Joy - Jan 11, 2021

6 Problems We Solve for Banca Teams

Bancassurance is beneficial for customers, banks and insurance agencies as:

  • the customer benefits from having specialist insurance agents readily available to help them with their insurance needs,
  • the insurance company and their salespeople enjoy access to the bank’s client base,
  • the bank has happier customers as it has provided an easy way to fulfil their clients’ insurance needs, 
  • the bank can also earn part of the revenue generated.

But times are changing and these are some of the banca challenges we can help solve: 

Challenge 1: Reduced Walk-In Traffic
Even before the COVID-19 pandemic, bank branch traffic was falling. This means that more than ever, each walk-in opportunity needs to be handled properly to maximise the opportunity and reduce wastage.

To maximise outcomes, ensure that each walk-in opportunity is treated as the rare resource that it is. Easily capture walk-in details, assign to the best salesperson (quickly determine if there is an existing salesperson link, or assign to the best suited salesperson if there isn’t) and guide the salesperson through measurable sales activity stages, reporting at each stage.

Challenge 2: Maximising Referrals
Referrals can come from colleagues, friends, clients and often partnerships between unrelated businesses.
For all types of referrals, it is important that they are treated with the respect the prospect and also the referrer deserves - after all it is a great compliment to receive a referral - and care must be taken to fulfil the prospects and the referrers expectation. 

Be able to easily receive referrals, as well as keep the referrer in the loop. The service provided to the referral will go a long way to ensuring more referrals come your way. This video shows how Smart Connect does this.

Challenge 3: Increasing Banca Territories 
As mentioned above, the number of bank branches are decreasing due to customer behaviour shifts to online banking. This results in much bigger territories for each banca agent. The advantage is that the client - agent match is less dependent on geography and can be more aligned with availability and skills/qualification required to sell specialist products. The challenge is quickly determining if a banca prospect is already assigned to an agent, if not then match to the most suited agent, and connecting them so that the clients' needs are met as soon as possible.

Speed-up and automate lead assignment and management processes to ensure the client’s business is not lost. 

Challenge 4: Banca having to sell like Agency Agents
With less walk-in traffic, and with banca agents not necessarily based in branches, to survive banca agents need to start selling like Agency agents. This involves reaching out to their clients rather than waiting for them to come to you and requires a whole different skills set. In addition, sales activity is key and directly proportional to success. 

Capturing or collating prospects generated by banca agents in a lead management system will help both the banca and their manager measure how many prospects have been sourced, the salesperson’s sales activity (or lack thereof), as well as insight into their telephone and closing skills, so that issues can be identified and addressed early on.

Challenge 5: Making the most of Cross-Selling and Data Mining 
Banks have access to a huge amount of data on their customers, including their existing financial products, preferences and other demographic information. This data can be used for cross-sell and up-sell opportunities. But once identified they need to be assigned and actioned. 

We help match and deliver the leads identified from data as cross and upsell opportunities to the existing salesperson or if unassigned match them to the salesperson most suited to them, and then manage and report on the sales activity to help retain the leads and also cross- and up-sell to them. 

Challenge 6: Optimising Sales Activity and Skills using Transparency

The bank and the banca managers often do not know what happened to the leads generated for or allocated to the insurance salesperson. This makes it difficult for the banking partner to work out the ROI, the manager to be able to manage the agent and also to provide feedback to the marketing team on the results of the lead source. 

We create transparency between banking partners and insurance salespeople. We provide clarity around activity and skill ratios at all levels, campaign performance and lead source performance.

So how exactly do we help solve these problems?

Key in the solutions described are:

  • Speed of assigning and delivering a lead to the right salesperson (including existing or new assigned if previously unassigned); this makes a huge difference - round robin doesn’t get the best results;
  • Integration with bank systems where possible to optimise delivery and 2-way updates and improve the customer and salesperson’s  experience;
  • Collating all lead sources on the same system so that they can be treated and measured in the same way, as well as measure the capacity of the salesperson;
  • Reduction of wastage - all leads are accounted for;
  • Measurement of sales activity - making sure the prospect is contacted and the right steps to get a sale followed; flexibility according to your company’s processes are key here;
  • Identify skill issues - helping managers intervene before the salesperson fails;
  • Real time reporting for both salesperson and their manager so that you have the information key to success on hand at all times.

Interested to know more about how we can help? Please schedule a call with us to know more about how we can help your banca team!
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Written by Joy