7 WAYS TO IMPROVE SALES AND MARKETING PERFORMANCE IN INSURANCE

TAKE THE FIRST STEP: ALIGN YOUR
STRATEGIES AND ACTIONS
Getting started on a new initiative is never easy. Unseen
obstacles, unanticipated delays, and unexpected surprises
can greet you at every step of the way, making your
goals seem further away with each passing day.
This brief guide is designed to make that process easier.
It presents a number of practical ways to overcome the
sales and marketing challenges you face in the insurance
industry. And it provides you with a variety of potential
starting points on the road to corporate performance
management (CPM).
Whether you’re trying to track and analyze revenue,
identify top performers, or measure the effectiveness of
marketing campaigns, you must first strengthen the link
between boardroom strategy and frontline execution to
drive better decision-making across your organization.
Cognos software gives you the power to do just that.
Enterprise Planning drives sales and marketing performance,
Enterprise Scorecarding monitors progress against
your plan, and Enterprise Business Intelligence lets you
report, analyze, and understand your performance.
With performance management software from Cognos,
you can build on the planning, budgeting, scorecarding,
and reporting activities you already have in place. And
you can integrate new capabilities when you’re ready.
THINK BIG. START SMALL. BE STRATEGIC.
There’s no better place to begin than in marketing—
where aligning people’s day-to-day actions with your
corporate strategy can have a major impact on your
business.
Discover ways to drive best-in-class performance in
marketing and sales. Take the first step.
1. IDENTIFY YOUR MOST VALUABLE
CUSTOMERS, AGENTS AND WHOLESALERS.
Who are your best customers? Those who buy policies
for both auto and life? Those who pay the highest premiums?
Or those who never file a claim? Similarly, who
are the best of your wholesalers and independent agents?
Cognos can help you answer these questions so you can
focus your time and efforts on the promotions most
likely to yield the best returns. With Cognos, you’ll get
a comprehensive view of your customer relationships,
including policies, mutual fund accounts, banking
accounts, and more.
Cognos unites data from multiple sources and presents
it in a format that lets everyone in your organization
focus on improving cross-sales and providing
unmatched customer service.
2. IMPROVE PROFITABILITY BY
CROSS-SELLING THE RIGHT PRODUCT
The easiest products to sell aren’t always the most profitable.
Does a whole life policy make more money than
an annuity? Would you rather cross-sell a disability policy
or increase coverage on an existing term life policy?
Do you really want to sell a homeowners policy on an
old home with an old roof? Cognos helps you answer
these questions. You can analyze your product portfolio
to understand which elements are the most profitable,
so you can create the clearest path to better results. And
you can do this at any level—at the agent’s office, in the
region, or across your entire organization.
3. ALIGN RESOURCES WITH OPPORTUNITIES.
You’re devoting resources to maintain all of your channels.
But your customers may not be using them equally.
This means money lost.
7 WAYS TO IMPROVE SALES AND
MARKETING PERFORMANCE IN
INSURANCE
Cognos helps you decide where to allocate your
resources to drive the best results. Cognos can provide
managers with real-time productivity feedback on decisions
related to volumes, premiums, staffing and compensation,
and direct and indirect expenses.
With channel analysis, Cognos can take you a step
beyond basic policy data –you’ll understand which
products customers are using, but also how they are
accessing services and the associated costs. This gives
you a full picture of customer profitability.
4. USE SCORECARDING TO SET GOALS AND
PRIORITIES.
Can you communicate priorities and expectations consistently
across your branches? With Cognos enterprise
scorecarding, you can. Scorecarding is a proven way to
ensure that everyone is on the same page – from the
chief marketing officer to the branch manager —and
everyone in between.
With a Cognos scorecard on everyone’s desktop, you
can communicate strategic goals in terms of specific performance
outcomes. People can monitor their performance
against targets and take immediate action when
things go off-track. You can use scorecards to monitor
key indicators around sales, growth, and market share
and compare them to call activity, reach, frequency, and
sales expenses. You can see how their performance
impacts overall performance and align their day-to-day
decisions with the larger strategy. This ensures that
resources and energies are all devoted to making the
strategy happen.
5. ANALYZE THE SUCCESS OF MARKETING
EFFORTS
Can you draw a direct from your marketing and your
bottom line? Which of your promotions are paying dividends?
Which are costing you money? Why do some
promotions work better with one group of customers
than another?
Cognos software can answer these questions. You can
measure the cost of media programs versus the policies,
premiums, and assets they produce. You can track and
present key performance indicators like campaign ROI,
total exposures, response rates, cost of sale, number of
leads, percentage close ratio, and more.
With Cognos, you can quickly analyze your campaigns
to eliminate low-impact promotions and concentrate on
the ones most likely to succeed. And you can identify
your best lead generation activities based on facts, not
feelings.
6. MANAGE YOUR BUDGETS.
Do you want more detailed financial information, more
complete information, and more consolidated information?
Cognos software can deliver it by automating all
your core financial processes – budgeting, planning,
consolidations, forecasting and reporting. Cognos presents
a unified view of your marketing budgets at the
department, branch, regional or corporate level. You’ll
always know where you stand against your plan. And
you’ll have the clear, concise, accurate information you
need to analyze your current business performance and
confidently predict your future.
7. REPORT ON REGIONAL, DIVISIONAL OR
ENTERPRISE-WIDE PERFORMANCE.
Cognos lets you communicate your plans and strategies
as a set of interconnected performance indicators. The
bottom line: you can share your organization’s most
valuable assets—your knowledge and your people.
ABOUT COGNOS
Cognos is the world leader in corporate performance
management software for the enterprise. Our solutions
let companies drive performance with enterprise planning
and budgeting, monitor performance with enterprise
scorecarding, and understand performance with
the reporting and analysis of enterprise business intelligence.
Cognos is the only company to support all these
key management activities as a complete solution from
one vendor.
Founded in 1969, Cognos today serves more than
22,000 customers in over 135 countries including
• 8 of the top 10 US Insurance Companies
• Almost 1,000 Financial Service Companies worldwide
For more information about Cognos solutions visit
www.cognos.com.
WWW.COGNOS.COM Cognos, and the Cognos logo are trademarks or registered trademarks of
Cognos Incorporated in the United States and/or other countries. All
other names are trademarks or registered of their respective companies.
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