AI in insurance has massively transformed risk management, underwriting policies, and other traditional insurance practices. The impact of AI in the insurance sector has been extraordinary, empowering insurers worldwide to embrace new practices and achieve unprecedented efficiency. Did you know that researchers have been exploring the applications of artificial intelligence since the 1950s? Technology has become an integral part of our lives, and whether we embrace it or not, it’s a permanent fixture in our world. Studies show that sales professionals spend about 34% of th ..read more

Commercial banking plays a vital role in meeting the financial requirements of businesses and large enterprises. Sales enablement in this sector is highly complex, primarily because of the intricate nature of the services and the need to personalize solutions based on each client’s unique requirements. Relationship building takes center stage owing to the longer sales cycles and the establishment of long-term partnerships between clients and financial institutions. Complexities in commercial banking sales :- As per McKinsey’s article, a commercial banking customer today expects banks an ..read more

In Part II of the ‘Age of the AI’ Series, Aparna Kalle, Group Product Manager at Vymo, delves into the significance of embracing digital-first sales techniques and harnessing the power of AI to maintain a competitive edge in the insurance industry. To read Part I of the series, please click here. Vymo Coach is an innovative solution designed to assist sales managers in effectively tracking KPIs across various channels and sales teams. It empowers them to make informed decisions and drive better results with ready-to-use KPIs preconfigured for Insurance Sales Managers and real ..read more

Post Covid 19 pandemic, the insurance industry experienced a noticeable impact, with premium growth slowing to around 1.2 percent in 2020, in contrast to the steady growth of over 4 percent per year witnessed between 2010 and 2020. The most significant drop was observed in the Asia-Pacific region, where profits plummeted by 36 percent, primarily due to declining profits in the life insurance sector. Global insurance after-tax profits, $ billionsCurrent State – An ongoing fight for the customer Insurtech companies are causing significant disruptions in the insurance industry. The investments i ..read more

Our ‘Age of AI’ series, authored by Aparna Kalle, Group Product Manager at Vymo, offers an in-depth exploration of the future of AI-powered Multi-Channel Sales Teams. In Part I, she presents an overview of AI-driven sales team structures within insurance companies and emphasizes the importance of a well-defined distribution strategy. In a multi-channel distribution setup within an insurance company, sales teams are structured in a way that optimizes their performance across different distribution channels. The structure may vary depending on the company’s size, the product portfolio’s complex ..read more

In the ever-changing landscape of business, there is one fundamental element that stands out as the driving force behind an organization’s success: the right sales team. As businesses strive to grow and reach new heights, the significance of building a robust sales force cannot be overstated. Each sales hire plays a crucial role in propelling an organization from 1 to 10, and leveraging sales technology can further enhance their effectiveness. Here are five pivotal roles to consider when hiring for sales: 1️⃣ The Early Pioneer: At the core of any thriving sales team is the Earl ..read more

As digitization continues to impact various industries, what are the implications for the lending sector? What is the best way to approach digitization? What should businesses consider when undergoing digital transformation? Let’s explore these questions. Simply put, digitization is a means to an end. It enables greater efficiency, accessibility, and innovation by leveraging digital technologies and platforms. The process of digitization presents a chance for companies to increase their profits and enhance customer satisfaction by reducing expenses and developing new and creative products. Bu ..read more

The world is celebrating Environment month in June.? Last month, scientists announced that the average global temperature will pass the 1.5C threshold for the first time in the next five years. Wildfires are raging in Canada, which has never seen so much land burn so early in the year. The RBI, which annually releases a report on the state of currency and finance in India, took us by surprise this time. The theme for 2022-23 is – ‘Towards a Greener Cleaner India.’  No guesses then that Climate Change is a burning topic in everyone’s mind! We sat down with Sid ..read more

As we enter 2023, the Global Economy is set for a slight slowdown mimicking a borderline recession, but what does this mean for the banking industry? What would traditionally stronger banks need to look at as the competition grows with new-age Technology coming in? Will they compete or Out compete – let’s find out. What are the top banking trends of 2023? 1) Tailoring Customer Engagement with Bespoke Solutions. Highly engaged customers are the most rewarding customers – Who will know this better than Banking and Financial Services. The key aspects that drive a highly engaged customer post onbo ..read more

Digitizing your sales teams is a definite way of improving sales performance. Equipping your teams with the right tools can simplify their lives and save valuable time.  Software tools have come a long way from the basic Lead Management System. For most sales teams burdened with outdated digital solutions, investing in a comprehensive sales engagement platform would be the right choice. A Sales Engagement Platform enables your sales team to identify, execute, prioritize and improve engagements with prospects and customers. Here are eight factors you should look for in a Sales En ..read more