Insurance sales can be improved and reshaped drastically with the help of different technology tools such as tracking devices, mobile applications, geo-tag technology and multiple other fields which are discussed ahead briefly.
Financial sector and technology are relatively two different concepts. They both are not at all related to one another in any way, but with the innovative approach adopted by the financial sector, the difference between both forces have been eliminated to almost zero.
Especially, if we talk about the insurance industry, then past few years have been tech-savvy for the industry. In the different sectors of the insurance industry, the touch of technology can be felt, but the most impact has been recorded in the sales department. Insurance sales have improved drastically with the influence of different technology-based tools. However, before studying the influence of technology in redefining insurance sales, it is essential to understand what problems insurance industry has to face that drives need of technology based solutions.
Problems Solved by Technology in Insurance Sector
Technology is a problem-solving tool for the insurance industry which has solved numerous challenges of the industry. So, problems present in the insurance sector has triggered the use of technology in the operations of the industry and some of the prominent problem forces are -
Lead Generation - Insurance market is very competitive as there are various big insurance businesses are present in the market. That's why generating new leads for business is very difficult in the cut-throat market situation where every insurance company is using similar marketing and promotional strategies to grow their business. In this, the workforce of the company is something that can determine the success of the organization. With the help of tracking and communication technology tools, insurance companies can regularly monitor their employees and determine that they are working hard to generate new leads for the business. They can make sure that their employees are always working as per the company guidelines.
Presence of Employees in the Market - Earlier, there was limited means of communication were available for insurance companies to interact with their field agents. But, with the adoption of technology in the communication field, there's an array of communication channels available like web, text, email, apps etc., Using these methods insurance managers can stay connected with their employees and make sure that their employees are working on the field efficiently.
Systematic Communication - The proper communication channels are required by insurance companies to coordinate with their field agents and different teams, but establishing a solid communication foundation isn't an easy task until the presence of technology. Today, two different teams working on separate physical location can easily interact with each other through a mobile application and assist each other at the time of need. The technology has enabled insurance companies to communicate with their A-Team working in the northern and their B Team working in the southern zone at the same time which used be a major problem of insurance organizations earlier.
Data Allocation - The maintenance and allocation of data have been a huge problem for insurance companies. Thousands of insurance agents are working on the field and maintaining a record of each employee has been a bit tricky procedure. But, with the help of an online data management system where employees can provide information by just filing an online form via their smartphones, the entire employee data allocation process has become super easy and efficient.
Technology Reshaping The Insurance Sales
Technology has solved numerous insurance company's problems, there's no doubt in this. But, one of the major problems of insurance companies or we can say every business organization is to increase their sales. And, it is very nice to say that technology has solved this problem of the insurance industry as well. With the help of technology upgrades, insurance companies have been able to increase their sales by monitoring the activities of their employees and satisfying their customers in a better manner. The technology has reshaped insurance sales in the following ways -
1. Tracking Technology
Out of all the different technology streams, the tracking technology has helped insurance companies a lot. The tracking technology has given a tool to companies to monitor the activities of their insurance agents who are working on the field. Companies can now make sure that their sales agent has all the latest updated information of their clients with them all the time in their mobile apps. Insurance companies can now track interactions, motivations and work schedules of their employees and can collate their real-time information so that performance report can be created quickly and correctly.
For instance, if a car insurance company has requested for a car insurance policy up-gradation from their customer, then with the help of tracking app - present in their employees mobile, the company can quickly track the employee who is present near the customer's location. This way insurance agent can quickly reach to the customer and provide insurance policy at the spot by filling a form online through mobile app and they can even take the customer’ photo and digital signature as well. With the geotag, the employee can send all the details to the company and perform all these functions the only couple of minutes are required. So, this is a great way to impress your customers with some swift services.
2. Customers Follow Up
To stay ahead of your competitor and to understand the needs of your customers, it is important for insurance companies to get timely feedback’s from their customers. The timely follow-ups help companies in providing services to their clients according to their needs. It is also good to take follow-ups to know whether customers are happy with their field employees services or not. Insurance companies should ask their every employee to fill out the form after completion of each task so that management can find whether the employee has a satisfied customer or not.
For example, if a customer has requested his life insurance company to collect the due policy installment cheque from his home, then the company can assign this task to their field employee. An employee can collect the cheque and immediately update the collection details along with the photograph of cheque on the mobile and this will instantly inform the back office that at what time and location employee has collected the cheque. Moreover, the employee can take an image of the customer with the app as well.
3. Quick Communication
Technology has dramatically changed the way of communication and this has been highly helpful for the insurance companies. The latest mobile app-based communication has helped companies connection with their sales employees a lot. The employee who is working on the field can now provide minute details to the back office with a quick text or video call anytime. If an employee wants any assistance from his manager while conducting a meeting with potential customers, then they can immediately connect through the app. Moreover, managers can monitor the hourly activities of their employees like several policies given by them, the number of payments collected, etc.,
4. Easy Data Collection
It is very difficult for insurance companies to collect data from their every customer and preserve it in their record. But, data collection is one of the important aspects that help insurance companies in increasing their sales. So, here, companies can create a digital form which they can ask their employees to fill with their customer's personal data. The form can easily be filed by employees through their mobile devices and forwarded to the manager with the geotag. The form can be later on easily updated on the company's database which they can use to create lucrative insurance policies for their customers.
Insurance and technology are turning out to be the best combination by far. The technology has uplifted the standard of insurance industry a lot in the last few years and shaped it into better. The sales of insurance companies have improved as they know familiar with activities performed by their sales agent on the field. They can reduce the cost of their business operations by regulating their employees and by making sure that their customers are getting the best services as they have promised. Everything is possible because of technology.
TrackOlap believes in the power of technology as well and that’s why they offer the customized solution to the insurance companies. Using customized apps, insurance companies can monitor activities of their sales agents working in the field and guide them to deliver the best customer services. If you are in an insurance sector, then you must have to befriend technology, otherwise, you won’t be able to increase your sales portion.