Why is Cross-Selling Crucial for Insurance Sales?
This article is part of The Future of Insurance -LinkedIn's Newsletter Series. Click on "subscribe" button above, to get updates on future of insurance, technology, customer & employee experience, and industry trends!
The insurance industry continues to traverse through its digital transformation journey, which in recent years has been further accelerated by the COVID-19 pandemic. Carriers continue to look for innovative means to improve business outcomes by leveraging proven data management, and automated and continuous machine learning capabilities.
One such application of these capabilities in the betterment of outcomes is achieved through account penetration (cross-sell and up-sell) campaigns, a known lever to contribute toward profitable growth. This application establishes a paradigm of continued and predictive improvements in account penetration tactics, such as predicting future customer behavior in cross-sold insurance products. By focusing on the right customer segments for cross-selling campaigns, insurance carriers can significantly improve their customer engagement and cross-sell conversion rates.
Continuous learning and dynamic customer segmentation help predicting the most qualified leads for a possible cross-sell purchase, such as an umbrella policy. Using Machine Learning would enable business units, such as sales managers and agents, to monitor their sales processes and take the best sales and marketing actions in order to improve their conversion rates.
Even the greatest sales tactics will not work on a customer who is not ready to buy. Therefore, the need to prioritize your leads according to buyer behavior and to understand the actions you need to take for a successful sale has to be integrated into recommended business actions.
Check out Tazi's cross-sellable customer detection approach:
Recommended by LinkedIn
If you are looking for a Machine Learning solution for your business, learn more about this no-code, easy and ready to use, understandable, Cross-Sell Lead Prediction Solution for the Insurance sales industry: https://bit.ly/3IS0Low
__________________________
#insurance #insurtech #innovation #AI #ML #artificialintelligence #machinelearrning #crosssell #upsell #opportunities #leadgeneration #leads
Artificial Intelligence & Innovation🔹MBA CMU Tepper '27🔹2x Girl Dad🔹Marine Veteran 🦅🌎⚓
2yKashif Syed you were tagged but didn't process
C-Suite & Board Advisory, Fractional CEO, CIO, CTO, COO, Strategy & Transformation Executive, Board Member, AI Strategy & Initiatives Advisor
2yThe Insurance Industry continues to become more and more price competitive, delivering a superior customer experience is becoming more and more important in retaining customers. Leveraging actionable customer insights such as customer life-time value (those with the longest retention tend to be those with multiple products, bundling discounts, and auto pay plans), next best action (next best offer to improve retention and CE), and price elasticity (sensitivity). Leading insurers will leverage ML and Actionable Customer Insights to drive improved retention and optimize CLTV.