The total annual volume of non-life and life insurance policies sold through digital channels in Europe was €12 billion in 2012, expected to double in 2016. It is estimated that policies sold through this channel will represent an average 18% of the total volume of new premiums from European insurers. In Spain, the branch with the highest penetration of specialized direct channel insurers is Auto, accounting for 10.5% of premiums with a volume of 1,134 million euros in 2013.
Detailing the sales channels, the operation of direct sales is based on a “pull” scheme in which demand is generated from advertising investment and efficient management processes are defined for the base of potentials generated by direct channels such as and as indicated in the following illustration:
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In this global process there are several areas of optimization that can reduce the cost per sale by up to 250%*. The main areas being the following, in whose design and development Cognodata has been collaborating since its inception:
Investment in media
Measure the return on advertising investment (television, radio, press, online campaigns, etc.) and find out the correlation between the level of investment and the type of campaign with the notoriety obtained, the number of listings and sales, as well as as the persistence of the same is key to be able to optimize the investment in means.
Having tools that allow the marketing department to simulate the impact of each campaign that is planned based on its level of investment allows it to be much more agile and effective in allocating the budget and increase the impact of the investment that is going to be made.
Online strategy optimization
Defining the strategy to increase the sales funnel, increasing traffic (through micro-segmentation and optimization of Adwords campaigns, affiliate networks and Facebook ads), conversion rates and the sales workflow through landing optimization pages and web analytics.
Telephone management business processes
There are potential who prefer to manage the quote and purchase of their insurance by phone. For them, it is necessary to have an agile system that allows them to link their telephone number with the possible quotes that they have been able to make by internet or telephone, designing excellent inbound management processes. Developing sales capabilities in specialized phone managers and detailed listings to refute objections as well as knowing which products fit the needs of each client.
Additionally, we have many quotes from different channels for which there has been no contracting. Carrying out an effective management of these leads can double our sales, contacting the client at a time close to the quote or in the two months prior to the expiration of the insurance contracted and whose date we know through the quote information.
For the excellent management of the telephone channel, it is necessary to have trained agents, with product knowledge, to test scripts and offers by type of client and to have a system that allows us to be proactive in an efficient way to raise our conversion rates, thus reducing our CTA and directly impacting the income statement.