Insurance—Evolve products and sales

“Thanks to new digital solutions, insurance companies today are able to design products and sales processes simply and almost intuitively.”
Mirko Theine, Senior Manager, zeb


Insurance companies need to systematically rethink their products and sales from the customers’ perspective

Insurance companies will only be able to meet existing and potential customers' requirements in future if they seize new technological opportunities. Taking out an insurance policy no longer needs to end in an impenetrable maze of terms and conditions, tariff variations and specialist terminology.

Product complexity, including the huge variety of products, is a considerable hurdle for insurance companies and their customers. Even relatively simply policies today demand long development phases, and minor changes can take several months. Broad product ranges built up over decades result in an almost insurmountable complexity in terms of portfolio management, IT and claims processing.

Sales teams are facing the challenge of explaining complex products and processes to customers in a simple way. This pressure is even higher now that online comparison sites add—or much worse, feign—new transparency about insurance products. 


Insurance companies need to break free of the outdated silo mentality. They can only call themselves customer-oriented if they simplify, and more importantly restructure, their product ranges and customer journeys. Customers do not think in terms of lines, segments and products; they think about the risks they need to deal with in day-to-day life. This is what insurance companies should focus on. With wide-ranging best practice experience, zeb can help evolve and redesign products and sales organizations. 


Modular products
Going forward, insurance companies should think about their products as modules. This new modularity requires that existing products are broken down into individual elements that can be combined into new, flexible options. Insurance companies can then meet special and constantly changing customer needs through tailored products, simplify sales and streamline the management of contracts. 

Bancassurance 2.0
Especially in bancassurance, there are comprehensive options for achieving stronger customer orientation by means of greater networking. For each personal contact between a bank customer and their bank, there are five hundred digital contacts. Bancassurance must be present at these new digital touchpoints, replacing customer advisor resources with scalable technology and thus making insurance sales at banks and savings banks more efficient. Insurance companies and their partner banks have the option to both occupy this digital customer interface—for example, by developing a digital financial home offering. To utilize these options, insurance companies must however be ready to change their business models and processes. zeb can support them in the further development of bancassurance models, the agile implementation of measures and the design of the necessary change processes. 

Sales organization
zeb helps insurance companies to create modern sales organizations with clear separation of various functions. Focused hunting units are responsible for acquiring and expanding business (partners). Centralized farming units quickly and pragmatically resolve intermediaries’ issues, including administrative, functional and technical tasks. Specializing in this way increases efficiency and the quality of results in all departments. Digital means of communication support the sales organization and give it full flexibility. All of this creates a framework that enables and supports sales success in a focused manner.