Case Study: Insurance

Scenario

Publically listed general insurance firm that supplies products for small and medium enterprises and personal customers. Distribution is through three (3) distinct channels, professional intermediaries, alliances or corporate partners and direct to customers.

The company needed to maximise client relationships and wanted to improve the effectiveness and productivity of their business development team located across Australia. They wanted to ensure the sales team, when engaging with client opportunities, authentically embraced versatility, demonstrated selling skillfulness and provided a customer experience better than the competition.

With no formal training in the past, the sales force displayed some measurable professional selling behaviour. As part of a broader cultural reinvigoration project the organisation wanted to develop Modern Selling skills as a key skill development objective.

Requirement

Address National Conference with over 30 Business Development Manager’s and 180 Brokers on “Humanising Client Relationships”
Conduct initial training needs analysis 200 Business Development Manager’s and Account Manager’s to discover issues faced daily.
The due diligence included analysis of the effectiveness of the sales structure in supporting new Broker relationships.
Identified opportunities to add value to existing customers to effectively penetrate accounts to increase revenue and profitability.
It was agreed that a customised program would best deliver the sales skills identified. Over a twelve (12) month period Development Managers, Distribution Managers, Account Managers and Senior Management completed Modern Selling workshops including sessions on prospecting for new business growth opportunities, client engagement skills, account management skills, overcoming objections, negotiation, ethical closing skills and client management skills including maximising broker relationships.

Key Critical Success Factor

Increase the strength of relationship in existing and new Brokers to be monitored through increase in GWP, Claims ratio’s, Strike rate and retention rates of key brokers to ultimately write between 20-25% of a Brokers portfolio.

Result

After 2 stages of training and development the team are more confident, better prepared and cogniscent of what it takes to "sell" and develop meaningful relationships in a dynamic and challenging business environment. The training effectiveness is reflected in 100% increase in leads and 61% increase in GWP.