For backend IT technology providers, the post-pandemic economy has opened up opportunities in the P&C insurance vertical market. Many companies are planning technical initiatives to improve their customer service, claims operations, and data management. They’re looking for IT solutions and partners who can deliver technologies that support these business objectives. To position your products for success, shape your sales strategy around a nuanced understanding of the pressures driving these companies and the cultural or technical challenges they face.
Examine Drivers That Move Insurance Companies to Buy IT Solutions
In order to position your technology as the answer for your prospects’ IT problems, investigate the internal factors pushing the account to solutions like yours. In the P&C insurance vertical, the internal drivers for enhanced backend tech may vary from one organization to another.
You’ll need to lean on contacts in the account and industry insiders for a clear picture. What business initiatives are lighting up the C-suite and what backend capabilities will they need to make it happen? What pain points are most pressing for buyers individually? Are they facing labor shortages or increased labor costs that would be solved by more efficient IT processes?
If possible, get a picture of improvement plans across the company today and going forward. If your solution enables the organization to achieve several high-priority objectives or prepares the technology suite to support planned long-term projects, you strengthen your value proposition from the start.
Research the Status of IT at Your Target Account
Once you have a good sense of the drivers for improved backend solutions, take a look at the current situation in your target account. The tech stack and existing capabilities are an excellent start but dive a little deeper to learn how the company manages, measures, and evaluates their backend systems today.
Frame your understanding of the IT landscape against the business drivers you’ve already uncovered. What technical support do they need to meet business objectives? Do buyers recognize the need for backend upgrades, or do they believe they can carry on with the current environment?
Finally, determine how the tech stack has helped or hindered past efforts. Companies in the insurance vertical market typically face problems such as customer data locked in legacy systems, regulations protecting personal identifiable information (PII), and siloed operations. For your accounts, confirm the impact of these issues and find out what other challenges might have sunk technical initiatives in the past.
Get to Know the Buying Committee
In order to position your IT solution as the obvious and necessary choice, you need to figure out who’s making the decision to buy. Lean on contacts who know the account well and can identify anyone who’ll weigh in on the process.
And don’t forget non-technical influencers. According to Emissary research, decision makers outside the IT group heavily affected 85% of recent enterprise technology purchases. Your team needs to know who these folks are and roles they play in large deals.
Then understand what each buyer is looking for in a solution. Venture beyond the obvious price and technical requirements. Consider whether buyers care about how well you will partner with them, how well your technology will grow with them into the future, whether you have successful deployments with the company or similar companies, and whether you can adjust your process to craft a solution or contract terms aligned with their needs.
Understand How Buyers in the Insurance Vertical Market View Your Solution
Your target accounts and the respective buying committees may have a broad range of impressions about your company long before the first sales call. For example, if an account is driven to your tech to help them achieve a business goal, how well do they think your technology will deliver? And what reputation does your company have in the organization?
When you understand buyers’ starting opinions, you can craft a sales strategy to play up your strengths and rebut perceived weaknesses. For example, they may be more worried about how well you deploy a large enterprise project than whether your software works.
It’s very hard to find out how buyers feel about your offering through traditional research, but this information is extremely valuable. If possible, consult someone with deep experience in the industry and your target accounts. These allies can clue you in or help you get meetings with champions who’ll guide you.
Position Your Solution as the Obvious Choice From Buyers’ Perspectives
Armed with pivotal insight about the insurance vertical market and the drivers, challenges, and opinions decision makers are bringing to the purchase process, you have the tools to position your solutions as the easy choice from the buyers’ points of view.
Customize your interactions for each prospect, sharing content that addresses challenges or objectives at their level and counters preconceptions with well-selected case studies or social proof. Craft proposals that illustrate how your product integrates with legacy tech. Run demos that emphasize data and features they can relate to and appreciate. And if you do a proof-of-concept, ensure you understand what buyers want out of it; they may be less concerned about how your software works and more interested in how your team works with theirs.
If possible, have someone who knows the buyers well review your messaging, talking points, and presentations to ensure they’ll be well-received and drive the sale forward.
How Emissary Advisors Help You Master the Insurance Vertical Market
The right sales intelligence will power a highly effective strategy for your solution, but digging up accurate and relevant information can take days or weeks and distract the sales team from what they do best.
Emissary Advisors are former executives at leading P&C Insurance companies. They’ve been IT leaders and technology buyers at your target accounts. They know the people you need to meet, the internal corporate culture, attitudes toward technology, and individual buyer preferences. They also understand the cultural and political landscape of your prospect companies and help you navigate the purchasing process.