Beyond Pricing - How to Sell Insurance for Profit; Why the secret weapon is the sales force, according to Mercer Oliver Wyman.Business Editors NEW YORK--(BUSINESS WIRE)--April 15, 2004 As the insurance industry begins focusing again on the need for profitable organic growth, there are few levers with greater immediate potential for generating growth than improved sales force effectiveness. Historically, insurers have counted on other growth tactics, such as underwriting and pricing in property & casualty and product design in life and health. But for most, growth from these tactics is difficult and expensive to achieve, often resulting in lower margins. That's why leading insurance companies are starting to redesign and revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. their sales organization to realize the potential for both growth and margin, say insurance experts at Mercer Oliver Wyman. Mike Weissel, Director at Mercer Oliver Wyman, a leading financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. strategy consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , can discuss: -- Why the sales force is one of the most under-leveraged strategic resources - and why achieving growth from greater sales force effectiveness, despite challenges in execution, is so appealing -- How to make customer segmentation work - and why channel producers should also be segmented and tiered based on the profit opportunities they represent -- Why sales productivity problems are often misdiagnosed or mistreated - and what companies should do to increase profitable activities like absolute selling time -- How to focus sales management Sales Management Role and Goal Importance of sales management is critical for any commercial organization. Expanding business in not possible without increasing sales volumes, and effective sales management goal is to organize sales team work in such a manner that ensures a on where it's needed - and what can be done to improve strategic selling and contact relationship plans for major accounts and channel partners -- What happens when sales incentives Noun 1. sales incentive - remuneration offered to a salesperson for exceeding some predetermined sales goal bonus, incentive - an additional payment (or other remuneration) to employees as a means of increasing output reward value over volume - and how companies can identify and leverage profitable sales activities and opportunities Mercer Oliver Wyman was formed in April 2003 from a merger of Oliver, Wyman & Company (founded in 1984) and the financial services strategy and actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin consulting practices of Mercer Inc., and is now a division with Marsh & McLennan Companies, Inc. The firm currently employs more than 650 staff working out of 25 offices in 12 countries throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, and Asia. |
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