An Insurance carrier’s market standing depends on the effectiveness of its sales people but optimizing individual sales performance and keeping teams motivated in this highly disruptive market can be one of the most daunting task for most sales leaders. (especially in today's highly disruptive market)
Insurance companies have taken multiple steps to increase sales efficiency like implementing CRM systems, raising commissions, product innovation, adopting gamified apps to engage customers,etc. However,even after investing millions in CRM systems insurers are struggling to gain that last mile visibility in the agents' sales process owing to lack of CRM adoption within Agents.
Marketing initiatives like gamified customer engagement, product innovation etc have been trying to cover this process visibility gap but more often then not are unsuccessful due to the lack of actual customer contact data.
Database Marketing Institute studied the relationship between customer-agent constant and customer loyalty. The study concluded that customer–agent relationship is indeed the most determining factors in whether or not a customer left a current reinsurance carrier for a perceived better deal. The study showed that 65% of people who switched from Traveler’s Insurance in 2013 never had direct contact with an agent, while 80% of those who stayed did. It is clear that the sales agents play a distinct irreplaceable role in insurance industry and can prove to be the biggest hurdle in implementation of any disruptive digital strategy.
Gamifying complicated CRM systems using Activity based scorecards can prove to be an highly profitable way for motivating teams and streamlining agent performance while improving CRM adoption. Adding gamification elements like Competitions, incremental rewards, leaderboards and TV channels encourage sales agents to be proactive and take positive actions such as team-building, persistence and goal focus. Intrinsic Incentives like timely feedback,appreciation and rewards are also less costly than raising commissions or investing in new talent, and have historically proved improve performance of both individuals and teams.
Playlyfe Catalyst is a sales productivity platform that allows Insurers to gamify their CRM and analyse performance insights to identify and scale best practices. Try Catalyst contests and TV channels for 14 days (on us!) & experience the gamification edge.