‍Enable Insurance Agents to be Superstars with Alltius’ Sales Assist

For insurance agents, there is not enough time in a day, considering a long to-do list. Activities such as managing clients, creating quotes, managing policies, and administrative tasks can be a lot to deal with, especially considering that the insurance industry is quite competitive. 

An enablement tool that can streamline the process, help increase sales, and win the competitive landscape would be a game-changer. Alltius’ sales assist is a sure-shot way to empower insurance agents and overcome their limitations with AI.

In this blog, we will explore insurance agents' challenges, the intricacies of the market, and the potential of an AI sales enablement suite.

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Challenges Faced by Insurance Agents

Insurance agents have a role that requires extensive management, proactiveness, and persistence to succeed in their domain. Versatile skills, competitive advancements, and dynamic situations demand the best from Insurance Agents.

Let’s understand the unique challenges insurance companies witness:

• Information overload: 

Insurance comes in all shapes and forms depending on what they cover, how they cover, and their term. Along with different insurance coverage comes their unique terms and conditions. It is a bare minimum for insurance agents to keep up with the needs of their target customers and offer them the right insurance coverage.

On top of that, insurance agents have to keep up with the latest updates about different insurance plans to ensure that they are committing accurately to their customers. This can add up to a vast amount of information to consume, memorize, and commit accurately.

• Limited call time: 

Taking other responsibilities into account, insurance agents are left with only a portion of their time to spend on calls with potential customers. This limited time plays a crucial role in their key performance index and therefore adds significant pressure on insurance agents. 

They have to make this limited time count by providing their customers with quick solutions and making the most of their time with effectiveness and productivity.

• Frustrated callers:

As for calls, another key challenge for agents is to deal with frustrated callers who might be inquiring about their plan or its limitations. Such frustrated callers can be tricky to reason with and, as such, consume significant time for the insurance agents. Let alone the energy and effort spent to manage their behavior. 

• Complex information synthesis:

When faced together, all of these challenges can become more complex. It takes a lot of work for insurance agents to manage these vast chunks of information tailored to each individual customer. Any agent would have a hard time keeping tabs on all different customers and their ongoing developments of any insurance claims.

• No one-size-fits-all solution:

Insurance agents have to provide personalized attention and interactions to customers. Based on the customer, the insurance agents must recall their relevant information to make any interaction personal and fruitful. In the insurance industry, there is hardly any generic information, and there is no one size that fits all needs.

• Educating clients:

Unique customers would have unique queries. This means that there are groups of customers with different understandings and perceptions of insurance complexities. Insurance agents spend significant efforts in educating clients and clearing their doubts to ensure they find the right plan.

• Juggling numerous tasks:

Insurance agents must manage a number of unique tasks, including consultation, quote generation, policy administration, and documentation management. To juggle these tasks, they must prioritize and manage their time critically. Self-management and planning can greatly impact insurance agents' output.

Not just the agents, their challenges can directly impact the insurance companies. Insurance companies must keep up with the best practices to overcome their limitations and be competitive.

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Challenges Faced by Insurance Companies

Insurance companies are also prone to primitive practices. To keep up with the competition, insurance companies must advance and overcome their challenges. AI assistance presents an opportunity for insurance companies to overcome the following challenges and drive more revenue:

• High ramp-up time for new agents:

Insurance companies are still heavily driven by their manpower capacity. This dependency on human agents makes it hard for insurance businesses to scale up. Effectively training human agents is critical for any company to maintain a standard customer experience and safeguard brand identity.

• Performance discrepancies:

Insurance companies find it challenging to manage the performance of all their staff. It is difficult to calibrate the performance of experienced and new agents, who each have unique strengths and weaknesses. Insurance companies need a systematic solution to address this challenge.

• ROI Challenges: 

Return on investment is crucial for companies to retain their staff. With growing market challenges for insurance companies, managing ROI for their agents is now more critical than ever. However, to enable them to make more sales still remains a challenge for insurance companies.

• Seasonal fluctuations:

Seasonal fluctuations bring certain unpredictability for insurance companies. These fluctuations can be related to the number of calls seasonally; any changes there directly affect how insurance companies utilize insurance agents. Utilizing resources effectively is important for insurance companies, just as it is for any other.

• High attrition rates:

This one goes without saying: high attrition rates among insurance companies make things worse. With attrition rates, insurance companies consistently remain busy managing turnover rates and end up spending significant of their operational costs doing so.

• Higher level of competition:

With a growing number of InsureTech startups, traditional insurance companies are now forced to adapt to technological advancements. Conventional means of business advancement are now outdated for the insurance industry, and upgrades are in order now with technologies like AI.

These are some of the challenges common across insurance companies. Not to mention, the rising manpower costs and customer expectations are needs of the hour. Luckily, technological advancements present a perfect opportunity to address these challenges.

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The Solution - Alltius Sales Enablement Suite

Many of the challenges faced by insurance agents and agencies revolve around the fact that these operations still largely depend on manual actions and attention. An AI tool for sales enablement could be a game-changer for insurance agents and companies.

Alltius’ sales enablement suite is one of the examples of solutions that can assist agents in several ways with a comprehensive set of benefits:

• Shrink the ramp-up time
  Often, it takes several months for new agents to reach the “trained” status and deliver enough output to help the insurance company.

A sales enablement suite can serve as a helper to assist new agents with training, recommendations, and data every step of the way so that they can be productive from the very first month, minimizing the ramp-up time by 75%.

• Better sales conversion ratio
  A lack of timely and helpful responses can lead agents to lose sales in such competitive industries. The ratio of sales conversion heavily depends on how insurance agents can tackle customers' requirements and queries by presenting a quick and effective plan. 

An AI tool helps reduce the sales lifecycle by 25%  by helping sales reps every step of the way & increasing sales conversion. Enabled insurance agents can ensure that customers easily find the required answers and the right plans.

• Leveraging post-sales insights
  Insurance companies can learn a lot about their processes, offerings, and market positioning based on post-sales insights. Alltius’ sales enablement tool helps collect sales data and leverages it to improve the marketing collateral. The post-sales insights are tailored to help agents improve their selling experience each time.
• Full-proof conversational preparation
  AI sales enablement tools can help insurance agents better prepare for their customer calls and seal the deal. Prior to the call, the AI suite can provide sales reps with customer insights through CRM data and call transcripts.

In addition, the suite can allow insurance agents to be prepared about different policies and suggest the best solutions immediately during conversations with clients.

How Alltius Works Before, During, and After Sales Calls

Alltius sales rep assist tool is carefully put together to help insurance agents every step of the way. Calls are the most important part of the sales closure, and likewise, the suite’s assistance can be explained in the given areas of the sales process:

• Before Sales Calls:
  The AI suite can help agents prepare thoroughly and be aware prior to the call to ensure that they are ready to address prospects’ requirements.some text
  • Instant learning:
    An AI sales enablement suite can enable agents to gather and review the necessary information about the prospect’s business, needs, and market. This reduces the time needed for research and ensures that no crucial details are missed.
  • Synthesizing themes:
    Insurance agents can use the platform to learn about prospects' backgrounds, products, and potential objections to come up with the right resolution.
  • Creating battle cards:
    Prospects' on-the-spot comparisons can catch insurance agents off guard if they are not prepared. The AI suite can generate custom battle cards to prepare them prior to the call.
  • Consulting the assistant:
    Insurance agents can consult the AI assistant as a single source of accurate information for quick reference. This can be much more effective and quick than searching through different documents, manuals, and policies.

• During Sales Calls:
  During sales calls, insurance agents have to be on their toes to be able to deal with any sudden requests or concerns. Here are some ways AI tools can help agents during the call:some text
  • Live transcription:
    The assistant transcribes the call in real-time, freeing the agent from noting down details. This transcription can serve as a point of reference for future conversations and derive insights about the customers.
  • Identifying customer queries:
    Alltius can help agents during the call by listening to customer interactions and identifying their queries. Taking that one step forward, agents can also find accurate answers to prospect queries during the call using organizational data.
  • Product comparison:
    A portion of customer interactions involves comparing different products to find the best fit for their needs. An AI assistant can help compare products in different areas and provide personalized recommendations to agents.
  • Focus on customer needs:
    The key advantage of having AI assist human agents is that agents can put their all into the conversation, fully focused, without any distractions or additional responsibilities.

• After Sales Calls:
  Not just until the call, Alltius sales enablement suite accompanies insurance sales agents even past their calls with prospects.some text
  • Drafting emails & proposals:
    Carrying forward the conversation and making a sale requires sharing the proposal and follow-up emails quickly. AI can help automate & expedite this process by sharing draft proposals and emails to the prospects.
  • Eliminating the need for recordings:
    Going through long call recordings is not the most effective way for agents to recall and recollect the notes. The suite helps provide takeaway notes and transcriptions to sales agents, saving them time and energy.
  • Exceptional efficient:
    Sales reps can operate independently with the assistance of an AI tool. The tool essentially eliminates or minimizes the need for guidance from the senior staff, allowing new agents to be self-sufficient sooner.

All of these areas are extremely important and can influence the sales conversion ratio. As such, having the right and proven AI solution can ensure that sales reps can be empowered during their calls with prospects. 

Conclusion

There are several ways companies have considered using technologies to transform their operations. AI sales enablement is among the latest advancements. Insurance companies can leverage this brand-new technology to gain an edge over the competition and benefit from being a frontrunner.

Connect to us at Alltius, and we can discuss how AI sales assistance can affect your business and help you overcome your challenges.