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Insurance: Trends in sales force enablement; Vertical and technology trends

Insurance: Trends in sales force enablement; Vertical and technology trends

Summary

Marketing and sales activities drive business growth. However, the explosion of the digital marketing landscape and massive amounts of available content is further complicating sales processes, thereby making them more disjointed and inconsistent. Sales enablement aims to de-silo sales and marketing functions and aligns business goals to empower sales representatives in providing the right messaging and the right asset to the right customer, at the right time and place. Organizations carry out sales force enablement in various phases such as recruitment and hiring, training, equipping, and assessment. The insurance industry is looking at increasing its competitiveness by equipping its sales force with the latest technology and communication tools. Sales force enablement is also expected to drive CRM investments in 2016. An up-to-date CRM solution ensures that information is available not only to the corporate office but also to the sales force. Consequently, mobile CRM solutions are being aggressively deployed to increase the effectiveness of sales pitches.

Key Findings

  • Carriers are trying to provide more intuitive and collaborative advisory experiences through their sales force to tap into the demands of the new generation of customers.
  • While the transformation has not been easy for carriers, sales personnel and marketers are already deploying a new generation of smart handheld devices with powerful computing capabilities, improved cameras, near-field communication functionalities, and GPS (global positioning system). Early adopters are further exploring the advantages of mobility across the entire insurance value chain such as submitting bills, viewing policy details, and reporting accidents by using their mobile devices.
  • Insurance companies are also broadening their internet-based strategies to include social media, as social networking sites are continuously gaining ground in the industry. Insights from social platforms enable agents to understand their role as advisors and how to best use such information to expand their customer base.
Synopsis

Current Analysis’ Vertical Focus Report - Insurance: Trends in sales force enablement depicts the business challenges faced by the insurance sector in the sales force enablement domain along with the recent demand side and supply side trends in this functional area. The report outlines the evolution of the sales force enablement domain and identifies the key opportunity areas for the ICT vendors. This report also presents Current Analysis’ view of the revenue opportunities in the sales force enablement domain through to 2019, highlighting the market size and growth by geography.

In particular, it provides an in-depth analysis of the following:
  • The latest trends impacting the insurance sector’s sales force enablement market.
  • The market trends (both supply-side and demand-side) that will facilitate the growth of insurance sector’s sales force enablement market.
  • The technology evolution of the market and vendor opportunities
  • The market inhibitors that may hinder the pervasive adoption of sales force enablement among insurers.
  • The primary findings from Current Analysis’ view of revenue opportunities in insurance sector’s sales force enablement market through to 2019, highlighting the market size and growth by regions.
  • An identification of banks’ IT budget allocation and IT priorities relating to sales force enablement.
Reasons To Buy
  • Understand the insurance sectors’ landscape, the recent trends, and inhibitors shaping the insurance sector’s sales force enablement market.
  • Comprehend the insurance sector’s sales force enablement market evolution.
  • Enhance your market segmentation by analyzing the revenue opportunity forecasts figure in the insurance sector’s sales force enablement market from 2015 to 2019, across geographies.
  • Comprehend insurance sectors’ IT budget allocation and prioritization of top IT projects in 2015
  • Understand how insurance sector’s sales force enablement opportunities are set to change in near future.


1 Business challenges for insurance companies
2 Market Dynamics
2.1 Demand side trends
2.2 Supply side trends
3 Technology Lifecycle
3.1 The insurance sector’s IT budget allocation and IT priorities
4 Opportunities for ICT vendors
5 Market size and forecast
6 Future outlook
6.1 Insurers are looking to enable sales forces with gamification, collaboration, and mobility tools
7 Appendix
7.1 Definitions
7.2 Further reading
7.3 Contact the authors
List of Tables
Table 1: The insurance sector’s sales force enablement market by geography – global market opportunity forecast, US$ millions
List of Figures
Figure 1: Key business challenges impacting the insurance sector’s adoption of sales force enablement
Figure 2: Key business challenges impacting the insurance sector’s adoption of sales force enablement
Figure 3: Evolution and development in the sales force enablement space in the insurance sector
Figure 4: The insurance sector’s IT budget allocation and prioritization of top IT projects in 2015
Figure 5: Key opportunities for ICT vendors catering to the insurance sector
Figure 6: The insurance sector’s sales force enablement market by geography – global market opportunity

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