How should insurance carriers think about developing an acquisition strategy to attract high net worth individuals?
The high net worth personal lines market is top of mind for a number of insurance carriers. Since the end of the Great Recession in 2008, the insurance market for high net worth (HNW) individuals has rebounded, averaging a near double-digit annual growth rate with premiums climbing toward $40 billion. At the same time, ACE’s […]
Why is service recovery important and how can my company excel at it?
Recent airline industry events point to the fact that CEOs need to know how to say “I’m sorry” at the appropriate time and in the appropriate tone. And, it’s not just the CEO that must exercise this sensitivity. With service recovery, frontline employees play a critical role and must be well-equipped with skills and resources. […]
How can we make smarter decisions about where to locate branches, retail operations and salesforce assets?
The days of designing distribution based on anecdote, intuition, and imitation are over. As companies become increasingly sophisticated in the design of their salesforce networks and physical footprints, data-driven approaches dominate. From retailers plotting their storefronts, to banks considering de novo branch openings, to insurance companies designing their agent coverage models, leading firms today systematically […]
What are executive dashboards and how can I use them to improve my business?
Dashboards can be a powerful tool for executives. Transparency into the organization via timely and easily digestible data can have far reaching impact, including better decision making, increased accountability, and increased efficiency. Quality of data inputs, dashboard design and management practices related to dashboards all impact their effectiveness within an organization. This brief article outlines […]
What is PPLI insurance and how is it used?
Wealthy investors, including family offices, are increasingly leveraging private placement life insurance (PPLI) as a way to to make investing more tax efficient. PPLI enables wealthy investors to invest in hedge funds and other vehicles tax efficiently by allowing for tax-free accumulation and tax-free access to policy cash values. PPLI has its roots in the […]
What type of segmentation is best for my company?
Customer segmentation is often the foundation of strategy at companies. Those that do it best identify the highest value target segments and then shape everything from product development to communications around their wants and needs. Companies can choose between a number of different segmentation approaches, each with their own utility, and often employ more than […]
How can my company convert more customers into NPS “advocates”?
The standard approach to improving net promoter scores (NPS) focuses on reducing the number of “detractors.” Companies typically invest resources to understand and fix the problems perceived by this disgruntled group. But there is another frontier in customer experience – for many companies, a second wave to be addressed once the detractor defect-fixing is addressed […]
How can we drive more innovation at our company?
In today’s fast-paced economic environment, companies are facing more pressure than ever to uncover growth opportunities. Innovation is no longer the territory of top tier or “leading-edge” corporations: Every company must innovate to remain relevant. We encourage our clients to adopt eight best practices to make innovation an organizational competency. See Figure 1. Companies that […]
How often should we be conducting strategic planning and what processes should we be using?
We find that most of our clients have both a long term and short term strategic planning process. The long term process is typically built as a 3-5 year roadmap, while the short term planning process usually revolves around an annual plan. We believe there are several key components to an advantaged planning process. We […]