Over the past six weeks, the world was shaken to its core. The lockdown forced millions of workers to shift to digital technology in order to communicate, process deals, and conduct business as usual. Years of change management happened overnight. In North America alone, over 56% of the working population has adapted to WFH structure. Employers offering at least part-time telecommuting flexibility collectively save $44 billion each year. Some studies also estimate work-from-home initiatives will save U.S employers over $30 Billion dollars a day during the COVID-19 crisis. This may just be the tipping point for remote working norms.
This WFH new normal will thrust everyone into new technological innovations creating the WFH ‘cyborg employee’’– half human & half machine. Before the global pandemic, there were studies and research about the multi-generational workplace with the Baby Boomers, Gen X, Gen Y and Gen Z all in the same workplace all serving a mirror-image customer demographic. There were bound to be clashes in workstyles, cultural norms, music, art, communication styles, and technology-savviness. If charted out, it would probably look like the VIX, the US stock market volatility index.
So according to E&Y the salesperson of the future will definitely be transacting with less paperwork. Therefore they’ll be seeking better sales tools and greater simplicity in processes. In insurance, for example, Carriers will enable agents to be more responsive to customer servicing, claims, and product development. Emerging technologies such as digital, wearables, telematics, and usage-based insurance (UBI) are providing data sources for underwriting and analytical capabilities to better manipulate and interpret data. These are improving the way every company manages back-office functions and detects cyber threats and other risks. The future is tied to innovation and product simplification, which represents bold cross-selling opportunities for carriers.
The $850 million sales performance management software market continues yearly growth of 12% to 13% and is expected to reach $1.4 billion by 2022, according to Gartner 2019. The market for CRM lead management applications grew by 21% in 2019. Yet 76% of sales agents think CRM makes their job more difficult. Standard adoption rates for field CRM is below 20% (Doug Bushee, Gartner). Next-generation leaders are looking for mobile solutions. They are demanding more emphasis on an enhanced lead classification and scoring process. Vendors have reacted to these demands by providing multi-channel lead management capabilities, and focusing on AI for scoring and nurturing.
According to EY’s 2017study: “The agent of the future is emerging as a proactive advisor in a digital world”. The study surveyed over 530 insurance agents and found that most agents are positioning to be part of the digital future, though some are not:
- 47% would significantly value an app to guide them through customer interaction and display advice or prompt for the next best action.
- 63% would significantly value illustration tools to help them with sales.
- 77% would significantly value a piece of tech that automatically identified potential opportunities within their existing book.
- 80% would consider giving up a role in servicing to focus on sales and growth
- 50% highlight the need for new and innovative products to grow their business
- 55% would consider a lower commission to shift some servicing burden to the carriers.
- 40% question their preparedness to meet the needs of the next generation
The agent of the Future, a proactive advisor in a digital world
The need for better tools and customer connections is more apparent post-COVID-19. The digital agent of the future will need simplicity in order to be high performers and customers will demand seamless digital integration. However, this new tech will be for everyone in the organization from Baby Boomers to Gen Z. We are all digital natives, now.
We invite you to join us on May 14th for a webinar featuring Chad Hersch from CapGemini, and Craig Denham from Seismic, and our very own Cory Haynes from Vymo. They will explore how the black swan event has thrust the financial services industry into a tsunami of technology, cultural shifts, demographic upheavals, resulting in a new beach of opportunity. The winners will be those that can flawlessly execute on cultural balance, innovation, and customer engagement.
Register today to hear more from CapGemini, Seismic and Vymo on who will continue to thrive, post COVID-19.