Case Studies: Marketing, Sales & Distribution

Customer Insights

Case: Focus group driven insights

SITUATION

A diversified financial services firm had, with prior Transom support, developed and adopted a customer segmentation and realigned its marketing and distribution efforts with the needs of target segments. Now the company wished to qualitatively test a series of potential refinements to the product set, digital experience, and other key customer experience touchpoints with members of certain segments.

our approachOur Approach

Transom conducted numerous in-person focus groups across three cities with both customers and prospects from target segments. We then integrated findings from competitor research and agent and stakeholder interviews to expand upon the focus group findings.

our impactImpact

Focus groups resulted in numerous tweaks to the proposed products, while the new digital experience was largely validated.

Customer Experience

Case: Understanding and improving customer experience to drive retention

SITUATION

A top US-based financial institution ranked in the bottom quartile across all of its customer experience metrics. With the company losing customers to up-start firms, the company’s new CEO and CMO placed improvement of customer experience and retention at the top of their agenda.

our approachOur Approach

Transom met with current, former, and potential customers to understand wants and pain points and analyzed large data sets to establish the correlations between touchpoints and net promoter score.  This work identified over 100 potential customer experience improvements across the full array of customer touchpoints, and, based on its understanding of competitor dynamics, cost, and customer impact, prioritized an initial set of 10 solutions.

our impactImpact

The CEO and CMO achieved organizational consensus on required actions and investment, and an end-to-end customer experience program based on Transom’s work is being piloted. Retention is expected to improve by 2.5 to 3 percent over the next three years.

Cross-selling and Up-selling Initiatives

Case: Cross-selling between personal and business insurance

SITUATION

An insurance carrier sought to increase cross-sell between its personal and commercial insurance books of business, but had little insight into which customers were already cross-sold or into baseline levels of cross-sell. In addition, it hoped to encourage more of its agents to attempt commercial insurance sales, as less than one-quarter of the agency force was regularly active in this line of business, despite indications that agents who had diversified into commercial lines generated higher incomes and retention rates.

our approachOur Approach

Transom oversaw a successful effort to cross-match the company’s previously siloed product line databases, and was able to establish a baseline cross-sell rate, identify high priority cross-sell opportunities, and provide cross-sell leads to agents.  To encourage commercial sales, Transom also developed an agent portal with industry-specific scripts, tips, and handbooks; designed cross-sell discounts between the two lines of business; re-architected a web site for business customers, and developed a series of promotional partnerships with vendors relevant to business owners.

our impactImpact

Transom’s work contributed to a cumulative incremental GWP contribution of approximately $750 million within five years of launch, due to increased agent engagement with commercial products and increased cross-sell activity with commercial and personal lines customers.

Sales Force Organization and Incentives Design

Case: Sales agent recruiting and compensation

SITUATION

A large financial services company was facing sales force retention rates significantly below that of peer companies, and consequently low overall sales performance and growth. The company wanted to enhance its recruiting and onboarding process to find better candidates and provide better support for new hires.

our approachOur Approach

To make the case for change, we benchmarked new hire retention rates and the sales agent support package against peer companies. We then analyzed historic new hire performance data, identified socio-demographic predictors of success, and translated those insights into candidate-screening parameters and a skill-fit assessment framework. Upon completion, we incorporated the screening parameters and assessment tool into the company’s existing recruiting process and compensation structure with clear “up or out” decision rules.

our impactImpact

Due in part to significantly improved sales force retention, the company returned to revenue growth after six consecutive negative quarters.

Partnership and Alliance Strategy

Case: Partnership identification and facilitation

SITUATION

A life insurer sought to partner with property-casualty carriers to sell its annuity products. Although the annuities were competitive, industry-leading offerings, the carrier lacked a productive partnership strategy to realize its distribution goals.

our approachOur Approach

We developed a methodology to evaluate which carriers to pursue based on the carriers’ manufactured product set and existing partnerships, resulting in a preliminary shortlist of targets. We then worked with key stakeholders to design a differentiated value proposition, created a marketing pitch, and leveraged firm contacts to make introductions to several carrier targets.

our impactImpact

The life insurer is actively negotiating multiple carrier distribution agreements that will rapidly position the company as a preferred partner to P&C carriers.

Pricing

Case: Immediate profitability increase through pricing enhancement

SITUATION

A credit union sought to drive growth and profitability in its credit card business. Its newly appointed CEO was concerned that pricing across the product portfolio was not in line with competitors and not properly calibrated for risk.

our approachOur Approach

Transom built an exhaustive database across customer, product, and competitors to allow for detailed statistical analyses of the credit card business, and identified pricing optimization opportunities by comparing the credit union to market benchmarks. The analysis revealed customer and product misalignment. We identified select pricing adjustments that could boost short-term profits by 18% while mitigating customer attrition risk.

our impactImpact

The CEO reported an almost immediate 8x return on the project investment.

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