Property & Casualty | Liability | Life

Insurance Industry Shifts: From Traditional to Digital

Whether selling commercial or personal lines across various coverage types, economic uncertainties and changing market dynamics have caused a shift in the insurance industry’s traditional go-to-market (GTM) models.

Customary, exclusive agent channels have steadily eroded as independent agents, large brokers and consultants take market share. In addition, customers turn to online platforms for quick responses and shopping comparisons, potentially bringing market influence back to carriers.

To capture market share, leading insurance companies now focus on these GTM strategies:

  1. Gaining better insights and placing more focus on top customer segments
  2. Assessing and improving the productivity of all channels to market
  3. Harnessing and managing sales through digital means (online and mobile)
  4. Optimizing agent commission and add-on bonus programs
  5. Building out Sales Operations teams independent of core operations

Alexander Group helps leading companies align their GTM models with business objectives, revenue operations, sales operations and sales compensation programs to adapt to changing market forces and achieve growth.

How We Help

  • Assess the effectiveness of current channels: Review current productivity, growth trends and capabilities of independent agents/brokers, dedicated agents, direct sales teams and digital sales. Build an organizational blueprint for sustained premium growth.
  • Define the roles, tools and enablement needed to drive digital channels: Ensure digital channels are cost-effective and harmonized with other sales channels. Harness the power of cutting-edge marketing tools and teams to further enhance growth.
  • Professionalize revenue operations for sales enablement and execution: Improve processes and infrastructure to provide sales and marketing teams with the tools and resources they need to be more effective and efficient. Build out the optimal revenue operations team.
  • Use incentive plans strategically: Critically assess and update commission tables and bonus programs for all external channels (dedicated/independent agents, brokers, consultants). Ensure employee incentive plans are aligned with changing strategies and marketing dynamics.

Participate in Our Research

Open Opportunities Briefing Offers

Upcoming Financial Services Events

Join our Insurance Community

Alexander Group’s community enables leading executives to share insights and takeaways for immediate use. Participants engage with sales leaders in interactive discussions while gaining knowledge on best practices, pitfalls and challenges.

Practice Leadership