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 ResearchOpen Opportunities
- Customer Experience Survey Customer Experience (CX) is the overall impression and perception that customers have based on their interactions with your brand, products and services. Are you delivering best-in-class customer experience throughout all touchpoints of the customer journey, including pre-purchase, purchase and post-purchase interactions?
- 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.
- Sales Compensation Hot Topics Survey Over 350 sales compensation leaders across seven industries provided insights on key sales comp topics including costs, quota planning and attainment, profitability, AI’s impact on comp, global comp practices, marketing comp practices and client/deliver services comp practices.
- Shifting Demand Generation Investments for Top Performance With macroeconomic factors and profitability pressure on the rise, firms today face the dilemma of allocating limited resources between different channels and initiatives. Determining the most effective and efficient investment strategy requires careful analysis and understanding of target markets, customer preferences and staying ahead of the curve with industry best practices.
- Talent Management Strategies to Enhance Customer Experience Financial services companies that invest more in their employee engagement programs realize a 20% uplift in how their customers rate interactions with their commercial team. Leaders achieving profitable growth have developed effective strategies to support employee engagement programs. Discover the five principles these firms have implemented to enhance their talent management strategies.
Upcoming Financial Services Events
EMEA Sales Comp Community: The Last Mile: Ensure Your Sales Compensation Programme is Set Up for SuccessVirtual Roundtable
As we head into 2024, ensure your sales compensation programme’s strategy and structure are in place to successfully measure, track and manage for constant improvement.
• Costing Modelling: How to make sure changes to your compensation programme won’t break your budget.
• Manager Training: Leveraging first line managers to champion new plan designs.
• Plan Communication: Tools to simplify what sellers need to know about their sales compensation plan.
2:00 p.m. – 3:00 p.m. BST
Precision Pricing: Unlocking Profit to Outperform Competitors SeriesWebinar
Session 3 | Cost-Plus Pricing: Stop Leaving Money on the Table
Intuitively, using cost-plus to set pricing would allow organizations to keep pace with inflation and ensure long-term financial viability. Yet, more than half of B2B organizations failed to keep pace with inflation in this past year. In this webinar, Avy Punwasee of Revenue Management Labs and Kyle Uebelhor of Alexander Group will outline how using value-based pricing in place of cost-plus is essential to commercial success.
– Cost-based pricing versus value-based pricing
– Unlocking customer value and willingness to pay
– Understand the competitive landscape and how that will impact pricing decisions
– Determining the true financial value of your offering
– Change management considerations when migrating to a value-based approach
2:00 p.m. – 2:30 p.m. ET