How to Transform Life Insurance Sales and Distribution Processes
In today’s competitive marketplace, consumers and users have more access to information than ever before. They can go online to compare offers and prices before even talking to a sales person. This applies to the business-to-consumers (B2C) as well as business-to-business (B2B) models. The Internet has empowered people and changed the game for many industries, from automotive, consumer electronics, healthcare, telecommunications, banking and mortgage lending, to insurance.
In the insurance industry, an agent or broker can choose which insurer to represent. Assuming two life insurers have the same product at the same price, paying roughly the same commission, which insurer would the agent or broker want to work with? The insurer with whom it is easier to do business.
Take this scenario of an agent or broker choosing between two companies, then multiply it by thousands of agents and brokers doing the same thing. Since sales and distribution are the cornerstone of an insurance company, the aggregated amount of potentially lost revenue can make or break an insurer. There would be no customer without a sale. A steady stream of new businesses will slow to a trickle while the retention of existing accounts will flatten and eventually fall due to attrition.
Appian enables life insurers to grow the business by modernizing the many processes and activities within the sales and distribution program. Leveraging existing investments and modernizing processes will deliver measurable returns. Appian can help with the execution of key sales and distribution components, enabling life insurers to get the right resource, selling the right product to the right individual at the right time.
Download the free whitepaper on “Delivering Growth of Insurance Sales and Distribution Processes” to learn how Appian can be used to attract the best agents, drive new premium growth, and retain and renew existing portfolios. Contact us at firstname.lastname@example.org to see how our award-winning BPM product can help insurers transform and grow the business.
Director of Product Marketing