How Red Flag Alert Analysis Tools Help You Get More Out Of Your Business
by Rory Traynor
Selling insurance is set to get more challenging over the next three years, thanks to the continued coronavirus crisis and an ever-deepening recession.
According to Premium Credit, 51% of SMEs are cutting back on insurance.
As a result, struggling businesses are beginning to view insurance as a non-essential purchase that can be delayed until the economy improves.
Add to this the myriad of complications brought by providing insurance during an unpredictable pandemic, and it’s clear to see why the industry is facing a difficult few years.
It is, therefore, vital that insurance salespeople can find the best prospects, and have the best information to manage their exposure to credit risk.
In this article, we’re going to explain how Red Flag Alert helps insurance firms.
Use Data to Find Your Ideal Customer
Knowing that you are selling to the right kind of company is more important than ever in today’s challenging economic conditions.
This is especially the case for insurance companies, which often invest a lot of resources upfront in the initial sale but won’t see a substantial return until the customer renews.
Consequently, their salespeople need to target prospects that are not only likely to buy, but are also still going to be in business long enough to return a profit.
Red Flag Alert provides detailed information on 6.5 million UK businesses, and uses real-time data to find leads that meet precise ideal customer criteria.
It is also the UK’s number one insolvency scorecard, giving its customers the most accurate view of company financial health.
Our data supports insurance companies in two key areas – enabling highly targeted sales strategies and proactively identifying credit risk.
Generate More Sales
Red Flag Alert’s data provides insurance sales teams with a steady stream of warm leads that are ready to buy.
Below are some of the key benefits that it offers in this area:
Fully compliant – Red Flag Alert is the UK’s largest GDPR and TPS/CTPS compliant telemarketing database.
LinkedIn integration – Our data has directors’ details and live LinkedIn integration to help your team sell quickly and easily on LinkedIn.
Zero-in on your perfect customer – We have over 100 filters to help narrow down your prospecting to customers that suit you perfectly.
Understand micro-entities – Our filters include accurate employee, turnover and profit estimates for small companies that aren’t required to disclose this information.
The UK’s number one financial scorecard – Our financial health ratings are the most accurate in the UK and predict the likelihood of a company becoming insolvent.
Detailed and accurate financial health ratings – Our comprehensive and detailed financial health data helps you find companies with specific financial characteristics that will suit your products.
Use triggers to alert you to sales opportunities – Monitor prospects so you can act immediately when new information emerges that indicates a prospect is ready to buy.
Get real-time updates – New data is integrated directly into your CRM in real time, so your reps aren’t wasting time manually updating your data.
Proactively Protect Your Business from Risk
Red Flag Alert allows insurance companies to manage risk proactively.
The UK’s most accurate scorecard – Our insolvency scorecard is the most accurate on the market, meaning you’ll have the best available insight on a company’s financial health.
Predict insolvency – Our financial health ratings predict the likelihood of a company becoming insolvent.
Improve customer onboarding – Our financial health ratings help you make fast onboarding and credit limit decisions.
Monitor comprehensive data sources – Our scorecard contains an extensive range of data sources. These include creditor services data, same-day CCJ data, unadvertised petitions, LSE profit warnings, and many more. This all feeds into our risk ratings, making them even more accurate.
Be the first to know – Daily updates mean you will know immediately if the risk profile of a company changes.
Continuous improvements – We continuously improve our scorecard so your risk management will keep getting better as our technology evolves.
Flexible integration – You can integrate Red Flag Alert into your CRM so your whole team can access real-time financial health ratings.
Discover how Red Flag Alert’s experienced team can help you mitigate risk and protect your business. Why not get a free trial today and see how Red Flag Alert can help your business?
