By Anton Wiryawan-Oracle on Dec 07, 2015
Many insurers are looking for solutions that can drive revenue while managing long term goals for growth. One of the ways to drive revenue is to equip your sales team and partners with tools to help them sell more insurance products. Insurers can make their teams more efficient by making products more transparent (so that it is easier to do comparisons) as well as providing the best pricing for their customers’ needs.
Unfortunately, many of the systems that support the sales process have not kept up with technology advancements. Manual process and old technology make it harder for insurers to help their sales people and partners configure the right product and coverages. There are multiple systems throughout the sales process, and sometimes people must rely on spreadsheets, paper forms, and email. So there is no a single sales tool that can help sales people increase their productivity.
Let’s take an example of the selling process in the Large Group line of business. What makes selling Large Group products such a challenge is that there are many factors that sales people need to consider when they configure a plan such as product dependencies, compliance issues and other factors that add to the complexity. As you can imagine, when sales people are trying to manage hundreds of products, and hundreds of different coverage combinations, we can see that there are some real pain points around configuration. This is especially clear if you're managing your product, pricing, bundling rules manually or using excel spreadsheets.
If you want to drive more revenue and align your sales process with the way customers are now buying and become a more forward-thinking insurer, you ought to see this short video. The solution that we propose is generic enough that any line of business (life, health and P&C) for both personal and commercial can use.
For more information on Oracle Insurance, please visit oracle.com/insurance.
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