Sales and Channel Assessment

Data-Driven AI Assess Sales and Sales Channels

Goal

Strategic Advantage → Cost Reduction → Customer Satisfaction → Increased Revenue and ROI

Challenges

It has been observed that customers tend to do more research using the internet, although ultimately rely on face to face interaction with the intermediaries for purchasing insurance products. Data-Driven AI can help insurers in deeper understanding of these distribution channels and help in devising suitable channel management strategies.

Opportunities

Data-Driven AI is a great solution for:
   Channel Strategy Optimization since it can help in analyzing the performance of different channels across multiple geographies, product lines and provide drill down facility to the level of a producer. An appropriate channel strategy in terms of business expectations, product mapping and payout structure can be framed and structured based on the Data-Driven AI.
   Sales Optimization since a comparison of business achieved as against the target, Geography wise, channel wise, product wise new business can help in identifying the trends across channels and can help in initiating mid-course corrective measures to achieve the planned profitability.
   Channel Analysis since insurers can compare the performance of various distribution channels and can drill down to the level of individual agents and products. The performance should be tracked closely and compared over a period to assess the effectiveness of developmental actions initiated.
   Channel Profitability since assessment of channel profitability can be done through a comprehensive analysis of new business, commission, persistency and claims by each of the channel and this can lead to redesigning the compensation structure, revisiting of products, revising of underwriting processes.
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