Product Analysis to power a smart-selling strategy for one of the Largest US Insurers

Client

Leading US Insurance Company

To improve sales “win rates” by employing data analytics to create “smart selling” strategies for the sales team.

• Crisil worked with the client to build a comprehensive product comparator database (a product intelligence repository), analyzing product-specific attributes and benefits to empower its sales force and help achieve excellence in smart selling
  
• Coverage included 45 US states, 8 products, 17 carriers and 2 platforms
  
• Crisil created more than 1,700 product comparisons, capturing more than two million data points from product filings for accident, cancer, critical illness, hospital indemnity, short-term disability, life insurance (whole and term), dental and vision
  
• Crisil created product comparisons (pocket guides) listing key attributes and benefits, points of parity and difference across product types to derive competitive advantage on a large scale
  
• The final product helped the client’s sales team achieve more high-impact meetings through precise matching of product and product features to client needs and behaviours 
  

• Client win rates improved 18%
  
• Initial success led to expansion of the program and the creation of product-tip sheets—on-the-fly pocket guides – to help sales teams navigate client conversations towards a win, in an efficient, measurable manner