A Sector in Transition: The Digital Transformation of Insurance Sales

A Sector in Transition: The Digital Transformation of Insurance Sales

Far-reaching changes are affecting the sale of insurance products. In a market that tends towards saturation – one in which customer needs are changing, which is having to contend with declining demand for insurance and pension products and the need of private customers for digital solutions – the old approach of seeking new business is giving way to a more revenue-based perspective. This is especially true of turnover-oriented insurance sales, which will need to be more efficient and customer-focused in the future. Sales will also be significantly influenced by external challenges such as:

1. Digitalisation

The establishment of new digital communication and distribution channels at the point of interface with the customer will play a leading role in changing insurance sales.

2. Regulation

Increasing regulatory requirements within the EU, together with legislative initiatives in Germany, are combining to protect consumers of financial services products while necessitating adjustments to established remuneration and consulting models in sales.

3. Demography

Demographic change is producing an ageing society, which is reflected in an altered client structure. The shift is leading not only to a decline in potential new customers, but also a decrease in sufficient sales capacities: the ageing of brokers, lack of successors and the associated fall in the absolute number of agents are making traditional, personal sales more difficult.

4. Low interest levels

Declining overall margins in the value chain of insurers are leading to greater cost awareness in the organisation as a whole. Unlike in the past, however, sales have been unaffected.

Insurers are already responding to the challenges with a raft of measures, including:

  1. Optimising total distribution costs
  2. Conversion of sales remuneration models in favour of a stronger emphasis on regular payment
  3. Restructuring sales organisations to focus on digital and integrated distribution channels

These measures all tend to fall short as decision-makers lack transparency regarding the effectiveness of distribution channels in relation to purchase decisions on the part of customers. The allocation of resources also tends to be channel-specific rather than holistic.

A customer-centred, omni-channel approach can serve to remove the separation of sales channels and the divide between online and offline communications in a seamless manner. Despite this, the implementation of omni-channel sales is a major challenge in practice and presents sales experts with a whole range of questions, including:

  • How can digital consulting processes cover all sales channels to maximum effect?
  • What standardised consulting solutions are already on the market? Which of these dovetail with the existing business model of an insurance business?

  • What is the best way to link established and proven sales and consulting processes with new forms of digital customer consulting?
  • How can digital consulting processes remain customer-centred while conforming to regulations as required?

Achieving the objective with the right tools

With the right methods and useful aids such as project accelerators, the complexity of the project can be significantly reduced. Q_PERIOR helps insurers effect the full transformation of their insurance sales business to a standardised, digital consulting process, thereby linking all relevant distribution channels in the customer journey for the long term. We use a standardised, tried-and-tested procedural model to analyse the status quo and pinpoint individual challenges and problems.
Q_PERIOR offers specific solutions in the following spheres of activity:

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Ensuring regulatory compliance within the consulting and sales process

Regulation of the insurance business by European and national legislators is increasing. Existing practices are evaluated and adapted to changing market situations. Q_PERIOR supports the realisation of compliant digital consulting processes.
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Software selection with the Q_PERIOR Quick Assistant

Which consulting system can insurance businesses use to offer clients needs-based advice throughout the customer journey? Q_PERIOR Quick Assistant makes it easier to choose the ideal software.
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Integration of consulting processes into the customer journey

To avoid competitive disadvantages, the digital mapping of consulting processes is essential. With our Q_PERIOR Insurance Model, we help insurers implement their digitisation projects in a forward-looking way.
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Uniform customer experience and integration of distribution channels with omni-channel consulting

With the Q_PERIOR omni-channel strategy framework, Q_PERIOR helps insurers identify the right omni-channel solution.
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With Q_PERIOR, you have a strong partner at your side.
We look forward to your challenge!