Change Management, Digital Transformation


25 September 2017


Delphine Duclos


Are you aware of the 2 digital transformations happening in the banking and insurance sectors? 

1st change: customer and user experience

Happy customer

Online, customers have access to quite a substantial amount of information on services banks and insurances offer. Before getting in touch with an advisor, users were able to complete 50% – 70% of their purchasing process. So, the first interaction with your customers often happens online. That is why it is necessary to take care of your customers’ digital journey on the web.

2nd change: motivating your network of intermediaries

Rowing team

Many banking and insurance companies rely on broker networks, agents, or representatives, who are often not employees of the company, to sell their products. Furthermore, certain networks, such as the brokers, don’t even have exclusive contracts with a service provider, which is why it may be rather challenging to train and incentivize these networks.

Alongside these significant digital changes, the sector faces strict regulations, intense competition, and constant innovations. Intermediaries need strong expertise in targeting offers, but also in the regulatory frameworks and competitive environment. What’s most important for networks of intermediaries are the sales tools you can provide them.

How can you effectively incentivize broker networks, agents, and representatives?

Incenteev shares its tips and tricks to anchor your digital transformation to the service experience of your intermediaries and, of course, your customers.

1. Facilitate the sale

Mainly by integrating the tools to improve sales, such as an intranet, to simplify evaluations and sharing information, or a CRM to help with customer management for the intermediaries, or even electronic signatures. For example, CIMUT insurance offers its brokers a 100% web-based software package entirely dedicated to healthcare plan management, life insurance, and brokerage contracts: starweb.

These digital tools, when used effectively, empower your intermediaries to be more proactive with their clients. Reinforcing their proactivity improves their performance. According to a study conducted by Salesforce, a CRM boosted sales by 29% and productivity by 34%! It goes without saying that by facilitating their sales, you foster loyalty.

2. Train

The stakes are high when training a network of intermediaries. The newest intermediaries are often independent, and do not distribute your products exclusively. This can create noticeable challenges for you regarding awareness and training. Given that it takes an average of 27 repetitions to retain information, it’s imperative to continuously engage with your network. Also, a financial intermediary who receives wholesome and steady training will have a much better understanding of your solutions and will be comfortable proposing them to his clients.  

3. Set up local branches

Once you have a significant number of financial intermediaries spread across a wide area, it is important to install area managers, sales managers or inspectors in charge of a group of intermediaries. This is the case for the insurance firm XL CATLIN, which specializes in enterprise risk assessment, and has recently considered to reshuffle their sales team members to strengthen their presence with their brokers network:

“We now have sales representatives spread across different zones and can provide superior service for each area.”

Their main mission is to create a sustainable relationship with the network by engaging and providing learning opportunities daily. These managers, who are most likely employed by your company, are your ambassadors. They will allow you to better familiarize yourself with your intermediaries, their daily challenges, and thus integrate your distribution strategy to conquer the sales challenges and exceed customer expectations. 

4. Communicate in real time

Adopt a social network platform to communicate directly with your intermediaries. It will allow you to share information easily and presented in a more fun and engaging manner (images, videos, GIFs, etc.). In addition to local branches, the social network encourages communication and connectedness with your network. Integrating a social network requires an in-depth reflection on the challenges of communication and the configuration of a communication plan.  

5. Engage using challenges and contests

It’s crucial to remember that we are dealing with professionals and they love challenges. Embark on a journey with them to pursue your objectives through dynamic and fun operations. For example, to improve their performance and engagement, you can first divide your intermediaries by performance level: laggards, core performers, superstars. To accomplish this, a coaching application for engagement is essential to create a leading example, strengthen your visibility, and improve the relationship with your brokers.

Like in a social network, forward-thinking is necessary to make your challenges and contests a success, resulting in: satisfied intermediaries, happy customers, and better ROI.

For example, Incenteev, a digital platform for coaching and engagement, facilitates banking and insurance intermediaries on a daily basis. Banks and insurance companies invest massively in digital transformation in the organization to offer a better experience for their network of intermediaries and their clients. Furthermore, brokers have gone digital, one of their strategic priorities. In addition to the rise of online brokers like AssurOne Groupe and Santiane, the larger organizations are getting creative to digitize their operations. Which is the case for Verspieren, who announced in 2016 the creation of Verspieren Smart Up, to accompany start-ups in the insurance industry. 

Speed, competition, humanity.

While opposing or delaying digital transformations in your organization may leave you in the dust, digital revolutions should remember the main objective: being in the people business for people.

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