The Leaky Pipe for Insurance - what's preventing you from increasing revenues, improving margins and winning more customers?
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Insurance IT and Sales challenges to increasing revenue and protecting margins
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The Leaky Pipe for Insurance - what's preventing you from increasing revenues, improving margins and winning more customers?
- 1. Copyright © 2014, Oracle and/or its affiliates. All rights reserved. The Leaky Pipe for Insurance 1 Margin & revenue erosion Potential Margin Realized Margin “According to the 2015 Gartner CIO study, conducted with 152 CIOs from global P&C and life insurance companies, insurance CIOs reported that 13% of today’s revenue is attributed to digital sales, with growth expected to rise 25% in two years and 47% in five years.” Slow underwriting turnaround times Limited visibility into broker business Non compliant process across sales channels Slow onboarding of new sales reps Inefficient, unautomated and unstreamlined processes High IT costs due to complex processes with disparate systems Limited staff mobility Limited leverage with distribution partners Expensive, risky and lengthy IT upgrades IT systems unable to cope with consumer driven market 90+% of orders are missing up sell/cross-sell opportunities Error-prone pricing and discounting due to multiple system integrations 62% order failure rate due to missing/incorrect items