Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Customer Experience

In the Age of the Multi-Access Customer, Insurers Look to Improve Sales to Service

by Grace Lin
July 28, 2021
in Customer Experience, Digital Transformation, Insurance
Reading Time: 4 mins read
A A
sales to service
Share on FacebookShare on Twitter

The rise of the “multi-access” customer – a customer who engages with the provider at multiple points in the customer journey – has pushed insurance companies and benefits organizations to seek ways to provide more comprehensive levels of service. The days where a customer’s point of engagement begins and ends with a sales agent are fading fast, as companies recognize that improved sales to service models will expand delivery of service, lead to better management of budgets and hidden costs, and ultimately increase customer satisfaction and retention.

Historically, insurance and benefits organizations have been structured to work in silos, with different business units often operating on different legacy CRM and project management platforms. Companies are quickly outgrowing these disconnected legacy systems, and they are actively seeking to upgrade their systems to an end-to-end ERP solution that can connect and integrate all business units.

Modern cloud-based ERP solutions can seamlessly integrate departments while still leaving the door open for the customized solutions that may be needed within each business unit. For example, custom solutions like Velosio’s Advanced Project Accounting can be built within the Microsoft Dynamics 365 Business Central suite to improve the sales to service handoff by elevating CRM systems into robust project planning solutions that track resource utilization and project dollars in real-time and create automation tools that interplay with workflow and metrics within the entire organization.

Many insurance providers are taking the leap to digital transformation and breaking down the barriers that keep different business units from working together. Blue Cross Blue Shield of Michigan recently invested in a cloud-based ERP solution to integrate four legacy systems. This helped them to streamline their financial processes, improve reporting, and make it easier to integrate new business units.

These investments help companies better manage quote-to-cash and revenue recognition lifecycles on a broader scale, while enabling sales teams to work in step with the rest of company. This offers a unique advantage for sales agents who often work separately and are seen as middlemen that simply negotiate a sales rate to complete a transaction. Improving sales to service means viewing sales teams as equal stakeholders in the full delivery of a product. Bridging this gap will help companies ensure that sales quotes are translatable and built on an engaged understanding of contracts and resources.

As insurance companies and benefits organizations expand their capabilities and adapt their offerings to fit their customers’ demands, they need to equip sales agents with a better idea of project costs which will, in turn, better inform budgets and resources. Investing in technology that drives sales to service automation will tighten the link between sales and project management, shine a light on hidden costs through the entire project pipeline, and create less guesswork for budgeting. This will enable insurance companies to maximize their service potential, whether it means revamping benefits offerings, offering more digital services, acting as compliance advisors, or even taking on the role of program managers themselves.

Tags: Advanced Project AccountingDynamics 365 Business CentralinsuranceMicrosoft Dynamics 365project managementsales to serviceVelosio

RELATED POSTS

Contributed Articles

Geopolitical Conflicts Reshape Threat Landscape and the Cyber Insurance Business 

December 2, 2022
Data Sharing Solutions
Digital Transformation

Insurance Companies Look to the Future of Data Sharing Solutions

December 17, 2021
Costs of Doing Business
Digital Transformation

Health Insurers Look to Reduce the Costs of Doing Business in 2022

December 15, 2021

TRENDING NOW

  • Cybercrime and Cyber Risk: Strategies for Protecting Your Organization

    503 shares
    Share 201 Tweet 126
  • What 2023 Means for Commercial Construction Lending

    515 shares
    Share 206 Tweet 129
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    657 shares
    Share 263 Tweet 164
  • AI in Financial Services: Where Does Ethics Fit In?

    553 shares
    Share 221 Tweet 138
  • Matching Buyers and Sellers in M&A

    540 shares
    Share 216 Tweet 135

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad
Advertisement Banner Advertisement Banner Advertisement Banner

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us