Peter M Wells Business Group
1111 North Marshall Street * Suite 304 * Milwaukee, WI 53202 * 262-347-6091 * [email protected]
March 10, 2015
To:
Insurance Marketing and Sales Executives
Underwriting Management & Support Professionals
From:
Peter M. Wells Business Group (PMW)
Introducing:
Geo-spatial Data from PMW Improves Sales Production
In an already saturated marketplace, writers of Property & Casualty insurance immediately
increase sales production using advanced geo-spatial databases and protocols from Peter M.
Wells Business Group (PMW). This new geographic system adds a new filter to your sales
process to accelerates lead generation and close rates. By superimposing new insights over
the current business landscape, companies and their agents identify millions of hidden
opportunities with access to actual policy leads available as well. A self-managed webenabled program insurers find simple to learn and use, the technology looks across the entire
U.S. landscape so companies break away from the pack and unseat entrenched competition
in what is otherwise becoming zero sum game. The ultimate benefit is tens of millions of
dollars in new revenues and the most competitive position in virtually any market served.
Incorporating our proven Geo-spatial data (that focuses to 33’), large numbers of new sales
prospects are revealed with unique scoring methodologies to predict improved life-time
value. This program redefines the business landscape using new data indicators in our
models, including new behavioral insights for predictive fire, crime, water and more to help
penetrate more market space and build greater brand advantage.
Positioning
For More
New
Insurance
Business:
In the past, insurance companies’ defined sales prospecting in terms of geographic
positioning and demographic alignment in order to find, evaluate, sell and price business.
When working correctly, the process identifies prospects inside accepted geographic sectors,
with price, service and coverage options used to close business. Market penetration builds
brand awareness and develops longer-term competitive advantage, the outcome being
sustainable book-of-business revenue and position to get more
Sales production is performed by agents or through direct to consumer communication, with
emphasis on reaching prospects in already approved territories and according to predetermined guidelines. The accompanying underwriting process separates risks by
desirability factors aligned to a pricing matrix with the understanding that some risks may
not be written and policies are priced commensurate to exposure. The challenge to success
is not so much agent competency as developing a deeper understanding of geography so as
to continuously explore lead opportunity as local economies evolve.
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This current go-to-market model reflects the carrier’s current understanding of what the
business landscape looks like, bringing forward in too many cases outdated historical
perspectives and a growing concern that new business prospecting has become a zero sum
game. As a result, many carriers are rushing to open new agencies to compensate, are
acquiring existing books-of-business to show growth, or are crafting new vertical market
strategies that even move them into non-traditional offerings (like underwriting warranty
business).
However, given the success of new data technology there are important alternative
approaches carriers can adopt right away to uncover successful new business inside core
markets, as well as open whole new territories. Using advanced data technology that is also
geo-coded shrewd carriers can now align with ideal markets even where they thought they
were exhausted, at the same time actually deliver new policy leads that match each new
approved sector.
.
Next
Generation
Prospecting
Technology
At PMW, we are demonstrating using advanced geo-spatial data and filters that today’s
market still has untapped opportunity that more savvy players uncover working with us. By
reconfiguring under the microscope of our vast data analytic filters that codify the nation for
key insurance variables to 3 billion geographic points carriers learn that what was assumed
about territories they work in can have significant prospecting upside that are sent to agents
in a manner that is as simple as clicking the mouse.
Today’s narrow view of sales territories is
depicted wherein vast areas are not
prospected due to a lack of understanding and
overly broad depictions of good and bad. At
the same time hidden exposures are missed in
what is widely depicted as green.
PMW analytics aligned with new geo-spatial
models redefine territories to uncover new
green (sell) zones in areas overlooked before.
At the same time, this geo-spatial data
approach projects worthwhile intermediate
zones that should be better priced, but nonethe-less can be attractive..
3
Working with new geo-sophisticated databases in other markets outside insurance,
businesses have come to realize that too often the territory alignment approach they
embraced before have been for too long out of date with current economic and behavioral
trends leaving opportunity on the table. These markets caught up and at PMW we believe
the time is right to bring these same solutions to the P&C insurance industry, Actually, in the
case of business insurance, customers are further ahead in this area of analytics and
insurance companies need to catch up in order to attract, advise, sell and maintain business.
This whitepaper introduces fresh yet proven insight to modern sales prospecting in the
insurance space, creating new growth and revenue opportunity at a time when new business
creation is too often stymied. Through sophisticated data filters PMW makes immediately
available, sales production improves by as much as 10% and renewals are 6% more likely.
Projecting
Opportunity:
Geo-spatial
Data
Essential to evolving the sales process is the ability to present current territory alignment in
context to the way it looks today and how it will look through the microscope of PMW data
filters. Our filters add an important level of granularity missed today, especially input to the
hird leg of exposure companies face –customer and geographic behavior.
Insurance
Exposures
Caused in
3 Areas –
Equipment
Failure
Behavior
Catastrophic
Events
Understanding Behavior Trends Geographically Proven in Millions
of Cases to Identify Fresh Opportunity.
As shown above, projecting today’s view of a company’s rating territories too often depicts a
one dimensional chart when in fact across the marketplace variation exists that allows for
more sales and more competitive positioning. PMW aligns existing business to its existing
geographic map, then using our new geo-spatial web-enabled data filters including Crime,
Fire, Water, Vandalism, and many more, we develop a new sales map with scoring to find the
best new business.
Each new territory map has consistently found fresh opportunity. It also reveals fresh
perspective on existing business to better understand long-term viability and the most
competitive pricing.
4
Potential New
Property Units
3,632
Premium
$3.54M
Outcomes:
Blue dots show current policy count in a
territory. This new territory map reveals
underserved sectors a carrier might
want to attack for fresh opportunity.
The program improved the renewal process
since policies with low scores are identified
for review at time of renewal offering
financially beneficial action steps.
Forward
Looking
Multi-year
Outlook
This whitepaper provides a brief overview of what can be done in the sales process with
modern technology and predictive data solutions and how insurance companies working
with PMW are changing the business landscape to their advantage. Results are real,
immediate and measurable and are accomplished using tangible web-based tools your team
helps manage.
As carriers define new market potential using our tools, they can also request location
specific leads which we furnish, plus other data depending upon the line of business involved.
For example for Commercial insurance lines, we provide access to 5-year business viability
scores and SIC Code validation (a common area for error in commercial business).
Since the economy is in a constant state of transition, this program also provides multi-year
forward looking data for key variables like crime, business financial viability, fire and more.
5
Since the future is changing, we believe the best way to predict tomorrow’s growth is to
forecast and prepare today.
2010 Perspective
2015 New Market Options
2020 Evolving Opportunity
Key Sector Improvements & Loss
Territory Line of
Business Variables
Show 5-year
Outlook
Getting
Started:
To gain a more complete understanding of this new technical innovation we invite your firm
to contact us to arrange a consultation and system review.
For more information, please also feel free to contact us. Contact . . .
Bob Caramanno
EVP Business Development
267-614-2500
6
______
About
Peter M.
Wells
Business
Group . . .
About Us
________________________________________________________
Peter M. Wells Business Group, LLC, with offices in Milwaukee, WI is a business development advisory
firm focused on the financial services industries of insurance and banking (and other select markets). Our
mission is delivering alternative earnings upside and increased institutional value through development of
game changing innovation and business transformation strategies no one saw before.
Improved business valuation is created uniquely for each client and delivered through INNOVATION,
STRATEGIES, value-based sales TRANSFORMATION, and improved competitive market
ALIGNMENT.
Programs we develop consistently change the landscape of how business is done to the advantasge of our
clients.
Contact Peter. Wells Business Group at [email protected]
Phone 262-347-6091
Our website – www.peterwells.us
:
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Insurance Marketing and Sales Executives Underwriting