How to Increase Your Insurance Sales
Every consumer has different needs and desires, making them unique in the way they respond to different sales techniques. The era of ‘one-size-fits-all’ insurance products is dead and gone. Customers are increasingly turned off if they continue to be offered standard insurance and add-ons rather than product packages that meet their individual needs. This is why offering a personalized customer experience is a must, if you want to increase your insurance sales.
What is consumers' attitude towards personalization?
Nowadays, people actually expect personalized experiences. Consider your own personal social media accounts, for instance. On platforms like Instagram, Facebook, and even Gmail, companies specifically target ads directly to you about products and services you may be interested in, based on your behavior online. Streaming services like Netflix and Amazon Prime have also been among the first to use personalized marketing to offer users suggestions on what to watch next based on the content they previously showed an interest in.
According to a report published by Accenture in 2021, consumers today are willing to allow insurers to collect and use their data in exchange for more personalized pricing, offers and discounts, based on their behavior. And the good news is that nowadays there is plenty of technology that enables that.
With the right sales enablement technology, insurance companies can quickly and easily gather useful insights that help them create the right content.
Personalized sales content gives sellers the ability to create genuine connections with their buyers. Presenting a product or coverage that is adequately molded to fit an individual buyer’s needs is guaranteed to increase the chances of closing a sale.
How can a personalized customer experience increase insurance sales?
A personalized customer approach is still fairly new in insurance but, already in 2019, pwc stated that companies that are adopting this strategy have lowered acquisition costs, increased customer satisfaction, and gained a corresponding competitive advantage. In other industries, McKinsey found that personalized marketing can “cut acquisition costs by as much as 50 percent, stimulate growth in revenues and customer satisfaction by 5 to 10 percent, and increase marketing returns by a factor of between five and ten.”
A survey conducted by Prezentor among insurance sales professionals in the Nordic regions confirms that the vast majority (94.6%) of insurance sales leaders believe that a more personalized customer experience will help them increase their performance.
Buyers nowadays do a lot of research by themselves, before contacting a salesperson. But with the plethora of materials available online, it is easy to get lost, so buyers are more likely to turn to those providers that deliver the right content to help them navigate through each stage of the buying process. Therefore, to keep up with customer expectations, salespeople need to stay flexible with the ability to adapt their materials to any sales situation.
However, as much as 52% of sales professionals consider the sales materials at their disposal insufficient or ineffective. Furthermore, sales professionals do not always have the ability nor the time to personalize sales interactions for each individual client.
How can sales enablement help create a
personalized customer experience?
One way to guarantee that sales people are always able to engage prospects with the right sales collateral at the right time, is to make sure that Marketing and Sales are on the same page, under the guide of an effective Sales Enablement strategy.
By sharing data with each other on one, centralized Sales Enablement platform, each team is better informed to create and utilize the right content. This content is then kept always up to date and all in the same place, so salespeople can spend less time researching and more time selling.
Sales Enablement platforms, like Prezentor, are the perfect allies to personalize your customer experience and sell more effectively. Giving sales reps the best tools and resources is key to shortening the sales cycles and, therefore, increasing insurance sales.
With the right Sales Enablement tools, sellers can easily turn every sales meeting into a dialogue, where you can truly listen to your customers, react to their input in real time, and provide relevant information to address their concerns.
Final Thoughts
The demand for better customer experience in insurance is higher than ever, with consumers favoring providers that offer seamless interactions and quick and efficient communication.
Sales Enablement platforms, like Prezentor, offer all the tools you need for:
- Gathering useful insights on buyers
- Aligning marketing and sales to create and use the right content at the right time
- Tailoring sales meetings in real time to create a personalized customer experience…
… all of which contributes to shorter sales cycles and increased insurance sales!
If you want to read more about Prezentor’s insurance sales study on the Nordic regions, download the report for free here!