Evolving Sales Models for Growth
Customers are increasingly using online platforms for quick responses and shopping comparisons, potentially bringing market influence back to insurance carriers selling commercial or personal lines. Higher usage of online channels will have an impact on go-to-market strategies, sales coverage models, premiums and agent compensation.
Based on insurance engagements and our recent survey of over 60 U.S. carriers, data from 2022 shows that to capture market share, leading insurance companies are focusing on the following go-to-market 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
These preliminary results are just a glimpse into the latest trends in the insurance industry.
For a full, complimentary briefing on Alexander Group’s 2022 Insurance Industry Market Trends research that includes comprehensive findings and benchmarking, please complete the form and an insurance practice lead will be in contact with you.
