Regulated Sales Transformation
As tighter controls saw many providers’ regulated sales penetration for some products fall by around 20%, a dynamic sales transformation programme helped the client to reverse this trend and increase their sales by the same amount.
Challenge:
Whilst highly profitable, some regulated sales can also be highly contentious. Following a review from the regulator, the client (a leading internet bank) had been advised to improve compliance in relation to regulated sales.
Solution:
Our Principal Consultant and team were commissioned to deliver a full sales transformation programme. Starting with an in-depth analysis of historical sales practices to pinpoint any gaps and shortfalls against expected regulatory standards, the team then designed an end-to-end solution to drive improvement throughout the organisation, from board executives to frontline staff.
With a simultaneous rollout, all parties received development training tailored to their role and needs. At the same time, the team managed the business operation, ensuring that productivity didn’t dip and that the required operational controls were in place.
With the initial development interventions complete, the team then changed focus and engaged as performance coaches, ensuring that the new knowledge, skills, processes and procedures picked up by the bank’s staff during initial training became firmly embedded in the organisation’s culture.
Outcome:
The upshot of this approach was a significant uplift in both the quality and quantity of regulated insurance sales, with penetration results improving by a full twenty percentage points, from 46% to 66%. This is a particularly impressive result when you consider that the tighter regulatory controls had seen sales penetration fall by around 20% for the majority of other providers in the sector.
The client’s executive invited the regulator to come and inspect the results of the sales transformation programme, and to test the robustness of the new control framework which had been created and implemented across the bank.
The regulator’s subsequent report confirmed that the sales transformation programme had significantly strengthened the client’s controls and provided the regulator with confidence in the bank’s ability to meet new and enhanced regulatory requirements. It also confirmed that the new sales approach (IMPACT®) had substantially improved the standard and quality of customer interaction, and at the same time significantly reduced the likely occurrence of potential or actual customer detriment.
In summary, the regulator concluded that the sales transformation programme was truly customer centric, fully in line with their cultural expectations, and was able to clearly evidence the bank’s commitment to keeping the customer at the heart of everything they do. As a result of this, they awarded the bank a double green rating, the highest grade available at the time.
