Ignorance is no excuse

Improving controlling and gaining the loyalty of insurance brokers

CONTATTO LN Ricerca
Stern Stewart & CO. GmbH
Salvatorplatz 4
80333 Monaco

Contatto
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Starting situation – you can measure only what you know

Managing its brokers was actually the core function of the sales department at a Swiss insurance company. However, owing to a lack of clarity concerning the actual assessment factors, this control function was virtually non-existent in practice. The impact of business in force, new business, discounts, and loss ratios on individual performance was largely ignored. The company value was well below its potential because there was no formal context with which to measure individual performance. This meant that the brokers had no real incentive, which in turn meant that the top performers did not receive suitable recognition. As a result, the company was constantly losing employees to competitors who were more appreciative in this regard.

Project approach – the performance of each individual is crucial for overall success

In order to raise the level of broker performance, concepts that were tailored to individual broker groups were developed. Four categories were used to rate broker performance, based not only on current performance, but also on expected future performance. Building on this, specific support concepts were developed, such as training units for recognizing bad risks and increasing new business. Particularly successful brokers received special support, to prevent them from being headhunted by another company.

Finding – a chain is only as strong as its weakest link

A company stands to gain or lose everything, depending on how it manages individual employees, especially in an industry where staff are a key asset, and a critical success factor. The assessment methods employed need to be as individual as the employees themselves. Only those companies that strike the right balance between pressure and suitable acknowledgement will manage to coax top performances from their employees.

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