Prudential, a global life insurance and financial services company, engaged Influence Solutions to increase the customer life-time value by changing the selling approach of the Singapore bancassurance team, comprising 50 Financial Service Consultants (FSCs).
- Mobile banking and changing customer habits had resulted in a decrease in customer footfall in banks.
- The prevalent sales culture focused on closing customer deals for immediate wins, rather than developing relationships and exploring multiple needs that could lead to longer-term and larger gains.
- The challenge was to help the bancassurance team see the value of moving beyond the transaction, so that they can be viewed as trusted advisors by clients and prospects.
- Enhance sales, customer retention and customer life-value by empowering the bancassurance team with a relationship-entered approach that demonstrated the Prudential values of always listening, always understanding.
- Helping the FSCs realise that this training initiative was a mark of respect and care that Prudential was investing in their growth, and it would benefit them personally and professionally.
Solution and Results
- Influence Solutions worked closely with the Chief Partnerships Distribution Officer (CPDO), Head of Customer Experience Management and the Training and Development Team to develop The Prudential Game Changer Series; a comprehensive, fiscally prudent solution, comprising of half-day workshops to empower the bancassurance team to adopt a customer-first mindset and function beyond the transaction.
- This solution was delivered through multiple runs of monthly workshops to about 50 FSC and HR personnel.
- The book - Win People Over was utilised as a corporate resource book, with a personalised message written for each participant by the CPDO.
- Participants indicated that they were inspired by the solution and their willingness to apply the concepts was at an amazing 84%.
- There was a 10% increase in the level of understanding at each intervention, of how to transform their selling approach, translating to an increase in revenues and multiple product sales per customer.