In the banking & insurance sector, digital transformation is making two major changes. The first concerns the customer and user experience. Indeed, on the Internet, customers have access to a large amount of information on banking and insurance products. Before contacting an advisory, they realized between 50% and 70% of their purchasing process. Thus, the first interaction with your customers often happens on the internet. That is why it is necessary to take care of your customer journey on the web.
The second is how to animate its network of intermediaries in banking & insurance sectors. Many banking and insurance companies rely on networks of brokers, agents or agents for the sale of their products. Often these intermediaries are not employees of the company. In addition, some networks such as brokers do not have an exclusive contract with a defined provider. This is why the training and networking challenges are strong.
In parallel with these profound developments, the sector faces strong regulatory constraints, an intensification of competition and constant innovations. This requires intermediaries to have a deep expertise in both the offerings and the regulatory and competitive environment. What is more important for the networks of intermediaries are the support such as the sales support tools that you can provide them?
Banking & Insurance – How to efficiently run a Brokerage Network or Agents?
Incentive shares its tricks to anchor your digital transformation in the service, experience of your intermediaries and thus of your customers.
- Facilitate the sale
In particular, sales tools such as an intranet to simplify the production of quotations and the dissemination of information, CRM to facilitate the management of clients for intermediaries who do not have them or Still the electronic signature. For example, CIMUT offers its brokers a 100% web-based software package entirely dedicated to the management of healthcare, provident and brokerage contracts: star-web.
These tools, when they are effective, allow your intermediaries to be more responsive to their customers. By increasing their responsiveness, they will thus perform better. According to a study conducted by Sales force, a Customer Relationship Management can increase sales up to 29% and productivity up to 34% 1. It goes without saying that by facilitating the sale, you keep them loyal.
The training challenges for a network of intermediaries are significant. Indeed, the latter are often independents who do not exclusively distribute your products. So you have a strong stake in visibility and training. Given that it takes an average of 27 repetitions to retain information, it is necessary to continuously support its network. In addition, an intermediary who receives a complete and continuous training will have a very good knowledge of your solutions and will be comfortable to offer them to his clients.
- Set up field relays
When you have a large number of intermediaries spread over a wide area, it is pertinent to set up field relays, that is, sales representatives or inspectors in charge of a group of intermediaries. This is the case of the insurance group XL CATLIN, which specializes in business risks, recently announced the redesign of its sales team to strengthen its presence with its network of brokers: ” We now have sales representatives who There are different zones to better serve them. ” Their main mission is to create a lasting relationship with the network by animating them and training them on a daily basis. These managers, who are in most cases employees of your company, are your ambassadors.
- Communicate in real time
Adopt a social network to communicate live with your intermediaries. It makes it easier to distribute information and present all the value-added information you want to share with your network in a playful format (images, videos, Gif, etc.). Complementary to field relays, the social network promotes communication and proximity with your network. The setting up of a social network requires an in-depth reflection on the issues of communication and the construction of a communication plan.
- Create engagement with challenges
We must not forget that we are dealing with a commercial population. She loves the challenges. Embark with them to pursue your goals through fun and dynamic animation operations. We recommend that you adapt your challenges according to the profile of your intermediaries in order to maximize their commitment. For example, you can segment your intermediaries by level of performance: inactive, active, super-active. In order to do this, an application of coaching and commitment is essential to create emulation, strengthen your visibility and the close relationship with your brokers. Like the social network, an upstream reflection must be carried out to make your animation a success: satisfaction of intermediaries, customers and Return On Investment.
For example, Incentive, a platform for coaching and engagement, facilitates banking and insurance intermediary networks on a daily basis.
Banks and insurance companies are investing massively in the digital transformation of their organization to offer a better experience both to their intermediary networks and to their customers. Moreover, brokers have made digital, one of their strategic priorities. In addition to the development of online brokers such as Assurance Group and Santiane, large groups are proving creativity to digitize. This is the case of Verspieren, which announced in 2016 the creation of Verspieren Smart Up, which is intended to accompany start-ups in insurance.