fullforce: cloud sherpas introduces the producerdirect playbook
TRANSCRIPT
Fullforce: Cloud Sherpas Introduces the ProducerDirect Playbook
Emily Beezley,
Sr. Director Financial Services Alliances, salesforce.com
Dave Cheung,
Architect-Insurance Sector , Cloud Sherpas
Toan Huynh,
Vp-Insurance Sector , Cloud Sherpas
Presenters
Agenda
1. Fullforce Overview2. Cloud Sherpas Overview
3. Investment Management Overview
4. Play Book: Investment Management Solution
5. Demo
6. Cloud Sherpas Engagement
• What is the Salesforce Fullforce Program?– Part of Cloud Alliance Program; Silver and above partners are eligible to apply– Recognize partners who achieve higher levels of sales and delivery criteria
with validated implementation expertise and success
Salesforce Fullforce Program Summary
▪ Fullforce Master− Cloud expertise: Sales, Service & Platform− Industry expertise: Financial Services, Healthcare,
Retail, Telco/Media
▪ Certified Fullforce Solution− Preconfigured, repeatable
Industry Solutions
Fullforce FY15 - Drive Pipeline w/Solutions
• Launch 12 Industry Solutions • Executive Sponsorship• AE Sales Toolkits- Demos, Collateral, Solution Decks, FAQ, Etc • Execute 20 Client Facing Events • Support Alignment in Additional 10 Industry Shows
Salesforce.comExecutive Sponsorships & Perspectives on the Industry
David RudnitskyEVP Enterprise Sales, salesforce.com
Rohit Mahna
Sr. Director Financial Services IBU, salesforce.com
Areas Of Insurance We Will Discuss Today
Insurers depend on captive and non-captive agents to sell life and P&C insurance to customers. Also known as brokers, the majority of any given book of business for an insurer will come from agents and retail locations.
Producer Management means Agency, Broker, and AdvisorManagement
Game Changers That Will Redefine Insurance
Insurers are looking to innovate more than ever
Technology has become mission critical
New Entrants to Insurance
• Regulations have changed and insurers have competition from other non-traditional channels (banks etc.)
• World ages, insurance has become a key part of financial planning• Customers expect a better experience
• To drive customer engagement and customer centricity across the channels• Millennial customers are using social media and technology research and buy insurance• Agents are using technology and social media to sell insurance
• Disrupt a structure that has existed unchanged for decades • Government, banks, and new technology firms are creating alternatives for insurance
Insurers need to embrace technology to attract and enable the best and brightest agents to join their sales force.
• Post the financial crisis in 2008, there has been a revival of insurance products as safe financial vehicles.
• Agent sales for insurers continue to be where the bulk of the revenue for insurers are coming from.
• Insurers are hiring more and more agents and investing in the producer ecosystem but there is a shift in that paradigm:
• New agents are looking for more sophisticated insurers who provide training and support for them.
• Agents on average are now more educated, have a wider network, and are more tech savvy.
• Due to aging population and changes in federal regulation, agents will need be armed to sell everything – not just Life Insurance.
Source: Kasina, Aligning Distribution
The Producer Model Today for Insurers
.
10
They’re very ‘social’
• 18-49 year olds the heaviest users of Social Media (average of 67% log into Facebook every day) – Pew Research Centre.
• They connect with the future customers where they are
They shop and research for financial products on line
• 90% of Gen Y already shop online (Cisco Connected World Technology Report – 2012)
• 95% of all Social orders originate from facebook (+129% since 2009) - Shopify
Workplace loyalty goes to the employer that invests in their success
• Training, technology, and mentorship are key decisions
• Provide them qualified leads and tools to sell
The “New Agent” recruited will sell to the “New Customer” you want to attract
• How do you know you are reaching the right agents today? What do you do about the ones you are not touching?
• Are you recruiting, managing, and mentoring your age force effectively?
• How do you handle agent turnover and loss book of business?
• How do you attract and get to the new millenial customers while shoring up your face2face sales teams during these times?
• How do you get access to your policyholders, even if sold through agents?
Source: Kasina, Aligning Distribution
The Challenge Today
450,000# of advisors/agents in US*
2,500Agents work for you
1,200Producers generate majority of profits
*US Dept. of Labor Statistics**Average Agents for a nation-wide carrier
Cloud SherpasInsurance ProducerDirect Playbook
Toan Huynh
VP- Insurance Sector Leader, Cloud Sherpas
Cloud Sherpas Quick Stats:● Global leader in Salesforce● 500+ Salesforce
certifications● Platinum Alliance Partner● 9.5 Customer Satisfaction
Rating● Average of 8 years
experience per consultant● Dedicated practices for
Service Cloud, mobility, business, industry sectors
● Agile approach with blended-shore delivery centers
WHO WE AREBOUTIQUE IN NAME. GLOBAL IN REACH
THE BIGGEST FINANCIAL BRANDS RELY ON CLOUD SHERPAS
FOR INTERNAL USE ONLY
Insurance
Insurance ProducerDirectAgents, Brokers, Advisors/Retail
Overview
How do you define the “ProducerDirect” channel?Broadly defined, we look at this sector as what some would call “third party or intermediary sales” in insurance. These will take the form of agents (captive, non-captive), brokers, advisors, agents, and agencies (retail locations).
Where do we focus?Companies that underwrite insurance policies that are sold to agents and advisors and depend them to recommend products to their consumers.
Clients would be insurance carriers offering products in:
● Life ● Propery & Casualty● Auto & Home
● Non-Life ● Non-medical health
Conceptual Diagram
Key Firm Success Criteria● Track agent success and sales
● Track cradle to grave sales process for Agent/Broker
● Visibility into pipeline and sales activities from Broker/Agent
● Ability to rank and better service high producers
Challenges● Direct access to end customer● Advisor/Producer mindshare/outreach● Wholesaler Brand vs. Company Brand● “Selling time” vs. “Admin time”● IT Resourcing Limitations● Supporting a Mobile Workforce● Access to Personalized Information
INDUSTRY PERSPECTIVE
Before - Challenges: After - Results:
Disconnected systems, multiple entry points, personal documents
Single entry point, consistent UX, consolidated data, better reporting and searching
Lack of visibility into prospect data resulting in wasted time Better analytics and data for targeting and predicting
Missing workflows required extensive time searching for the correct information
Proactive workflow and notifications cut down on search time
Manual data entry and administration took significant amounts of time
Automated processes allowed for more time selling
Inability to access data while on the road Mobile apps provide “anytime, anywhere” access
Unscalable one-to-one support model Team collaboration and support for deals and service
In ability to interact with policy holders directly Direct access and engagement with policyholders
Disconnected sales (distribution), marketing, service (transfer agency)
Collaboration features encourages visibility to all client touchpoints regardless of channel
WHAT THIS MEANS TO A CLIENT:
ProducerDirectPlay Book
Leveraging industry-specific assets and experience, Cloud Sherpas sets the foundation for a business benefit-driven approach to cloud technology – reducing time to deployment with a rich functionality set, in a predictable and measurable way.
CLOUD SHERPAS PRODUCERDIRECT PLAYBOOK
FOR BUSINESS
FOR OPERATIONS
FOR IT
SOCIAL BUSINESS USE CASES
**WHAT DOES THE PLAYBOOK INCLUDE?INVESTMENT MANAGEMENT PLAYBOOK
USER STORIES
Product Collaboration
Sales Collaboration External Wholesaler App
Investment Management Lifecycle Framework
EXCELLENCE FRAMEWORK CUSTOMIZED ORG
REFERENCE ARCHITECTURE + ISVs SOCIAL & BUSINESS USE CASES MOBILITY FRAMEWORK
***SOLUTION BREAKDOWN
Firm/Branch Management
Advisor/Rep Management
Sales Data Reporting
Wholesaler Effectiveness
Marketing Automation
Technology/External Data
***HOW DOES THE PLAYBOOK HELP YOU?
The Salesperson
Marktg
Shifts discussion from “concerns” to “what’s
possible?”
Minimize technical questions and maximize
business benefit discovery
Helps the customer feel confident for success
Provides a clear roadmap thereby expediting time
from exploration to buying
Removes typical impediments/obstacles
DEMO
User Interface Templates - ProducerDirect
Lead and Account Mgmt
● Lead Conversion● Person Accounts
Households● Relationship Group● Key Relations
Policy Management● Policy Tracking
Helps “manage my day”
● Calendar of meetings, calls for the day
● Triggers/views of important transactions (big tickets, new blood)
● Real-time 360-degree view of a leads / policies, etc.
Mobile Agent Desktop
External App
iPad Demo
Cloud Sherpas Engagement
**Engage Cloud SherpasDifficult to Forecast
Better ways to track report activities of sales of producers
No access to customers or policyholders
Better targeting of prospects
Inconsistent servicing
Difficult to collaborate (in the field)
Providing appropriate materials
How to support a mobile workforce
Customer Centricity
Recommending the right products
Access to product info and product managers
● Early and often● When you need to
accelerate a deal● If a deal is slipping● As a means to open up
green space
When to Engage:
● Faster deal close● Better differentiation● Proven precedence in
the market● Compliance precedence
Why to Engage:
● Work with your current Cloud Sherpas sales director or VP
● Visit: on.cloudsherpas.com/ investment-management
How to Engage:
What to listen for:
● Prospect/ Client WebinarTaking place June 5 at 11:30 ETClick Here to Register for the Webinar
● Press Release on the Wire ○ Planned release on May 13
● Salesforce1 World Tour - London○ Featured promotion for Cloud Sherpas
for the event○ Corresponding event at FEDE
CLOUD SHERPAS PROMOTION PLANNING – TO BE ADDED
● Thought Leadership○ Cloudsherpas Blogs○ Techtarget.com feature
● Executive Events○ New York City and London
coming soon
Contact us: [email protected]://on.cloudsherpas.com/insurance-producer-solution
