Developing an agile launch process FOR sustainable GROWTH
Leading global insurer had an enviable market position due to high overall profitability (combined ratio). However, it didn’t have enough high-margin products (with low loss ratios); a segment where customers were looking for new, exciting insurance products from innovative competitors.
Despite having assigned an NPD team to work closely with corporate headquarters, the pipeline was not as strong as they wanted to it be. It was taking too long to develop the ideas that were in the pipeline into concrete new product opportunities that met their expectations.
The NPD practices of their top competitors were benchmarked, as well as the key drivers that were impacting idea generation, screening and time to market. The best practices were adopted successfully and we helped to establish/strengthen the role of the HQ NPD team as the coordinator and improved the participation of the BUs in idea generation, screening and prototyping. Establishing a flexible launch process, driven by the BUs instead of HQ, resulted in a 30% reduction in time to market.
Boosting sales through staff retention and motivation
In the insurance business, most sales are funneled through sales representatives that work in local branches or through partner companies. In order to increase sales and motivate the sales reps, a new incentive program and supporting campaign was needed that also ensured compliance with global sales and other country programs.
How to successfully get the seasoned sales professionals to buy in to the new incentive program? Resistance and/or fear about the new goals and objectives must be managed and minimized, thus enabling the sales reps to continue to perform without their results suffering.
A thorough analysis of the situation prompted the creation of an end-to-end strategy that highlighted the risks and threats of the new incentive program, but also proposed concrete solutions. This was packaged in a well-structured campaign for the program that was rolled-out across the country in a phased approach. All of the sales reps felt comfortable with the new strategy and were grateful for such a structured and professional change program that opened the doors to a new, profitable future.