Information technology in selling
Computers can also be used in insurance sales.
Point of sale systems
With to advent of lap top computers and PC’s most sales systems rely on the use of computer technology. These can be used to provide point of sale quotations, record fact find information and issue regulatory document and quotations.
Smaller printers have meant that sales teams can print off application forms for signature by the client.
Some software systems include a needs analysis facility and some will produce financial reports.
Some application forms can be completed on line, allowing even faster processing and quoting times and giving customers even faster turn around service.
Mail shots
Computers can be used to produce, address, print, record and send mail shots. Machines will even fold the letter and place it in the envelope.
These mail shots can include brochures, direct sale material, endorsement letters, product explanatory material and even an application form.
Some selling mail shots simply let the recipient complete the application form and send in their cheque, whilst other systems may be a tempt to treat, and encouraged the recipient to phone up to ask for more details, where upon he/she can be provided with financial advice.
Some life offices specialise in direct mail and have special departments set up to process this kind of marketing approach. Data bases of names are used. Some data bases are specific to certain client profiles, whilst others are general. Some may be from another department within the insurance office, where the insurer hopes to sell a second product line to the same customer. This is particularly true if the customer has already a good experience of the company.
Telephone selling
Telephone sales for insurance are more associated with motor insurance rather than life insurance. Some companies will cold call potential customers on the telephone in order to book appointments for IFA’s. These leads are then sold on at so much a lead.
Some life polices are such that they require a greater amount of knowledge about the client and there would be a regulatory risk in selling the product over the phone. Simple polices may be arranged over the phone especially if the client has already been exposed to hard copy sales literature.