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Why Insurance should take back control of the ‘funnel’ with a Lead Management Solution

While every organization manages their ‘sales funnel’ differently, they must all address the arduous task of handling leads competently. In the Insurance business, generating quality leads is proving to be a tough assignment for older agents, as their collective numbers dwindle down —  as more business is being transacted online, creating a complex web of lead data to consolidate, than ever before.

For an insurer or broker, unearthing excellent leads is only half the battle won — converting the semi-interested, prospective buyer to ‘loyal avengers’ of your brand is the true test. Without an adequate analysis of the lead data, insurance firms are more likely to let valuable customers slip through unnoticed. Infact, 80% of marketing leads are either lost or discarded because of poor lead management; while 80% of leads passed onto the sales agents are unqualified — according to research on lead management, surveyed among B2B organizations in 2019.

Documenting a prospect’s complete story of interactions & experiences with your organization, delivers timely insights into exactly how and when a prospect was converted from an ordinary ‘lead’ to a ‘customer’. Most of the sales follow-up process including managing leads, prospecting new business and dispatching service to existing clients — is time consuming and for the most part, manually done. On the other hand, outside competition via other brokers and organizations offering closely matched services and products are most likely to capitalize on the mistakes you have failed to identify early —  which brings us to — What is it about your business that will capture a prospect’s attention long enough to close a sale, build quality relationships, and encourage referrals? For an effort of this magnitude, the journey begins with a strong lead management framework.

The transition for qualified ‘leads’ as it evolves through the organization’s marketing and sales pipeline, eventually passes through several phases or ‘lead stages’.

Lead Management Accelerator Framework

Here’s why Insurance needs an Accelerated Solution

Lead Prioritization

  1. Clustering of leads based on assorted attributes —  profile, source, income, demographics etc.
  2. More targeted and focused approach on managing prospects.
  3. Helps improve the quality of leads to the caller/sales team.

Lead Allocation

  1. Profile analysis of callers to identify their strengths and allocate leads accordingly.
  2. Enhanced and optimized Lead Conversion thereby creating profitability.

Lead Disposition

  1. For time effectiveness quick, detailed & one-stop disposition.
  2. Seamless integration with insurance core platform allows quick access of quotes and payment service.
  3. Allow effective communication by means of various integrations like e-mail, SMS, dialers etc.  
  4. Various features like document repository, call scheduling, lead journey chart helps callers handle lead dispositions aptly.

The implementation of a strong framework makes a dedicated LMS solution for the insurance industry not only desirable, but strategically important for the industry.

From creating qualified opportunities and ultimately satisfied customers — Lead management is the backbone of a successful sales operation. The sales process should integrate with lead management seamlessly, which is why an automated LMS with customizable workflows harnessing Artificial Intelligence/Machine Learning is a complete solution. By automating the sales process we can ensure calls, demos, follow ups and meetings — even potential revenue — isn’t slipping through the sales pipeline undetected.

To know more about how Insurers can create workflow specific LMS solutions, get in touch with us — hello@mantralabsglobal.com


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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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