SWOT Analysis Mobile Logo
Aflac logo

Aflac Sales

To provide financial protection and peace of mind during times of illness by becoming the leading supplemental insurance provider protecting 100M lives globally

|

To provide financial protection and peace of mind during times of illness by becoming the leading supplemental insurance provider protecting 100M lives globally

Strengths

  • BRAND: Industry-leading brand recognition with 94% awareness rate
  • DISTRIBUTION: Robust network of 60,000+ licensed sales associates
  • PRODUCTS: Diverse portfolio covering critical illness, accident, etc.
  • FINANCIAL: Strong balance sheet with $150B+ in assets
  • LOYALTY: 94% customer retention rate with long-term relationships

Weaknesses

  • TECHNOLOGY: Aging legacy systems limiting digital transformation
  • DEMOGRAPHICS: Heavy concentration in aging customer segments
  • TALENT: Challenges recruiting next-gen sales force, 15% vacancy
  • INNOVATION: Slow product development cycle (18+ months avg)
  • INTEGRATION: Siloed operations between US and Japan markets

Opportunities

  • DIGITAL: Enhance virtual sales platforms for 60% faster conversion
  • PARTNERSHIPS: Expand employer relationships beyond Fortune 1000
  • MARKETS: Target underserved millennial/Gen Z segments (72M people)
  • PRODUCTS: Develop flexible policies for gig economy workers
  • DATA: Leverage customer data for personalized offerings

Threats

  • COMPETITION: Increasing pressure from insurtech startups
  • REGULATION: Changing healthcare policies affecting product viability
  • ECONOMY: Inflation pressures affecting discretionary spending
  • PERCEPTION: Aging brand perception among younger demographics
  • SECURITY: Growing cybersecurity risks to customer data

Key Priorities

  • DIGITAL: Accelerate digital transformation of sales processes
  • TALENT: Revitalize sales force with next-gen recruitment strategy
  • PRODUCTS: Develop innovative products for younger demographics
  • DATA: Implement advanced analytics for personalized offerings
|

To provide financial protection and peace of mind during times of illness by becoming the leading supplemental insurance provider protecting 100M lives globally

DIGITAL REVOLUTION

Transform sales process through digital enablement

  • PLATFORM: Launch next-gen sales platform with integrated AI for 100% of agents by Q3
  • AUTOMATION: Implement automated underwriting for 70% of standard policies, reducing time by 85%
  • MOBILE: Increase mobile app engagement by 45% through enhanced features and UX improvements
  • ANALYTICS: Deploy sales intelligence dashboard with AI recommendations for top 1000 agents
SALES FORCE 2.0

Build the next generation insurance sales team

  • RECRUITMENT: Attract 500 next-gen agents with digital-first recruiting campaign by Q4
  • TRAINING: Certify 80% of existing sales force on AI tools and data-driven selling techniques
  • PRODUCTIVITY: Increase sales per agent by 18% through AI lead scoring and prioritization
  • RETENTION: Improve agent retention to 85% through enhanced compensation and development
MARKET EXPANSION

Capture underserved demographics with innovative offers

  • PRODUCTS: Launch three new products specifically designed for millennial/Gen Z markets
  • GROWTH: Increase new policies in 25-40 age demographic by 25% through targeted campaigns
  • PARTNERSHIPS: Establish 50 new employer relationships in tech and gig economy sectors
  • AWARENESS: Achieve 40% brand awareness among 25-40 demographic, up from current 28%
DATA ADVANTAGE

Leverage advanced analytics for competitive edge

  • PERSONALIZATION: Implement AI-driven policy recommendations for 90% of customer touchpoints
  • PREDICTION: Deploy churn prediction model achieving 80% accuracy for proactive retention
  • INSIGHTS: Create executive analytics dashboard tracking key metrics across all segments
  • GOVERNANCE: Establish comprehensive data governance framework ensuring 100% compliance
METRICS
  • Premium Sales Growth: 8.5% YoY
  • Customer Acquisition Cost: $185
  • Agent Productivity: $350K premium per agent
VALUES
  • Integrity
  • Compassion
  • Innovation
  • Responsibility
  • Teamwork
Aflac logo
Align the learnings

Aflac Sales Retrospective

|

To provide financial protection and peace of mind during times of illness by becoming the leading supplemental insurance provider protecting 100M lives globally

What Went Well

  • REVENUE: Premium income increased 3.8% YoY despite market pressures
  • RETENTION: Policy renewal rates remained strong at 94.7%, exceeding goal
  • JAPAN: Japan segment continued strong performance with 5.2% growth
  • DIGITAL: Online application submissions increased by 27% over prior year

Not So Well

  • GROWTH: New policy sales in US segment fell short of target by 4.7%
  • EXPENSES: Operating expense ratio increased 120 basis points to 20.1%
  • RECRUITMENT: Agent recruitment missed targets by 12% in competitive env
  • PRODUCTS: New product launches delayed by average of 2.3 months

Learnings

  • DEMOGRAPHICS: Younger customers respond better to digital-first approach
  • CHANNEL: Virtual sales meetings 2.1x more efficient than in-person
  • TRAINING: Agents with AI training show 24% higher conversion rates
  • MARKETING: Social media campaigns deliver 3.4x ROI vs traditional ads

Action Items

  • DIGITAL: Accelerate mobile app enhancement to increase engagement by 35%
  • TRAINING: Implement AI training program for 100% of sales force by Q3
  • PRODUCTS: Fast-track development of three products for younger markets
  • ANALYTICS: Deploy predictive customer analytics platform by end of Q2
|

To provide financial protection and peace of mind during times of illness by becoming the leading supplemental insurance provider protecting 100M lives globally

Strengths

  • AUTOMATION: Established claims processing AI reducing time by 30%
  • ANALYTICS: Robust data infrastructure capturing 95% of interactions
  • INVESTMENT: Committed $100M to digital and AI transformation
  • TALENT: Growing AI/ML team with 25+ dedicated specialists
  • ADOPTION: Executive-level buy-in for AI-driven initiatives

Weaknesses

  • INTEGRATION: AI solutions not fully integrated across platforms
  • LEGACY: Technical debt limiting advanced AI implementation
  • SKILLS: Limited AI expertise among frontline sales associates
  • GOVERNANCE: Inconsistent AI governance and ethical frameworks
  • SPEED: Slow deployment cycle for AI solutions (9+ months avg)

Opportunities

  • PERSONALIZATION: AI-driven policy recommendations for customers
  • UNDERWRITING: Real-time risk assessment to optimize premiums
  • ENGAGEMENT: Conversational AI for 24/7 customer support
  • PREDICTION: Predictive analytics for sales targeting and retention
  • EFFICIENCY: Process automation to reduce operational costs by 35%

Threats

  • COMPETITION: InsurTech startups with native AI capabilities
  • PRIVACY: Evolving regulations limiting data usage for AI models
  • ADOPTION: Customer resistance to AI-driven sales approaches
  • TALENT: War for AI talent with tech companies offering 40% more
  • TRANSPARENCY: Growing demand for explainable AI in underwriting

Key Priorities

  • SALES-AI: Develop AI tools for agent enablement and productivity
  • CUSTOMER-AI: Deploy conversational AI for service and engagement
  • TRAINING: Upskill sales force on AI tools and data-driven selling
  • GOVERNANCE: Establish clear AI ethics and governance framework