How to Get Good Promises from Your Team and How to Promise Brilliantly
⏱ Three-minute read Written as a 3 part series by Peter Luff, Director at VISION Consulting Why are...
RSA Insurance
RSA Insurance Group plc (formerly Royal and Sun Alliance) is a multinational general insurance company headquartered in London. RSA has major operations in the UK, Ireland, Scandinavia, Canada and Latin America and provides insurance products and services in more than 140 countries through a network of local partners. It has 20 million customers globally. RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996.
RSA is a FTSE 100 plc.
The Challenge
RSA asked VISION to show if a service promise approach could increase gross written premiums of a sample of (price sensitive) brokers by 40%. Plus increase the fulfilment process, which would enable cutting staff by 15%. This pilot was completed in the South of England, viewed as one of the most difficult regions by the client. It was then rolled out nationwide, across the broader cooperate insurance market.
PILOT (14 WEEKS)
The initial pilot was developed for a sample of price sensitive brokers in the corporate insurance market. It was ring-fenced to 10 key customers (brokers), VISION was challenged to:
- Increase Top Line (GWP) growth in the pilot group by £100,000 over September and October (approx. 40% growth)
- Create staff capacity of at least 15%
The impact of VISION’s work in measurable results.
10
Point Increase in Strike Rate
70%
Increase in New Business Sales
25.8%
Capacity Savings
53%
Sales Increase
Pilot Results & Achievements:
- 10 point increase in Strike rate on quotes (18% – 28%)
- 70% increase in New Business sales (Like for like period £258,000 – £438,046)
- High-levels of customer satisfaction (verified by external market research)
- Study showing 25.8% capacity savings in the new business process with the process savings tested by teams during Sept. to Dec. period
The Controlled Roll-Out Phase (16 – 20 weeks):
The VISION pilot goals were expanded and it was rolled-out to over 300 key customers across the South Region.
VISION was challenged to:
- Increase Top Line new-business (GWP) growth in the region by 30%
- Increase retention (renewals) rate by at least 2.5 points
- Maintain staff capacity increase of at least 15%
Roll-Out Results & Achievements:
- GWP: Sales increase of 53% against same prior-year period
- 13.7 point increase in Strike Rate on quotes (29.8% – 43.5%)
- Renewals pilot currently running at 80% retention (prior-year average 73.6)
- Demonstrated capacity savings of 18.5% in total across New Business, Renewals and MTA (Mid Term Amendments) processes
- Produced new role descriptions, measures and development/growth plans for key players. Culture transformation underway
Nationwide Roll-Out by RSA
The Commitment based Management approach to dealing with RSA’s business brokers was then rolled-out to Manchester and ultimately to the entire UK company in follow-on projects. The UK roll-out delivered Top Line new-business (GWP) growth of 25% and a 3% retention increase.
Insights from VISION
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