Why do agencies struggle with all important aspects of revenue and customer relationship generation? | Insurance business America
EZLynx is here to make the process much smoother
Insurance News
By David Saric
Insurance’s David Saric sat down with Vijay Rengarajan, Head of Product Management at EZLynx, to talk about why agencies struggle to manage all the moving parts of a sale while maintaining solid customer relationships and how EZLynx can help.
According to Vijay Rengarajan (pictured), director of product management at EZLynx, being a broker or agency owner can be challenging to manage both sales and client relationships for several reasons.
“Firstly, the industry is highly competitive, making it difficult for agencies to stand out and attract clients, and many of them don’t know where to start or what will have the biggest impact,” he said.
“Second, insurance products are complex and require a deep understanding of regulations, policies and risk assessment, which takes time and can overwhelm insurance agents.”
Additionally, sales, marketing, and customer relationship management may also require robust strategies that can be very resource intensive.
“Many agencies have limited financial resources, manpower and expertise to invest in these initiatives,” Rengarajan added.
What are agencies looking for to make their business better?
After speaking to various agencies over the years, Rengarajan noted, “We know they want simplified sales processes and workflows that save time and reduce manual tasks. This is always top of mind for companies of all sizes.”
In addition, they are looking for intuitive, user-friendly technical solutions that help them succeed in their work. These include:
- Robust customer relationship management capabilities to track interactions and customize services.
- Effective lead generation tools to identify and attract potential customers.
- Seamless integration into existing systems, such as B. Policy and agency management systems.
- Insightful analytics and reporting features to track sales performance and identify opportunities for improvement.
Respond to customer concerns
Following customer calls to develop more seamless, simpler, yet sophisticated tools to expand an agency’s capabilities, EZLynx went to work on a UI update for its Sales Center.
“The EZLynx Sales Center update was driven by our recognition of the critical role effective lead management plays in helping agents grow their business,” said Rengarajan.
“By providing more insight into the sales pipeline and providing tailored lead management tools, we wanted to enable agents to sell more effectively and close more deals.”
Elsewhere, the EZLynx team wanted to leverage state-of-the-art processes to enable agents to maximize the value of their agency management system at every stage of the customer journey.
- A modern map-based view tailored for insurance producers
- The new interface offers drag-and-drop functionality, enabling opportunities to progress seamlessly through the sales pipeline
- Producers can now customize visible data, including new fields, to refine their sales approach and provide personalized service
EZLynx simplified sales stages with fewer status options, intuitive color coding, and updated terminology to fit producers’ workflows.
The company has also created a dedicated section for managing “unclosed” opportunities to ensure no lead is wasted and to enable efficient follow-up on upcoming X-dates.
“These updates provide manufacturers with an intuitive platform designed to maximize efficiency and effectiveness in today’s competitive insurance market,” Rengarajan said.
Addition to the existing functions of the sales center
The modernization of the distribution center was not carried out at the expense of its core competencies, but rather as a complementary expansion tailored to the needs of the agencies.
“The modernization enhancements are designed to work with existing features such as prospecting/lead import and reporting,” Rengarajan said.
“In addition, we ensured that communication functions such as SMS and email campaigns within the sales center are smoothly integrated into the new map view.”
Collaboration features such as task generation within the agency continue to work effectively despite the new improvements.
From conceptualization to implementation, it took 15 months, including six months of discovery to understand user needs, strategize and develop a roadmap, followed by three quarters of product development to bring it to market.
This was followed by an iterative approach that provided quarterly updates to the market.
“This allowed us to collect feedback from users and make continuous improvements based on their input to ensure the final product meets their evolving needs and preferences,” Rengarajan said.
Learn more about EZLynx and its redesigned interface here.
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2024-03-28 15:48:42
www.insurancebusinessmag.com
