Sucheth Shetty, Author at Press Releases

New findings by LIMRA and Vymo Show How Insurance Companies Can Support the New Generation of Workforce.

Sucheth Shetty — Fri, 08 Mar 2024 04:12:27 +0000

The report features interviews with industry experts and young agents, explaining what Millennials and Gen Z seek from their insurance careers, their technology preferences, and how carriers can help them grow in their roles.

This new generation is navigating an era of unprecedented changes, from the aftershocks of the COVID-19 pandemic to the silent resignations, layoffs, and a heightened awareness around mental health. But even amidst global economic uncertainties, the allure of traditional perks like job security and financial opportunities, though still important, has been overshadowed by a significant shift in aspirations.

Vymo, the leading Sales Engagement Platform for financial institutions, in collaboration with LIMRA, the largest trade association supporting the insurance and related financial services industry, recently released a report to understand how Millennials and Gen-Zs want to live and work. Titled ‘The Bridge’, it provides perspectives and frameworks to help insurance companies support the younger demography joining the workforce.

Visit www.vymo.com to download the report.

In-depth conversations with insurance organizations, agents, and experts reveal that today’s candidates are gravitating towards roles with the potential to create substantial societal impact and the promise of making a meaningful difference. There is a strong emphasis on the ability to help people. One of the senior agents interviewed said, “It’s not just about selling; it’s about influencing and shaping the future.”

As the industry responds to these new priorities, technology will play an evolving role in simplifying seller activities. “Magic happens when you combine technology with people. Learning how they fit together is the future of the insurance business,” said a senior insurance business leader who participated in the survey. The report provides a framework to reassess the sales tech stack to align with the needs of the modern workforce – not just as tools to improve efficiency but also as a means for empowerment.

Technology will be utilized to expedite sales and operational procedures to allow agents shift their focus from administrative tasks to their core mission: offering nuanced, tailored support to clients. This is especially relevant in the insurance industry, where agents can offer vital guidance during critical life moments. The new age sales tech stack equips agents to accomplish this purpose-driven work, reinforcing their role as trusted advisors in their clients’ lives.

“Millennials and Gen Zs are so used to intuitive experiences outside work and I feel bringing this kind of a tech-rich, insights-led, automated experience in the Insurance space can play a huge role in wooing them. We collaborated with LIMRA on this report to deeply understand the Millennial and Gen Z workforce and to identify the factors that will bring them back to work in the Insurance space.” says Yamini Bhat, Co-Founder and CEO of Vymo.

The report is engaging, insightful, and provides key learnings on understanding the motivations of today’s generation, helping insurance business leaders build effective strategies to attract and retain a modern salesforce. The report can be accessed for free at: https://resources.vymo.com/the_bridge

About Vymo

Gartner recognizes Vymo as a Representative Vendor in the Sales Engagement Market Guide.

Vymo has raised over $45M in funding from Sequoia Capital, Emergence Capital, and Bertelsmann India Investments and is also a winner of CB Insights’ Demo Day and Microsoft’s ‘AI for All’ awards.

About LIMRA

Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.

Relevant Links

Download The Bridge Report: https://resources.vymo.com/the_bridge

The next frontier of sales software: https://youtu.be/kpQaE35f4X8?si=uP-45xBNAI6NUWhC

Media Contact

Annapoorna Ramanath

pr@getvymo.com

The post New findings by LIMRA and Vymo Show How Insurance Companies Can Support the New Generation of Workforce. appeared first on Press Releases.

Engaging new prospects within the first 60 minutes can boost sales conversion by 50% during the holiday season: Vymo study

Sucheth Shetty — Thu, 09 Nov 2023 05:53:28 +0000

Vymo, the sales engagement platform of choice for financial institutions, has released a comprehensive study uncovering the critical importance of timely lead engagement in driving conversion rates. As the holiday season approaches, businesses in the financial industry gear up to meet the surge in consumer demand. In this competitive landscape, converting new prospects into sales becomes crucial for driving growth and success.

The comprehensive study, which combines surveys and product-usage data, provides valuable insights for businesses seeking to optimize their sales strategies. One key insight stands out: the critical importance of early engagement. The analysis found that leads engaged within 60 minutes have a conversion rate exceeding 50%, highlighting the power of prompt and timely interaction. On the other hand, waiting beyond 8 hours for the first engagement resulted in a conversion rate below 3%, underscoring the negative impact of delays on conversion rates.

“Timely engagement plays a crucial role in converting leads into customers. It is important to strike the right balance when initiating the purchasing process,” says Saurabh Kunj, Vice President – Product, Vymo. “If you approach your leads too early, you run the risk of losing their trust. However, if you wait too long, they may lose interest or be swayed by competitors. Timely follow-ups ensure that leads are engaged at the right moment, keeping their interest alive and increasing the chances of successful conversion,” he adds.

Furthermore, the study highlighted a significant variance in performance among sales representatives. Top performers demonstrated an impressive average of 3 meetings per day, while bottom performers had only 0.5 meetings. This stark difference in behavior directly correlates with their respective performance levels, emphasizing the need to bridge the performance gap through training and support.

Vymo Recommends Strategies for Insurance Business Leaders

To empower insurance business leaders in maximizing the potential of the holiday season and optimize lead conversion, Vymo proposes the following strategies:

Establish a robust lead engagement process prioritizing swift response times and timely follow-ups. Minimizing delays between lead generation and engagement is paramount in sustaining customer interest and enhancing conversion rates.
Adopt a systematic approach to nurturing leads, ensuring every interaction adds value and brings prospects closer to conversion. Enable regular follow-ups and personalized interactions to significantly elevate conversion rates.
Use satisfied clients as references and advocates. Proactively seek references from converted clients, tapping into the latent potential of word-of-mouth marketing to drive growth.
Address the performance gap among sales representatives. Identify best practices from top performers and establish coaching programs to elevate the sales team’s overall performance.

By embracing these strategies, businesses in the financial industry can capitalize on the opportunities of the holiday season and unlock incremental growth.

For more information about the finding, please reach out to hello@getvymo.com

About Vymo

Gartner recognizes Vymo as a Representative Vendor in the Sales Engagement Market Guide.

Relevant Links

Know more about Vymo – https://vymo.com

Watch how Vymo can help convert more leads – https://youtu.be/W8KODHivO_U

Media Contact:

pr@getvymo.com

The post Engaging new prospects within the first 60 minutes can boost sales conversion by 50% during the holiday season: Vymo study appeared first on Press Releases.

Gartner accredits Vymo for developing Intelligent Applications in 2023 Gartner Emerging Tech Impact Radar: Artificial Intelligence for Insurance Report

Sucheth Shetty — Thu, 21 Sep 2023 10:51:21 +0000

Vymo, the world’s leading sales engagement platform for financial institutions, has been recognized in the 2023 Gartner® “Emerging Tech Impact Radar: Artificial Intelligence in Insurance” report for improving sales productivity through predictive and prescriptive analytics. The report examines how emerging technologies and trends influence the development of AI-powered products and services in the insurance industry.

Gartner states, “The massive data footprint within insurance companies, including the large number of disparate systems, will drive the need for data fabric in the future as insurers improve data availability for decision making, automation and unlocking new insights.”

Vymo’s mobile-first interface automatically captures client engagement activities, such as calls, meetings, and emails, without any manual intervention. With clean, complete, and accurate data, the platform’s innovative use of AI technologies provides data-backed insights and personalized guidance for better decision-making.

Vymo also analyzes the sales behaviors of high-performing agents and creates engagement best practices and playbooks for different personas. It prompts users to replicate profitable behaviors through contextual nudges and interventions to improve the productivity of the entire salesforce. With dynamic customer engagement strategies, agents can foster long-lasting client relationships, driving business growth and success. This cutting-edge approach to sales productivity is transforming the industry and propels Vymo to the forefront of AI innovations in the insurance sector.

Commenting on the news, Venkat Malladi, CTO and Co-Founder of Vymo, says, “The insurance industry is undergoing a period of rapid change, and emerging technologies like AI are playing a key role in shaping its future. We’re proud to be at the forefront of AI innovations in the sector, and we’re excited to continue pushing the boundaries of what’s possible with predictive and prescriptive analytics. We’re honored to be recognized by Gartner for our contributions to this space.”

About Vymo

Vymo is the Sales Engagement Platform of choice for 350,000 salespeople across 65+ Global Financial Institutions such as AIA, Berkshire Hathaway, Generali, AXA, Sunlife, and HDFC Bank. The platform drives productivity bottom-up through nudges and interventions across the customer lifecycle. Vymo has been recognized by Gartner as a Representative Vendor in the Sales Engagement Market Guide, and by Forrester as a ‘Strong Performer’ in The Forrester Wave 2022 report. Vymo has raised over $45M in funding from Sequoia Capital, Emergence Capital, and Bertelsmann India Investments.

Relevant links

Watch Vymo in action: https://youtu.be/x-kxnDUAI84?si=WRLe_eJUmL909RXo

Get a personalized demo: https://vymo.com/request-a-demo/

Media Contact

pr@getvymo.com

The post Gartner accredits Vymo for developing Intelligent Applications in 2023 Gartner Emerging Tech Impact Radar: Artificial Intelligence for Insurance Report appeared first on Press Releases.