A new model is emerging in general insurance for personal lines, i.e. home, motor, travel and health products. This is in an environment where the insurance companies hurt with the high cost and frequency of claims, the broker channels struggle and the call centre direct, banking and internet players focus on promoting cheap policies. The emerging new model combines: the skills of the traditional brokerage; with best practice insurance telesales and customer service techniques; and integrates the internet into sales and servicing of customers. This new approach to insurance telesales enables organisations to focus on good insurance products sold on value rather than price.
This new model is based on a number of fundamental building blocks of insurance telesales:
• Ability to professionally market and sell general insurance products
• Responsive insurance telesales techniques to counter commodity based selling
• Customers acquisition costs that are aligned to the value of the insurance premium
For a long time, the holy grail of financial services has been the selling of multiple policies to the same customer, however, the theory has rarely worked out in practice. The new insurance telesales approach takes a very pragmatic approach to cross selling.
The New Model for General Insurance deploys best practices in insurance telesales which can potentially facilitate the development of a pan-European Insurance industry where centralised multilingual operations service customers across European borders.
If you are developing your insurance telesales strategies, then contact us to find out how we can help you to achieve profitable results.
Authored by John Drury, Sales Director at INTERACTION of Europe.