Entire sales cycle, be it presales or post sales, is the most important link in any business cycle. There are always ongoing and consistent reformations towards increasing sales in every organization as it decides the actual revenue that the company is going to reap at the end of the year.
Sales in insurance industry is the primarily agent and product based. Hence, the length of the cycle depends on insurance product or policy and skills of an insurance agent. Since each product in insurance is very critical as it is a monetary compensation to life of material. Therefore, it needs to be customised, precise in information and processing where the time taken is more.
Lack of product knowledge and incomplete information at the end of agents or sales people leads to repudiation of claims which might lead to the financial crisis of family. To counter the challenges of increased sales cycle and reworks, learning has to be given to the sales agents.
Also, in this ever changing world where regulations change every month and every year insurance companies brings out their new products ,the competition is getting tougher and tougher with so many new products and features. So, there is a need of updated learning on regular interval to pitch the right product at the right time to the customer and to serve the customer rapidly.
Since the salesperson in any field is always short of time eLearning is the only way of updating them with these fast-moving changes as well as empowering them with the knowledge of new products, its competition and compliances.
Reaping the benefits of learning management systems
The primary advantage of eLearning is that it helps to reduce the sales cycle by an effective margin. It has been seen that the sales agents who are eLearning enabled are better updated with products and process when compared to others. This, in turn, helps them to satisfy all the client inquiry in a single meeting and are able to produce the illustrations faster and provide more customized products.
By embracing Learning Management System companies can easily cater diverse learning needs. Various training can be scheduled to keep the sales team at par with changing norms and regulations, new products & processes in the market and also with mandatory compliances and soft skills.
Orientation Training: New employees can be trained online on the product portfolios, competition, rules and compliances to speed up their launch.
Soft skill: In insurance industry soft skills plays a significant role in selling because there is continuous interaction between the prospect and the salesperson. Hence, via eLearning sales personnel’s can be trained on these parameters to boost up the sales.
Product Training: Insurance industry is very dynamic, with every passing day we have new product or process being launched in the market. To keep Salesforce agile with these changes, employees can be trained on new markets, products and services so that they can be updated on the development within and beyond the organization.
Compliance Training: Compliances and regulations are crucial for all the employees working in the sector. E-learning can provide continuous training and help them to keep in mind all the regulatory and operational constraints.
E-learning Salesforce gets aligned with the philosophy of FIRST TIME RIGHT, reducing sales turn-around time drastically as well as producing better and quality output.