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Traditional Selling vs Social Selling

Traditional selling techniques like calling and advertising have been with us for a long time. While it still holds a solid place in its field, new age technique of social selling is emerging quickly. Social Selling is both an inbound and outbound way to contact and communicate with sales prospects. It allows you to do more sales in a single day than you’d likely complete in a much longer period using a standard phone or advertisements. While media has always been a part of traditional selling, the cost to make individual advertisements is very huge when compared to selling on social networks, for all we know nearly everyone who knows the “What not” of internet is connected on various social websites now days. Social Selling is like cold calling, except the calls are warm and welcome, making it a more promising way of selling.

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Evident benefits Social Selling offers over Traditional Selling methods

  • When your prospect is on a social platform, they are inviting conversation. They are there to interact, to learn from others and to engage in conversations and mutually beneficial information sharing.
  •  As long as you consistently present by providing helpful content that answer questions, they’ll continue to welcome your engagement.
  • They may even look forward to that engagement. When is the last time you actually wished a sales person would call you? Social Selling helps you hear the voice of the sales prospect.
  • No one likes being interrupted by an unplanned phone call or watching/reading commercials.
  • Every social media platform provides some level of platform conversation search capability.
  • By leveraging those platform search engines, you can cast a long, wide antenna that helps you painlessly prospect for business each and every day by simply listening for prospective customer problems. While traditional selling is all about trying to close a transaction.

Social Selling tools
Social Selling is also equipped with new-age application like Sellfash which not only empowers the sellers and retailers but helps in maintaining a balance between what you need and what you don’t. It automates the supplier – reseller chain for social selling. You can showcase your products, manage payments, inventory and supplier-reseller groups. It saves you from the hassle of numerous bank transfers and queries related to stock and price. Social selling is like creating B2B sales seduction with the goal of drawing the prospect closer to you so that you can convince them that you or your solution is the most desirable option available to them.

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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