More sales, better pricing and larger volumes are the hallmarks of successful business and in the insurance market it is no different. Cloud based pricing ensures that everything from conversion to compliance is streamlined, efficient and controlled ultimately leading to increased sales. Too many companies still set their prices on their desktop, often on Excel spreadsheets. The market is full of insurers that still set prices on large scale product lines using Excel. Modernization is essential if these organizations are to evolve and a move to the cloud is a step in the right direction.
Here is the business case for moving to the cloud.
- The cloud allows you to scale your quotes and increase sales
Moving your quote process online enables multiple people to provide quotes, not simply those who control the spreadsheet. For Optalitix clients, the sales increase experienced by moving to the cloud has ranged between 10% and 50%.
In certain product circumstances, this means customers can self-serve quotes, whilst still maintaining control and access of internal reviews, expanding access to other staff and increasing the capacity to quote.
- Moving to the cloud reduces the cost of issuing quotes
By moving pricing models to the cloud, workflow processes can be enabled. These workflows empower companies with the ablity to identify what is required and to implement solutions that will save time and reduce the cost of issuing a quote, or issue more quotes more quickly. Companies could reduce their pricing costs by up to 20%, by moving to the cloud.
- Increase speed of quoting
The ability to issue a quote more quickly is a key requirement in the digital world we now live in. Achieving this is dependent on shining a light on the current quote process so as to identify blockages and delays. With a desktop quoting process, this insight isn’t always possible, once you are in the cloud however, every step in the process can be tracked via dashboards and improved upon using better data and tools.
- Increase sales conversion by tracking every quote issued, including declined offers
Understanding quote volume and conversion rates changes the entire sales process. This understanding provides insight into sales activity, sharpens the focus of the sales team and allows AI to play a part in improving quote efficiency. This type of richer data is accessible when you move to pricing in the cloud, but is completely hidden when pricing on a spreadsheet due to the disconnect between the spreadsheet and the sales database. Knowing and applying this data insight can account for a 5% to 10% uplift in sales.
- Real time monitoring of activity increases speed of response
On a cloud-based pricing system, all the important data is stored in real time in a database and can be tracked in real time on a dashboard. Should any issues arise with quoting, the response will therefore be quicker. This real time functionality allows the pricing team, the sales managers and the marketeers to use insight from the sales activity to improve their own campaign strategies.