Granular insights3/25/2023 The manual nature of the process prevents finance and pricing teams from conducting it more frequently, or with more granularity. The timing and level of detail existing analyses provide doesn’t clearly tie the insights to specific customer cohorts or distributors, making it difficult for executives and sales teams to use them effectively. For finance and pricing teams, the analysis itself is a cumbersome and resource intensive process due to outdated tools and the heavily manual nature of the processīecause the analysis is time intensive, it’s usually conducted monthly.For executives, a lack of granularity and detail in the results limits their understanding of what is and isn’t working and their ability to adjust and react in a timely and strategic way.The devil’s in the new business details you’re not gettingĬurrently, the process of analyzing new business sales is frustrating on a number of levels, both in terms of insights and workflow: Making this shift starts with accepting the fixed limitations of life insurers’ existing new business monitoring practices. Many of these limitations come from lack of granularity and understanding around how specific pieces of the value chain are performing, and impacting end profitability.Ī combination of rich new data sources and sophisticated technologies enable life insurers to understand both the individual profitability and performance of different distribution channels, as well as their relationship to market trends. This is particularly true as insurers increase their focus on profitability of new business, rather than pure volume.Įxisting approaches to understanding new business sales create frustrating limitations on the usability and relevance of these insights in strategic decision making. New business sales and the impacts it has on profitability is critically important information for life insurance executives and sales teams.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |