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Illustrative Sales & Cross-selling Assignments
Health Insurer
Developing Distribution Strategies
in Health Insurance

In the context of a three year relationship with a leading health insurer, we carried out an extensive review of the market and the economics of health insurance and refined their strategies for selling to target markets. This involved original research with customers and detailed understanding of acquisition and servicing costs. We helped them to create distinct strategies for several channels including direct and intermediated sales to groups, direct sales force and telephone sales to individuals and also sales through affinity groups and work place marketing. (ref 396)

Mortgage Provider
Strategy for Selling Protection
to Mortgage Customers

This leading mortgage lender was keen to increase the value of its mortgage book through the sale of protection products. However, we identified early on that a key driver of value was increased persistency of the mortgage relationship, rather than brokerage on protection. We therefore developed a range of protection products that complemented the mortgage in terms of their features, pricing structures and excesses, and were seen to add value to the mortgage relationship. The first three will be launched later this year. (ref 403)

Major Retail Bank
Strategy for Customer Management
and Cross selling

Our client had the lowest level of products per customer in the sector and wished rapidly to improve cross-selling performance, but in a manner that would have minimal systems impact. We worked with management to identify the top 20 initiatives from around the organisation that would impact cross selling and developed these as sales and service propositions as a basis for prioritisation based on the scale of immediate revenue impact and minimal IT involvement. Some of these involved system-based triggers to identify emerging needs, but most involved sales and service propositions that could be taken up directly by customer-facing staff. We piloted the most promising propositions in branches and with telesales teams that resulted in typical increases in lead generation, referral and closure rates of up to 25%. (ref 402)

International Private Bank and Asset Manager
Growth Strategy

For this well-known institution, we carried out an assessment of the opportunity to grow the existing business providing upscale and VHNW banking and asset management services in the UK, Channel Isles and the Far East. We identified the priority opportunities and worked with the client to develop a bullish growth strategy that aimed to double revenues in 3 years. (ref 351)

Bancassurer
Growing Bancassurance in Upscale Markets

We worked with the personal investment subsidiary of this leading bank to build a strategy for offering personal portfolio management services to upscale clients within their customer base. This involved qualitative and quantitative research amongst sales people, branch staff, customers and prospects, as well as detailed analysis of the competition, product profitability and channel economics. From this we identified a number of priority segments defined by a blend of wealth and attitudinal factors, via which the bank could double the scale of the existing business. We then helped to develop several new propositions for each segment and the associated sales, service and communications approaches. (ref 381)

European Private Bank and Asset Manager
Business Development

For this UK subsidiary of a French institution we determined the market opportunities for private client services in the UK. In the course of this, we developed a new approach to client segmentation based on behavioural factors, which was more suited to the clients profile and access to market. We then worked with the client to develop a business plan for achieving an ambitious set of growth objectives, which was used successfully to gain additional investment from the parent. (ref 352)

UK Private Client Asset Manager
Growth via a New Intermediary Strategy

This house wished to extend beyond its traditional means of attracting new clients through its relationship managers, into building a network of professional introducers. We interviewed partners in the leading tax practices, private client solicitors and estate managers to evolve a strategy and b-b proposition for building relationships with leading intermediaries that would lead to referrals. We also helped to develop the firm’s direct product and service strategy to ensure there was minimal conflict of interest. (ref 379)

Retail Investment Managing House
Building Relationships with
Key Intermediaries

This leading investment house was losing out in the intermediary market to large life and pensions companies who had better relationships with the larger intermediaries. We interviewed the top 20 IFAs to understand their own account management issues and the decision-making processes at work throughout their often extensive organisations. We recommended a new approach to account management which was adapted to each account and which co-ordinated dedicated central contact with local relationships. (ref 380)

US Insurer
Entry into the UK Mutual Fund Market

For a leading insurance company we identified the growth potential in the UK mutual funds market. We then developed an entry strategy, and, working closely with management, we identified customer proposition, sales and marketing strategies for the launch. (ref 382)

US based Bank
Assessment of Online Advice Entry Strategy

This institution had created a new online advisory service in the US for upscale individuals, and wished to migrate it to the UK, and then the Continental markets. We analysed the market for online services, the drivers of performance and likely reactions to pricing, and recommended significant enhancements to the basic proposition and an entry strategy. (ref 383)

Retail Bank, Bancassurance
Cross-Selling to Existing
Customers of a Retail Bank

For a UK retail bank we established a strategy for cross-selling protection and asset management services to their existing customer bases. This was based firstly on an assessment of the total spend of their current clients and on the banks’ share of this across a wide range of products. We then researched the most promising groups to understand their underlying attitudes to their relationships with the bank and their preferences for sales process, service and communication. (In particular, the client was very interested in the potential role of remote and electronic processes.) We used this information, combined with an analysis of product contribution and acquisition costs, to create a set of new product and service propositions with their associated sales and communications strategies. (ref 384)

Consulting Actuary
Growth through Improved Sales Performance

This leading firm of consulting actuaries had been losing mandates with corporate, defined benefit pension schemes. We carried out a market positioning study by interviewing pension trustees and pension managers. We then developed recommendations for how to strengthen the brand, re-position the service proposition and how it should be enacted through the sales pitch and ongoing service process. (ref 385)

UK Life Assurer
Sales and Profit Growth via Branch Restructuring

This company wished to reduce costs and improve efficiency by restructuring its branches. We worked with them to understand the role of their various branches in the acquisition and development of intermediary and customer relationships, and the economics of this at the branch level. We then helped to determine criteria for assessing branch performance and devised and helped implement a new more efficient branch structure. (ref 386)

European Life & Pensions
Growth via Improved Sales Force Model

A leading life assurer wished to review the relationship it had established with its self-employed salesforce in the light of changing Government policy and new FSA regulation following Pickering, CP121 and Sandler. We worked with the client to develop a programme involving financial analysis from the various sales models that had evolved over the last 5 years, from individual self-employed salespeople to substantial practices with their own administration, and a review of alternative sales models that were being used elsewhere in Australia, Scandinavia and Germany. (ref 387)

Friendly Society
Growth Strategy via Sales and Out-Sourcing

A top 5 Friendly Society wished to pursue a more aggressive growth strategy involving affinity marketing as well as the provision of administration services to smaller Societies wishing to out-source. We reviewed their position in the market, and the upcoming opportunities. We then recommended they focus on fewer products to provide direction and cost-control in their core business, develop sales through third party affinity groups, and create a new proposition to offer administration services to smaller Friendly Societies with high cost business models. (ref 369)

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