Insurance Provider
SITUATION
Insurance provider wanted to differentiate itself from the competition, increase customer retention and pursue multi-line growth opportunities.
DRIVER GOAL
- Reach one in four in-book customer households with a life or annuity product within four years.
- Train employees on Lean tools and techniques and transfer Lean training knowledge.
RESULT
- Achieved a record volume of new life insurance business (over $108.9 billion).
- Reduced cost per transaction by over 50%.
Case Study
Improve Customer Retention & Increase Line-of-Business Growth
Issue
An insurance provider wanted to differentiate itself from the competition, increase customer retention and pursue multi-line growth opportunities by increasing the sales of life insurance and annuities to current property and casualty insurance customers. The Highland Group was asked to optimize Life Sales and Sales Support processes, develop innovative approaches to the market, and improve Life operations to support the growth.
Highland Approach
The Highland Group studied the current Life/Health business unit, then aligned the enterprise and field around a clearly articulated life insurance growth strategy and roadmap for execution.
Actions Taken
- Implemented a sustainable System For Managing Life operations and reengineered core processes to improve both efficiency and the agents’ experience in placing and servicing life insurance business.
- Analyzed the market, identified actionable customer segments, and developed segment-specific value propositions.
- Optimized Life Sales and Sales Support processes and developed market approaches to specific customer segments. Identified the Young Family segment as the highest potential opportunity for life insurance sales and delivered a segment business plan with ideas for increased sales.
- Identified gaps in the current product portfolio and product development roadmap and recommended priorities for future product development.
- Developed and delivered Lean training materials, including train-the-trainer workshops and manuals.
- Developed and field-tested a Sales management tool and process based on targeting a specific group of agents and focusing them on a specific customer segment in their current book of business.
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