Vymo Spotlight - March

We’ve curated the best stories from our insurance and banking newsletters this month.

In this issue, we cover:

• What younger insurance agents seek in their careers.
• How banks can weather the recession storm.
• Vymo's product updates.

And more!

We hope you find it interesting.

?? Building the Next Generation of Insurance Agents

Attrition remains a significant concern for the insurance industry across Asia. In India, the life insurance sector is grappling with high attrition levels, with 30% of newly appointed salespeople leaving their positions within the same year of appointment!

This trend persists throughout Asia. In 2023, the Philippines reported the highest attrition rate at 17.5%, while Vietnam had the lowest at 15.2%.

Aon's 2023 Global Risk Management Survey identified "Failure to Attract or Retain Top Talent" as one of the top five risk trends worrying business leaders in the APAC region.

Why is the insurance sector struggling to attract new generations? What do Millennials and Gen Zs seek in their jobs? What are their top priorities?

"The Bridge" a report released by Vymo in partnership with LIMRA, explores the best strategies for attracting and retaining this crucial generation of employees. The report highlights the top three reasons agents leave the industry:

1. Lack of Financial Stability - The primary departure reason is often inadequate earnings. The uncertainty and reality of commission-based work lead to variable and sometimes insufficient income.
2. Unmet Expectations - Losing a sense of mission or purpose turns the job into a monotonous routine. Initial expectations are not met, leading to disappointment.
3. Running Out of Prospects – This issue is directly linked to lower retention rates. It results in reduced activity and failure due to a lack of a steady stream of new prospects.

As one leader interviewed in the report emphasized, "Recruiting shouldn't just focus on bringing new agents onboard; it should enable their long-term success. If you can't demonstrate a commitment to ensuring the success and longevity of those you recruit, then there's no real strategy for recruitment. You're essentially just acquiring their clients."

A key theme that emerged from the report is that Millennials and Gen Zs seek roles where they can make a meaningful impact on society. As digital natives, they expect the insurance industry to be modern and utilize the latest technologies. Above all, they are looking for job security and financial stability in today's uncertain times. A senior leader aptly put it - the industry must move beyond its reputation for being outdated and slow to respond.

?What does the new-age insurance agent truly desire?

Discover more in "The Bridge Report" now!

?? Weathering the Recession Storm

The UK and Japan slipped into a technical recession in the last quarters of 2023.

And it's not going to stop there.?

With several countries reporting a shrinkage in GDP, the risk of recession looms large worldwide.?

So, how can banks prepare for it?

Here are a few things that may help:

?? Behavioral Economics Insights: By incorporating insights from psychology and sociology into risk assessment models, banks can anticipate customer responses more accurately and tailor lending strategies accordingly.

This deeper understanding can offer a competitive edge in navigating through recessions.

? Stress Testing for Resilience: Banks can implement robust stress testing mechanisms to gauge their level of preparation for various economic scenarios, including recessions.

?? Community-Centric Support Initiatives: Every bank is part of a greater community. By developing community-centric support initiatives (aimed at empowering small businesses), offering targeted financial education programs,? and providing access to resources for skill development and entrepreneurship, banks can strengthen community resilience and foster long-term economic stability.

?? Vymo Product Updates

We have three major product updates to share!

1. Prospecting Journeys

With Vymo, you can now collect leads from different places (like files, Google contacts, phones, and agent microsites) and then use automated methods to figure out which ones are interested, sending reminders to salespeople to follow up.

1. Seller Lending

You can now trigger the whole seller lending process (from Lead to Customer) on Vymo. This includes sourcing leads, quick data entry, deduplication, detailed data profile entries, KYC and eligibility checks, collecting documents, signing and payment, application checklist, and tracking application progress from login to disbursal through Customer 360.

1. Customer 360

This customer profile module within Vymo is designed to empower agents and their managers with a comprehensive and 360-degree view of each customer!

?? Tech Talks

Venkat Malladi , Co-Founder & CTO, Vymo, explores the pervasive influence of technology in our daily actions in this Forbes article

He has an interesting observation: even the smallest businesses in towns and villages across India are embracing digital transactions. "The coconut seller may not know anything beyond her vernacular language, but she is adept at handling transactions on her phone through a QR code for UPI payments," he shares.

? AI Forward

Rajesh Sabhlok , MD- APAC, Vymo, sheds light on the evolving SaaS landscape in this Dataquest article.?

Emerging technologies like AI, edge computing, and blockchain are revolutionizing the SaaS industry. These advancements are not just reshaping how services are delivered; they're enhancing efficiency, personalization, and security across solutions, setting new benchmarks for what businesses can achieve.

??We’d love to hear your perspective about this newsletter and overall banking and insurance sales trends.

??Write to [email protected]

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