Insurance

For your Department: Sales and Relationship Management


Download the Sales and Relationship Management Chapter
Customers are increasingly educated, competent and connected to technology. To expand insurance relationships, Sales and Relationship Management must be able to react, adjust, and satisfy customer and agent demands on the spot. Qualifying customer needs and credibility in offering a solution are prerequisites for even being in the running. New customer demands have made insurance coverage and services conversations far more complex, requiring a wider range of product knowledge, sales techniques, customer insights, and company-wide awareness. And the customer expects a fast response.
This is the key challenge facing today’s insurance sales function: how to balance the need for faster customer response while gaining the right information to qualify the customer underwriting risk profile, close the sale, and prepare an effective renewal process.
Barriers to better sales and relationship management include:

  • Organizations don't set revenue targets and allocate effort based on maximizing overall contributions
  • There's no two-way clearinghouses for the right information at the right time
  • You don't measure the underlying drivers of sales effectiveness.

The five decision areas described below can improve the speed of sales execution and enable a more effective use of time. They rely on the two-way flow of vital information between customers and insurance company. This sharing of information can accelerate the speed of adjustments and realignments of product, market, message, service, and other elements of the business.

Download “The Performance Manager for Insurance” and find out how Cognos, an IBM company, can help with Sales and Relationship Management in areas such as:

  • Premium Revenue results: What is driving premium, services revenue, and renewal performance?
  • Customer/product profitability: What is driving contribution performance?
  • Sales tactics: What is driving sales “close” effectiveness?
  • Sales pipeline: What is driving the revenue pipeline?
  • Sales plan variance: What is driving the revenue plan?
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Additional Resources:


Cognos and Risk Management: Managing Risk Through Business Intelligence
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See how business intelligence can help you analyze and report on risk exposure in your company.
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Performance Management for Insurance
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Read how Cognos helps leaders in the insurance sector-including six of the top 10 insurance companies in the world-manage risk and improve profit.
Insurance Product Profitability
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Read how the IBM Cognos Insurance Product Profitability Performance Blueprint helps insurers create business segment profit-and-loss statements and balance sheets by product line, product, and brand.
The Risk-Basked Early Warning System
Analyst Report
What does the future hold for your business-stagnation and gradual decline, or constant, aggressive growth? In the second of a provocative series of articles, David Axson and Gregory Hackett explain how the finance organization can help businesses assess and address risk.
Insurance Product Performance Blueprint
Online Demo
See for yourself how this Blueprint can help your organization create business segment profit-and-loss statements and balance sheets by product line, product, and brand.
Rapid Scorecarding for financial services
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Find out the value of scorecarding and the five key steps to creating an effective one.
 
Insurance Resources
Performance Management for Insurance
Book
Discover proven strategies for turning information into insurance performance management.
Reporting and Performance Management
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See reporting as part of managing performance for every department.
Performance Management for Insurance
Fact Sheet
Find out the proven strategies for turning information into insurance performance management.
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