Independent Sales and IT Consultancy

40 plus years experience in the Insurance Market – Insurers, MGA’s, Brokers, TPA’s and Claims Management.
25 years experience in IT Sales in both Sales Management, Business Development and Account Management.
Insurance IT Vendors – Open GI, SSP, IT Freedom, Innovation Group (1Insurer), ICE InsureTech
Providing consultancy services to assist and advise both IT Vendors and Insurers, MGA’s, TPA’s and Claims management companies.
Insurer and MGA – independent advice on system selection and RFP responses
My experience is across both the Policy Administration and Claims management spaces in the UK and Europe.

Business Development

Sales and Marketing approach

Target market

Prospecting

Target Prospects

Using Social media

Sales Process

Commercials and Pricing

CRM

Account Management

Account Plans

Sales Reporting

Sales Contracts

Competitor Analysis

Sales & Marketing Approach

What is our your Company’s Sales strategy?

Have you identified your target market?

What is your “Go to Market” plan?

Realistic in the identification of your target prospects?

The reality is that new start-up Insurtech IT Vendor businesses are unlikely to win a Tier 1 or Tier 2 Insurer –

Why?

Too risky due to size of the company
Lack of referencability
Company financials
Your business could be overwhelmed by the large Insurer

“InsureTech is replacing Modern Legacy”

Mark McDonald – Altus Ltd

Sales & Marketing Approach

Solution Price Point

Most start-ups require an “early adopter” approach
Work closely with the Prospect to finalise solution and go to market
Discounted commercials to incentivise the “early adopter”
The Prospect will help shape the product
Once live they will be a reference site and also be part of a testimonial
Are you implementing yourselves or using a Systems Integrator?

Prospects

Target Customer size?

Tier 1, Tier 2, Tier 3, Tier 4 Insurer
MGA, TPA, Retailer, Broker, Start-Up, Claims Management company

Prospects – who do we know?

Personal contacts that we have in our business
Previous employers
A personal contact is always the strongest way in

Prospecting

How are we contacting/marketing to our Prospects?

Phone
Email
Email campaign – e.g. Mail Chimp or similar
Clay Ai, SmartLead and Apollo
LinkedIn
Individual contacts
LinkedIn paid Campaign
LinkedIn Sales Navigator – Premium Account

The best route in to a Prospect is the personal contact where you know someone or have been recommended by a friend or colleague

Prospecting

Probably the most powerful prospecting Sales tool
Sales Navigator/Premium account needed – £79.99 per month
Extended network access
Unlimited searches
Who’s viewed your profile in the last 60 days
InMail – similar to email with a limit of 20-50 per month – good for cold outreaching
Build prospect lists and lead and account recommendations
18% response rate according to LinkedIn

Prospecting

All employees to have a LinkedIn profile
Company needs a LinkedIn profile
Company should regularly post an article on LinkedIn and Twitter
Sales Staff and Directors should also regularly post on LinkedIn and Twitter

Industry interviews

Directors should give interviews to Post Magazine, Insurance Times, Camelot network, etc. Then post the interview on LinkedIn

Prospecting

Events

Insurance events run by Marketforce, The Insurance Network and others
These events tend to be very expensive to attend, typically around £1,500 for a delegate pass and £7k to £10k plus to exhibit
Also, I Love Claims (ILC) run events both Claims based and technology. Pricing is much more competitive and they are well attended
Exhibiting is sometimes not worthwhile for small businesses

Commercial Pricing

Pricing

Guidewire and Duck Creek – top end of the market with regards to pricing. £10m plus SI Costs. Only implement through SI’s.
EIS, Sapiens and Majesco – mid-level pricing – £5m to £7m+ Licences plus SI/implementation costs
ICE InsureTech, SSP, OGI, – lower to mid-level pricing – £ 2 – £5m over 5 years
Instanda – monthly subscription model, slightly lower in cost to above but popular and have managed to reach many large insurers

CRM

Options

There are many CRM systems out in the market
Many are too sophisticated for a small business
The best system I have used that is priced very reasonably in HubSpot Starts at £38 per month for 2 users and £19 per month for each additional user
Very user friendly and configurable and great reports from it