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It is the goal of this paper to communicate the value of a new suite of software technologies that provide a single point of entry for prospects and health plan providers (including agents) to educate a new or renewing insured on the full value proposition of each plan offering. The software then recommends the best plans, highlighting the fit between plan features and prospect needs, to enhance the overall sales process and close rates. Behind the scenes, the same technology suite measures and records all prospect preferences to allow sales, marketing, advertising, and product development to benefit through the production of more targeted offerings and personalized messaging at greatly reduced costs.
Executive Summary
Most health plan providers use a variety of systems and processes to support prospects, and representatives working with prospects, in their efforts to buy/sell insurance and related products. However, none of the present systems and processes meet the business need of the organization to provide consistent "best-selling" practices to every prospect at every touch point. They also do not mathematically measure and record each individual's responses in order to optimally respond at the point of sale and to improve the overall marketing, advertising and product development efforts of the enterprise.
Breaking the Knot
Configuring and deploying a 3608 Guided Selling and Sales &Marketing Effectiveness solution that allows Representatives and Prospects to access its functionality through multiple channels and points of entry is the tool necessary to defeat the Gordian Knot of healthcare. First and foremost, this tool provides the benefits of closing more sales at a higher margin with greater long-term persistence. However, the secondary benefits can be even more enriching to the top and bottom lines.
This solution allows sales, marketing, advertising, and product development management as well as higher-level corporate management to access pertinent information about prospect/customer preferences, "best-sales" strategies, the quality of marketing messaging/advertisements, and even the market pull for new products that are "on the drawing board." Finally, the proper deployment of a robust platform for 3608 Guided Selling and Sales & Marketing Effectiveness results - almost immediately - in improved relationships between the health plan provider's associates and prospects, as well as its external business partners driving business.
Likely Motivations for Your Company to Act Now
Gain a Competitive Advantage
The current sales tools used by your captive and independent sales teams offer limited capability to efficiently and effectively counter competitors. This motivation is made more pressing given that Guided Selling's higher close rates, retention, margins, and cross-selling of ancillary products are already being realized by some of your competitors - across their entire enterprise.
Close More Sales
Each day without a centralized system for selling that ensures the consistent application of "best sales" practices, retention of critical customer preferences/responses, and continual optimization of sales and marketing effectiveness, results in lost sales opportunities that should be won.
Implement a Scalable Sales Platform
The costs of managing your various sales segments, channels, technologies, representatives, and so forth are growing with each new addition. Taking advantage of this opportunity can finally provide a fully integrated selling platform that instead of costing more as you grow your selling network, actually benefits from that growth. It takes advantage of economies of scale by learning real-time and first-hand from the needs and preferences of even more of your clients.
Obtain Real-Time Customer Insight
Every day that Executives, Product Development, Marketing, Advertising, and Sales are not completely synchronized, company money is being used less efficiently. Various parts of your sales forces are not fully engaged in selling every product offering, especially newly launched products. Marketing and Product Development may have different views of why products exist or why prospects buy them. Executives steer strategy based on incomplete views of customer needs and their broader organization. This situation is avoidable; it is avoidable because one type of information drives all of these typical business silos - the real-time and first-hand needs and preferences of prospects and customers. A single system that measures, tracks, and stays synchronized with this heartbeat of the business ensures that sales strategy and tactics, market messaging, advertising, and product development and refinement are aligned with each other at every point in time.
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