the application reaches the home office, virtually all applications should be in “good order.”