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:
- Gaining better insights and placing more focus on top customer segments
- Assessing and improving the productivity of all channels to market
- Harnessing and managing sales through digital means (online and mobile)
- Optimizing agent commission and add-on bonus programs
- 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.
Financial Services: Insurance Focus – Evolving Sales Models for GrowthAlexander Group survey results on how major insurance carriers and senior leaders approach their current go-to-market strategies.
Participate in Our ResearchBriefing Offers
- Digital Go-to-Customer Study Discover the industry trends, insights and frameworks on the digital impact on revenue growth, as well as recommendations for increased sales performance and growth in a digital environment.
- Digital Insights Study Digital means changing how companies engage with customers and enable their commercial teams. Determining where and when your customers interact with your products and solutions can impact your organization’s digital maturity and where to guide your investments.
- Insurance: Evolving Sales Models for Growth Leaders of 60+ major insurance carriers provided their insights on capturing market share in an increasingly digitized industry. Discover the latest growth and compensation trends.
- Marketing Insights Study Over 150 marketing executives were interviewed to determine the marketing initiatives being prioritized to maximize customer lifetime value. From marketing roles and resource allocation to marketing mix, channels and spend, get the latest insights on where marketing leaders are investing to advance their organization’s marketing maturity.
- Revenue Operations Survey Over 200 executives in sales and revenue operations were surveyed across Business Services, Financial Services, Manufacturing and Distribution, MedTech, Health and Wellness, Media and Technology to determine the leading practices of world-class revenue operations organizations.
Upcoming Financial Services Events
Financial & Business Services: Create a Winning Strategy to Elevate Commercial TalentVirtual Roundtable
Are you ready to take your commercial talent to the next level in 2023? Join industry experts for an interactive and engaging discussion on how to overcome the common challenges of commercial talent management and create a winning strategy that drives your business growth and performance.
You will hear from Alexander Group’s Business Services practice leads, who will share the key findings from our latest survey of nearly 200 North American commercial leaders. You will have the opportunity to network with other commercial leaders and exchange ideas and experiences on topics such as:
- How to cope with the labor market instability and talent funnel issues
- How to upskill/reskill your commercial talent to match industry needs and shift company priorities
- How to differentiate yourself from your competitors and attract/retain top talent
- How to define and communicate your vision, mission and objectives for your commercial talent
- How to foster a diverse and inclusive work environment for your commercial talent
12:00 p.m. – 1:00 p.m. ET
EMEA Sales Comp Community: First Sales Comp Design Question Everyone Asks: “What Are My Measures?”Virtual Roundtable
Sales compensation weights and measures communicate both the sales strategy and the definition of success to individual sellers. In this way, selecting the appropriate measures can be the difference between a general plan that fails due to lack of specificity and a tailored plan that creates the role-specific outcomes required. In this virtual session for the EMEA Sales Compensation Community, we will share best practices on how to choose between the myriad of measure options available as well data on the best weight and measures used in the marketplace.
2:00 p.m. – 3:00 p.m. BST
Sales Compensation Symposium
Get the latest metrics, sales compensation and quotas insights/practices leading companies are using to drive revenue growth, manage costs and attract/retain talent. Registration is complimentary.
12:00 p.m. – 6:00 p.m. ET
Join hundreds of senior sales, marketing, commercial and operations leaders to share stories of transformation, connect 1:1 virtually, and take away actionable ideas for how to win in an ever-changing 24×7 customer environment.
Friday, October 27, 2023
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.
Alexander Group Can Help
Is your go-to-market strategy focused on sales productivity to ensure profitable growth?